marketing ch 9 learnsmart market segment targeting and positioning,
Niche marketing
Identifies small but profitable market segments and designs or finds products for them.
Benefit of market segmentation
Identifying the most effective means of marketing your products to different market segments to make best use of limited finance.
What are the benefits of market segmentation?
Improved customer retention, enhanced opportunities for growth, enhanced profitability, more effective targeting of communications, opportunities of segment dominance.
experiment
In marketing research, a(n) ____________ involves obtaining data by manipulating factors under tightly controlled conditions to test cause and effect
concepts
In marketing, _________ are ideas about products and services, and they are a key to deciding how to collect research data
Disposable income
Income remaining for a person to spend or save after all taxes have been paid
Which of the following is *NOT* a part of segmentation, targeting, and positioning process? Selecting target market, identifying strategy or objectives, describing segments, increasing benefits.
Increasing benefits
Market researchers believe that communication within organizations can be improved by _______________________.
Increasing employee incentives for sharing information.
Data collection Data storage Data analysis
Information technology includes computing resources for which of the following?
Intercalating agents
Insert between base pairs
What is niche marketing?
Involves a business targeting a product at a small part of the market with specific requirements.
What is the *advantage* of Multiple Product - Multiple Segment* Targeting?
It may address customer needs better
What is the *advantage* of *Undifferentiated Targeting*?
Lower marketing and production costs
What are the factors considered in the analysis of *profitability of a market segment*?
Market access, Market competitiveness, Market growth
Levels of Market Segmentation
Mass Marketing Segment Marketing Niche Marketing Micromarketing
What is *Undifferentiated Targeting*?
Mass Marketing. No individual segments; Everyone gets treated the same way
Requirement for Effective Segmentation
Measurable Accessible Substantial Differential Actionable
What is the *disadvantage* of *Concentrated Targeting*?
More risky because dependent on just a few segments
Actionable
Must be able to attract and serve segments
What is the *disadvantage* of *Mass Customization*?
Need to have production processes that make this possible
observational
Neuromarketing is a form of __________ data
Limitation of market segmentation
Not all customers fit into clear market segments because their needs and wants constantly change.
primary
Observing people and asking them questions are the two principal ways to collect ____________ data for a marketing study
Barriers to entry
Obstacles that might discourage a firm from entering a market.
misleading if based on too few observations
One limitation that should be considered for cross tabulations is that they may be
databases
Organizations find it necessary to use data mining techniques to extract hidden predictive information from their
Internal Secondary Data
Organizations may use ______________ such as its own detailed sales breakdown by product line as the starting point for a research project because the potential huge savings in time and cost savings.
Back translations are sometimes inaccurate because both languages may use the same idioms. This problem can be overcome by using ______________________________.
Parallel transition.
What is used to display, in two dimensions, the *positions of products or brands in the consumer's mind*?
Perceptual map
Psychographic Variables
Personality characteristics Motives Lifestyles
1) define the problem 2) develop the research plan 3) collect relevant information 4) develop findings 5) take marketing actions
Place the steps of the marketing research approach in the correct order.
What does positioning do?
Positioning emphasizes your point of difference of your product or service compared to your competitors.
What is the *disadvantage* *Undifferentiated Targeting*?
Product may not adequately satisfy consumer needs
Micromarketing
Products to suit the tastes of individuals or locations (complete segmentation) Tailoring products and marketing programs to suit the tastes of specific individuals and locations. Local Marketing Individual Marketing
Demographic
Profile of customers Age, race, ethnic, backgrounds
1) Make action recommendations 2) Implement action recommendations 3) Evaluate the results
Put the parts of the fifth step in the marketing research approach in order from first to last
Transposons
Randomly insert into DNA
Product differentiation
Real or imagined differences between competing products in the same industry.
Buying status levels
Regular customer. Occasional customer. First time customer.
primary
Researches collect ___________ data by either observing people or asking them questions
Mass Marketing
Same product to all consumers (no segmentation) Focus is on common (not different) needs of consumers. Product and marketing program are geared to the largest number of buyers. Uses mass advertising and distribution.
methods
Sampling and statistical inference are special________ vital to marketing research
Data that has been collected by another agency is known as ___________________________ data.
Secondary
What is geographic segmentation?
Segmenting buyers based on where they live.
What is demographic segmentation?
Segmenting buyers by tangible, personal characteristics such as age, income, ethnicity, family size.
define the problem
Setting the research objectives and identifying possible marketing actions are both part of which step in the marketing research approach ?
Measurable
Size, purchasing power, profiles of segments can be measured
Loyalty programs
Specifically designed to retain customers by offering premiums or other incentives to customers who make multiple purchases over time
Multicultural research should __________________________________________.
Strive to achieve comparable and equivalent results.
After evaluating each market segment's attractiveness, the firm can focus on _______. This allows the firm to do a better job of satisfying its customers.
Target Markets
How do you evaluate *segments*? (7 items)
That they are: * Identifiable and measurable segments * Substantial and/or growing segments * Segments that are not currently being served * Reachable/accessible segments * Segments that will respond favorably * Segments that will be profitable * Segments that fit your brand image
identify characteristics and trends of ultimate consumers
The U.S. Census Bureau publishes reports that contain detailed information on American household, and marketers use this data to
Which country has the highest quantity of marketing-related secondary data available?
The United States
Marketing Positioning
The arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the target consumer.
The researcher inoculates the test population of bacteria onto glucose salts agar containing penicillin and also on nutrient agar containing penicillin. She counts 25 colonies on the glucose salts plate lacking histidine and 32 colonies on the nutrient agar. Which of the following statements is TRUE?
The bacteria on the glucose salts medium are mutants while the bacteria on the nutrient agar are wild type. The bacteria growing on the nutrient agar are mutants while those growing on the glucose salts medium are wild type. The bacteria that failed to grow on the glucose salts medium are double mutants.
Discretionary income
The money that remains after paying for taxes and necessities
What is the definition of Market Segmentation?
The process of dividing the market into small groups.
Market Targeting
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter
Market targeting
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Branding
The promotion of a product or service by identifying it with distinct characteristics (usually associated with public perception, quality or effectiveness)
Marketing Mix
The set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market
sales forecast
The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts is known as a
How might the MRSA strain become resistant to vancomycin?
The transposon from the E. faecalis "jumped" into the MRSA plasmid.
Two bacterial genes are transduced simultaneously. What does this suggest about the location of the two genes relative to each other?
The two genes must be close together on the bacterial chromosome.
What is the 80/20 rule?
The understanding that 80% of your business comes from 20% of your customers
What is product positioning?
The way a product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products
Which of the following is FALSE about transposons?
They are capable of moving independently from one cell to another cell.
What is an important thing to remember in *Segmentation*?
To create only as many segments as necessary
What is the objective of market segmentation?
To identify groups of potential customers with similar requirements so that the marketing mix can be targeted to just those groups.
What is the goal of *Segmentation*?
To improve market outcomes (sales, profits, ROI, etc)
True or False: A firms attractiveness of a target market in light of its own competencies using a *SWOT* analysis
True
True or false: Firms must be able to identify who is within their markets to be able to design products or services to meet customer needs.
True
One which of the following strands will UV light have the greatest effect?
UV light causes thymine dimers in DNA—bonds between adjacent Ts. One of the strands shown has two sites where thymine dimers may be formed.
Base analogs
Used in place of normal nucleobases
What is Mass Marketing?
Using a single marketing strategy to reach all customers - it assumes everyone has exactly the same wants and needs for the product.
What is target marketing?
Using unique marketing mixes for different target markets.
_______ is a psychographic tool owned and operated by *Strategic Business Insights (SBI)* that classifies consumers into *8 segments* based on their answers to the questionnaire.
VALS
Behavioral
What benefits do customers wants? How do they use the product?
Specific to the problem being studied
What is the main advantage of primary data compared to secondary?
What is undifferentiated marketing?
When a company develops a single marketing mix for the whole market.
What is differentiated marketing?
When a company develops specific marketing mixes to appeal to all or some of the segments.
primary
When a researcher needs information that is very specific to the problem being studied, she probably resort to using __________ data, despite its cost and time-consuming nature.
They involve manipulating variables to see the effect on another variable. They require tightly controlled conditions They test cause and effect
Which of the following are characteristics of an experiment in research?
lost-horse forecast trend extrapolation sales force survey forecast
Which of the following are sales forecasting techniques?
setting the research objectives identifying possible marketing actions
Which of the following are the two key elements of defining the problem in the marketing research approach?
Nielson's "people meter" attached to televisions to measure TV ratings
Which of the following is a mechanical method for collecting observational data?
Finding the extent that changing one factor will change another
Which of the following is likely to be a part of causal research?
Determining how to collect data specifying constraints
Which of these are part of the development of a marketing research plan?
This a type of closed-end
Which two of the following are characteristics of a dichotomous question on a questionnaire?
Mystery shoppers who check a company's customer service Ethnographic studies of consumers in their natural environments
Which two of the following are examples of personal methods for collecting observational data
presenting findings analyzing data
Which two of the following are included in developing findings as part of the marketing research approach?
low cost time savings
Which two of the following are the main reasons that marketers prefer to obtain secondary data first?
Quick turnaround time from data collection to report Relatively minimal cost
Which two of the following are the primary advantages of online surveys?
When looking at if a *Segment* will lead to *profit*, what important to wonder?
Will segmentation lead to profits above and beyond what might be obtained without segmentation?
What is true about your product/service if you practice micromarketing?
Your product/service is customizable
trend extrapolation
________ for forecasting relies on the assumption that underlying relationships in the past will continue into the future, resulting in its simplicity as a method but inaccuracy in times of change
Data mining
__________ is the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions.
Secondary data
___________ are facts and figure that have already been recorded before the project at hand
questionnaire
___________ data facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors
primary
___________ date are facts and figures that are newly collected for the project
Descriptive
___________ research generally involves trying to find the frequency that something occurs or the extent of a relationship between two factors
Information
______________ technology includes all of the computing resources that collect, store, and analyze a company's data
which of the following is an example of an environmental force
a contraction of the economy nationwide
The F pilus is
a protein appendage that attaches the two cells together.
perceptual map
a two dimensional graph that visually shows where your products stands, or should stand, relative to your competitors, based on criteria important to buyers
Plasmids are
able to replicate independently of the chromosome.
common ERP components focusing on internal operation
accounting & finance/production & materials management/human resources
core ERP components vs. extended ERP components
accounting & finance/production and materials management/human resources vs. business intelligence/customer relationship management/supply chain management/Ebusiness
in the context of customer value, which of the following are considered benefits
after-sale service AND convenience AND quality
The plasmid is mobilized for transfer when
an endonuclease cleaves it at the origin of transfer.
The basic parts of a bacteriophage are
an icosohedral head, tail, tail pins, and fibers.
Mismatch repair is activated by
any difference between the nucleotide sequence in the donor and recipient DNAs.
Breakfast cereal manufacturers have separated the market into many segments. Kellogg's makes *several different types of breakfast cereal* _________ to several very diverse segments.
appeal
which of the following is the best example of a large corporation using technology to realize the benefits of relationship marketing
apple allows customers to place an internet for a unique and personalized product
customer value is the unique combination of benefits received by targeted buyers
at a specific price
customer value is the unique combination of benefits received by targeted buyers ___
at a specific price
The third step of the market segmentation process is to evaluate segment ______________, including its profitability, responsiveness, and reachability.
attractiveness
sales management CRM systems
automate each phase of the sales process, helping individual sales representative coordinate and organize all their accounts
predictive dialing
automatically dials outbound calls and forwards answered calls to an available agent
supply chain metrics
back order; inventory cycle time; customer-order cycle time; inventory turnover
psychographic segmentation
based on subjective mental emotion attributes (personality), aspirations (lifestyles), or needs of prospective customers
In foreign markets, marketers should
be guided by collected data even if it does not follow the expected course.
Segmenting by Behavior
benefits - segmenting buyers by the benefits that they seek from the product Usage - segmenting buyers by the frequency that they use/buy products Application - segmenting buyers by the way in which they use products
you are purchasing a magazine, for marketing to occur, there will be an exchange which must include
both the magazine and the money
What are *Self-concept* in terms of *Psychographic segmentation*?
can be ideal or actual concept of Self
As a result of mismatch repair during transformation:
cells may have either original DNA or donor DNA in them.
geodemographics ( or neigborhood geography)
combines both demographic and geographic information for marketing purposes
*Benefit segmentation* is often effective. It is relatively easy to portray a product's or service's benefits in the firm's _______ strategies.
communication
Cells that are capable of bringing DNA from their environment into the cell through their cell wall are ______.
competent
Market positioning is done so that the target customers have an understanding of the product offered by the company in comparison with _________ products.
competitors'
Believers
conservative, conventional, believe in established codes
in addition to an emphasis on consumers' interests, new expectations of marketers now include
consideration of social and environmental consequences of their actions
behavior segmentation groups
consumers on the basis of some observable actions such as usage rate or importance of product features
customer service
contact center, web-based self-service, call scripting
in the context of customer value, which of the following are considered benefits
convenience AND after-sale service AND quality
VALS shows __________ between psychology and lifestyle choices.
correlations
the internal response that customers have to all aspects of an organization and its offerings is known as the __
customer experience
CRM stands for
customer relationship management
Four extended ERP components
customer relationship management ebusiness supply chain management business intelligence
the unique combination of benefits received by targeted buyers at a specific price is known as
customer value
the unique combination of benefits received by targets buyers at a specific price is known as
customer value
marketing typically impacts which of the following groups in society?
customers AND owners AND suppliers
marketing typically impacts which of the following groups in a society
customers AND suppliers AND owners
__________ segmentation groups consumers according to objective characteristics such as age, gender, income, and education.
demographic
bases to segment customer markets
demographics, psychographic, and geographic
*Psychographics* is a segmentation method that delves into how consumers actually ________ themselves
describe
General Mills manufactures scores of brands of breakfast cereals because it *targets many consumer markets*. While this is likely to be more costly for the firm, ___________ target marketing expands the overall market potential.
differentiated
interactive voice response
directs customers using touch tone or keywords
partner relationship management
discovers optimal sales channels by selecting the right partners and identifying mutual customers
In the beginning of transformation, ______ binds to the target cell.
double-stranded DNA
marketing is performed by
either individuals or organizations
HR ERP components
employee information and payroll, benefits, compensation, performance assessment
Supply chain execution systems
ensure SC cohesion by automating the different activities
by their very nature, ___ act externally to sometimes expand an organizations marketing opportunities and at other times restrict them
environmental forces
organizations increasingly consider the social and ___ consequences of their actions for all parties
ethical
the decision about whether or not to sell information about ones customers to other organizations, while the practice is not illegal, is a ___ issue
ethical
in addition to focusing on its financial profit responsibility, organization are increasingly focusing on which of the following?
ethics AND social responsibility
one of the core aspects of marketing, burrowed from economics, includes a _______ which is a transaction in which things of value are traded between the buyer and seller
exchange
when a consumer gives money or something else of value for something he or she values, a marketer would describe this as a ___
exchange
when a consumer gives money or something else of value for something her or she values, a marketer would describe this as a ___
exchange
facts and figures related to the research problem
facts and figures related to the research problem
Survivors
few resources, concerned with safety, low motivation
supplier relationship management (SRM)
focuses on keeping suppliers satisfied by evaluating and categorizing suppliers for different projects
call scripting systems
gathers product details and issue resolution information that can be automatically generated into a script for the representative to read to the customer
Transformation is a form of horizontal gene transfer that involves homologous recombination. Homologous recombination is
genetic recombination between similar or identical nucleotide sequences
What a market is grouped by country, region (northeast, southeast), or areas within a region, this is known as ___________ segmentation.
geographic
Achievers
goal oriented, conservative, predictable, stable
campaign management systems
guide users through marketing campaigns by performing tasks
production and materials management ERP components
handle production planning and execution tasks such as demand forecasting, production scheduling, job cost accounting, and quality control
Griffith experiment used
harmless and virulent strains of Streptococcus pneumoniae.
F+ cells
have a plasmid and are donors in conjugation.
CRM reporting technologies
help organizations identify their customers across other applications
CRM analysis technologies
help organizations segment their customer into categories like best and worst customers
to effectively segment a marker, you should ensure that the segments are relatively _______, at least in terms of prospective buyers needs and response to marketing
homogeneous
Positioning
how consumers perceive a product relative to the competition.
goods, services, and ___ are marketed
ideas
before the segmenting and targeting process begins the marketer should
identify market needs
which is a benefit of effective marketing to society
improves quality of products and services
be clear on the purpose of the research
in setting research objectives, marketers have to
Plasmid DNA is transferred
in single-stranded form.
middleware
includes several different types of software that sit between and provide connectivity for two or more software applications
Estee Lauder has a brand portfolio with more than 25 brands in over 150 companies. having a *variety of brands* allows Estee Lauder to:
increase the market for its products
organizational synergy
increased customer value achieved through performing organizational functions such as marketing or manufacturing more efficiently
the marketing program __ the marketing mix elements to provide a good, service, or idea to prospective buyers
integrates
application integration
integration of a company's existing management information systems
data integration
integration of data from multiple sources which provides a unified view of all data
product repositioning
involves changing the place a product occupies in a consumer's mind relative to competitive products
developing market-product grid
is to trigger marketing actions to increase sales and profits
a business goes to the trouble and expense of segmentation its markets when
it expects that this will increase sales and profits
What goes into *Psychographic segmentation*?
it focuses on how individuals view themselves. This can be based on: Self-values, Self-concept, and Lifestyle
reposition
it is an effort to "move" a product to a different place in the minds of consumers
which of the following statements about marketing is TRUE
it isn't always easy; thousands of new products fail each year
segmentation
links the needs of buyers to the action of marketers and should be done in such a way that it leads to increased sales and profitability
marketing
list generator, campaign management, cross selling, up-selling
three primary areas of operation CRM technologies for a marketing department
liste generator cross-selling and up-selling campaign management
the essence of successful marketing is that firms provide unique value in order to gain
loyal customers
the essence of marketing is that firms gain ___ customers by providing ___ value
loyal; unique
contact management CRM system
maintains customer contact info and deals with customer stuff
During the process of transformation in the lab setting, cells are plated on selective media to
make sure that only transformants grow
accounting and finance ERP components
manage accounting data and financial processes within the enterprise with functions such as general ledger, accounts payable, accounts receivable, budgeting, and asset management
marketing directly supports ___ by helping to provide customers0satisfying products required for the organizations survival and prosperity
management goals
balanced scorecard
management system, as well as a measurement system, that a firm uses to translate business strategies into executable tasks
elogistics
manages transportation and storage of goods
build to order
manufacturing a product only when there is an order from a customer
successful airlines create value by offering
many flights to destinations the consumer wants
customers that desire to own a lexus, that can afford to do so, that have the time and ability to visit a dealership would be considered to be in Lexus'
market
third step of the market segmentation process is to develop
market product grid and estimate the size of the markets
when a firm has transcended a production or selling orientation, and attempts to discover and satisfy its customers needs and wants, the firm is ___
market-oriented
data
marketing ________ has little value until it is analyzed carefully and translated into logical findings
for which of the following reasons is marketing considered beneficial?
marketing creates utility for customers AND marketing can improve global competition
after a consumer makes a purchase in the grocery store, the firm is better off because it has more money in the register and the consumer is better off because he has more food in his pantry. This is an example of which of the core aspects of marketing, as discussed in the chapter?`
marketing entails exchange between buyer and seller
a ___ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
marketing program
one of the challenges of ____ is that prospective customers may not always know or be able to describe what they need and want, yet this is the tool commonly used for this purpose
marketing research
to reduce risk to improve marketing decisions
marketing research is typically conducted for which of the following related reasons?
which two of the following are characteristics of the marketing concept
marketing was integrated into each phase of business AND product design focused on consumers needs
Thinkers
mature, satisfied, comfortable, well educated
demographic segmentation
objective physical (gender, race), measurable (age, income) birth era, occupation
behavioral segmentation
observable actions or attitudes by prospective customers such as when they buy, what benefits they seek, how frequently they buy and why they buy - usage rate - awareness
One of the benefits of a *differentiated targeting strategy* is that it allows the firm to ____________.
obtain a bigger share of the market.
During the entry of the donor DNA into the recipient cell,
one strand is broken down by nucleases.
What is another name for micromarketing?
one-to-one marketing
Bacteriophages encode for
only to members of the same bacterial species.
firms or agencies that buy goods and services for their own use or for resale are known as
organizational buyers
when manufacturers, wholesalers, retailers, and government agencies purchase goods and services they are known as
organizational buyers
which of the following concepts is of LEAST critical importance to an organizations marketing program
organizational structure
the societal marketing concept combines which two of the following principles?
organizations should serve customers in a way that provides for societys well-being AND organizations should satisfy the needs of consumers
The donor DNA
pairs with a homologous region of the recipient DNA.
If a Gram-positive competent cell takes up DNA containing a penicillin resistance gene, what would be added to a selective medium to isolate the transformants?
penicillin
in many settings, relationship marketing is more effective when there is
personal, ongoing communication between parties
___ is one of the elements of the four p's that embodies all activities essential to get the product to the right customer when and where that customer wants it
place
Supply chain activities
plan: prepare to manage resources required to meet demand source: build relationships with suppliers make: manufacture products and create schedules deliver: plan transport to customers return: support customers and product returns
The S. aureus methicillin resistance gene occurred on ______, while the E. faecalis vancomycin resistance gene occurred on ______.
plasmid A; a transposon
A difference between transferring plasmids and DNA fragments between bacterial cells is
plasmids can replicate independently
market product grid shows the relationship of market segments to products offered or to
potential marketing actions by an organization
Makers
practical, self sufficient, suspicious of large institutions
of the 4 p's ___ is whatever the buyer gives up in exchange for the product, like money, time, or energy
price
___ is the part of the marketing mix that aims at creating value for the consumer by providing features and benefits for the consumer needs
product
___ is the component of the marketing mix that provides a means of communication between a seller and a buyer
promotion
___ part of the marketing mix that communicates the values of the product to the consumers in many ways, such as advertising, social media, and public relations
promotion
Transformation is facilitated by
proteins on the cell wall that bind DNA.
employee relationship management
provides web-based self-service tools that streamline and automate the human resources department
While some segmentation methods rely on external descriptions and factors to break down the market, ___________ segmentation relies on *consumers' descriptions of themselves*.
psychographic
product position
refers to the place a product occupies in the customers mind on important attributes relative to competitive products
___ marketing connects the organization to its individual customers beginning before and continuing after the sale
relationship
____ marketing links the organization to its customer, employees, suppliers, and other partners for mutual long-term benefits
relationship
the hallmark of developing and maintaining effective customer relationships is called ___ marketing
relationship
contact/call center
representing a place where customer service representatives answer customer inquiries and solve problems, usually by email, chat or phone
measurable specific
research objectives should be which two of the following?
If you find that a particular plasmid has an R factor, the bacteria that has it will be
resistant to certain antibiotics
automatic call distribution
routes inbound calls to available agents
sales
sales management, content management, opportunity management
which of the following might be given or received in an exchange when marketing occurs
satisfaction AND money AND intangible services AND information
mcdonalds provides many items on its menu, primarily to ___ the needs and wants of its many types of customers
satisfy
to serve both buyers and sellers, marketing, broadly speaking, seeks to do which two of the following?
satisfy the needs and wants of customers AND discover the needs and wants of prospective customers
which of the following represents a way buyers and sellers communication so that marketing can occur for a magazine?
seeing the magazine on display in the bookstore
The ______ strategy must be consistent with and derived from the firm's mission and objectives, as well as its current situation - its strengths, weaknesses, opportunities, and threats (SWOT)
segmentation
Accessible
segments must be effectively reached and served
Substantial
segments must be larger or profitable enough to serve
Differential
segments must respond differently to different marketing mix elements and actions
market product grid shows various product offerings and
segments of prospective buyers
cross-selling
selling additional products or services to an existing customer
During conjugation, the donor chromosome is transferred as
single-stranded DNA
Genes from the donor chromosome are transferred as
single-stranded DNA
80/20 rule
small fraction of customers provide most of a firms revenues
which two of the following are true of environmental forces
social and economic forces are examples AND they are largely beyond the control of the marketer
which of the following is true of the relationship between society and marketing activities
society affects marketing and sometimes marketing has an important impact on society
The F pilus binds to
specific receptors on the cell wall of the recipient.
electronic data interchange (EDI)
standard format for the electronic exchange of information between supply chain participants
product differential
strategy involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products
as a marketing manager plans new products to meet consumer needs, she should
study previous new product launches to learn from the past successes and failures
Innovators
successful, sophisticated, take-charge people
web based self service
systems allow customers to use the web to find answers to their questions or solutions to their problems
segments of one
tailoring goods and services to the taste of individual customer on a high volume scale
backward integration
takes information entered into a given system and sends it automatically to all upstream systems and processes
a ___ market is a specific group of potential customers towards which an organization directs its marketing program
target
The F plasmid encodes for
the F pilus
in order for marketing to occur, both parties involved must have which two of the following regarding their needs
the desire to satisfy a need AND the ability to satisfy a need
Market Segmentation
the division of a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate products or marketing mixes
customer experience is
the internal response that customers have to all aspects of an organization and its offerings
the idea that a company should attempt to satisfy its customers needs while at the same time try to achieve its own objectives is known as
the marketing concept
often there are differing interests among groups internal and external to an organization. How should these be handled?
the organization should seek a balance among differing interests
After the conjugation of an Hfr cell with an F- cell,
the recipient remainds F-
The main advantage for bacteria that have the ability to carry out conjugation and other forms of genetic exchange is that
they become genetically diverse
After establishing overall objectives, marketers then use a particular method or combination thereof to develop and describe market segments. Why?
to help firms understand the profile of each segment
Core ERP components
traditional components included in most ERP systems and primarily focus on internal operations
Strivers
trendy, fun loving, seek approval, job vs. career
True or false: the donor cell DNA is integrated into the recipient cell's DNA by homologous recombination.
true
true or false: the key to best serve both buyers and sellers is to trade things of value so that each is better off after the trade
true
for marketing to occur, there must be ___ with unsatisfied needs
two or more parties
marketings relationships with alliances in the supply chain, customers, and society at large would best be characterized as
two-way interactions
___ consumers, in contract with organization buyers, are the people who use products and services purchased for a household
ultimate
___ consumers, in contrast with organizational buyers, are the people who use products and services purchased for a household
ultimate
people who use the goods and services purchased for a household are known as
ultimate consumers
When firms sell products that meet the needs of many kinds of customers, it may use a(n) __________ targeting strategy because there is *little need to formulate different strategies for different groups*.
undifferentiated
for marketing to occur, there must be two or more parties with
unsatisfied needs
ultimate consumers
use goods and services purchased for a household
perceptual map
used to help managers see how consumers perceive competing products or brands
supply chain planning systems
uses advanced math algorithms to improve flow of SC
how do marketers inform, persuade, and remind potential buyers about a product of service to influence their opinions and elicit a response
using promotion
customer _____ is the unique combination of benefits received by targeted buyers at a specific price
value
customer _____ reflects the relationship of benefits to price, or what you get for what you give
value
The __________ communicates the customer benefits to be received from a product or service -- in other words, why a customer should purchase the product.
value proposition
a manufacturer that dumps toxic wastes into stream is
violating its social responsibility
marketing attempts to satisfy consumer needs but clearly also shapes a persons _____ because it may impact knowledge or even culture
wants
Psychographic
what do customers think about and value? How do they live?
When apple first introduced the personal computer to the market, creating a new industry, consumers did not know
what the benefits would be
cannibalization
when a business own new product or new chain is stealing customers and sales from the older, existing ones
Geographic
where are customers located. how can they be reached?
small group of people put together for an informal discussion
which of the following best describes a focus group?
relatively minimal cost quick turnaround time from data collection to report
which two of the following are the primary advantage of online surveys
Experiencers
young, enthusiastic, seek variety and excitement
What is *ConneXions* in terms of *Multidimensional segmentation*? How are the segments arranged and how many are there total?
* Based on communication behavior, technology adoption * 10 lifestage groups = 53 segments
What is *PRIZM* in terms of *Multidimensional segmentation*? How are the segments arranged and how many are there total?
* Based on demographic data (SES, family structure), geographic data (population density), and consumer behavior * 11 lifestage groups/14 social groups = 66 segments
When looking at if it is *cheap* to *Segment*, what is important to wonder? (2 items)
* Can consumers be placed into segments? * Can this done be relatively cheaply?
What is *Multiple Product - Multiple Segment* Targeting?
* Different products marketed to different segments * Modifications made to the product and the promotions intended for each segment
What are the two sides of *Targeting Segments*?
* Everyone gets treated the same way or * Everyone gets treated differently
What is *P$YCLE* in terms of *Multidimensional segmentation*? How are the segments arranged and how many are there total?
* Focus on services for financial and insurance firms * Based on the liquid assets of a household * 12 lifestage groups = 58 segments
What are the different ways to *Segment*?
* Geographic * Demographic * Psychographic * Benefit * Behavioral - Usage rate - Occasion - Loyalty * Multidimensional
When looking at if a *Segment* is *usable*, what is important to wonder?
* If each segment has consumers with similar needs. Different segments should have different needs. * if there are clear and distinct marketing actions possible for each segment
What is the *advantage* of One Product - Multiple Segment* Targeting?
* It Reduces cost associated with developing several products * May mean better quality
What are the 3 forms of *Multidimensional segmentation*?
* PRIZM *P$YCLE * ConneXions
What is the *disadvantage* of One Product - Multiple Segment* Targeting?
* Product may not adequately satisfy consumer needs in all segments
What are the 4 targeting strategies?
* Undifferentiated * Differentiated: - One product - Multiple segments - Multiple products - multiple segments * Concentrated * Mass customization
What are the *3* questions important to *Segmentation*?
* Will it lead to increased profits? * Is it possible and (relatively) cheap to segment? * Will the segments be usable?
What are *Self-values* in terms of *Psychographic segmentation*?
* overriding desires that drive how a person lives his/her life
What is *One Product - Multiple Segment* Targeting?
*One product marketed to more than one segment. Modifications made to the promotions intended for each segment
Which of the following steps should market researchers follow in foreign countries?
- Adopt a skeptical attitude towards all data.
What are the *Strategies* within *Positioning*?
- Head-to-head positioning - Differentiation positioning
What are important attributes within *positioning*? (7 items)
- Important - Distinctive - Superior - Communicable - Preemptive - Affordable - Profitable
What is *Mass Customization* Targeting?
- One product tailored to every customer (no segments) -- Cater to individual needs at scale. Built-to-order (BTO). -- Possible only because of technological innovations -- CRM systems can be very useful
What are the 5 positioning bases?
- Price/Quality/Value - Attribute - Use or application - Product user - Emotion
What are the *Goals* within *Positioning*?
- Product positioning: introduce new products - Product re-positioning: refresh old products
What is *Concentrated* Targeting?
- Pursue large shares of only one or a few segments - Often adopted by firms who are entering the marketplace
What is the *disadvantage* of Multiple Product - Multiple Segment* Targeting?
- Very expensive - Can lead reductions in quality - Cannibalization. But can use two-tier strategy.
criteria used to select target markets
- divide the market into segments - actually pick the target segments - market size - expected growth - competitive position - cost of reaching the segment - compatibility with the org objectives and reourse
when an org produces only a single product and attempts to sell it to two or more different market segments
- establishes a new channel of distribution - creating a separate promotional campaign
results from effective market segments
- formation of meaningful grouping - development of specific marketing mix actions
two approaches to positioning
- head to head - differentiation
marketing manager should develop a market segments that
- simplicity and cost effectiveness of assisting potential buyers to segments - potential for increase profit - similarity of needs of potential buyers within a segment - difference of needs of potential buyers within a segment
must be answered before you proceed segmentation
- would segmentation be worth doing? - is segmentation possible?
In international marketing research, primary research is successful when a researcher gathers _________________________________.
-Accurate data that adequately addresses research goals.
Morgan translates a questionnaire from one language to another, Lucian translates it back into the original language, and they compare the two versions in the original language. This process is known as ________________________.
-Back translation
How do market researchers conduct qualitative research?
-By directly observing consumers.
How can market researchers analyze the social customs, semantics and business customs of a country effectively?
-By understanding the culture of the relevant market.
How can researchers best overcome the language barrier issues that arise when questionnaires are administered to people in foreign countries?
-By using native speakers of the target country's language to prepare the questionnaires.
The lack of historical data which to contrast current foreign data leads to ____________________ problems.
-Comparability
Identify an accurate statement about marketing research.
-Cultural differences can mean people will be unwilling to respond to research questions.
A questionnaire is translated from Spanish to Chinese and then back to Spanish by a different translator. The two Spanish versions are compared, differences are noted, and the original Spanish questionnaire is modified accordingly. This process is repeated, using different translators each time, until there are no differences between the Spanish and the Chinese questionnaires. This scenario exemplifies _____________________.
-Decentering
Other than directly observing the market, how do most companies get their market research?
-From trusted research vendors. -From internal marketing research staff.
How does the lack of detailed social and economic information about sampling?
-It causes researchers to use convenience samples gathered in busy public locations.
How does postal service impact mail surveys in foreign countries?
-It may result in significant delays in delivery and return of surveys.
What is one possible downside to decentralization?
-Large-market studies may dominate marketing decisions
Secondary data that has been collected in the United States
-Needs to be validated.
What are the two stages of analysis market data must undergo?
-Organization of data into a form that addresses the client's needs. -Identification of issues present in each country.
Data which is gathered specifically for a particular research project at hand is known as ______________________________.
-Primary
In which aspects of market research should decision makers be involved?
-Problem definition -Fieldwork -Question formulation
Which of the following is a problem associated with the availability of marketing data for foreign markets?
-Researchers often do not know the language in which the data is available.
Why is it difficult to conduct marketing research in foreign countries?
-Respondents' answers cannot always be translated exactly.
Which type of marketing research is focused on in domestic operations?
-Specific market information used to make decisions about the marketing mix.
Which research methodology is typically used by quantitative research?
-Surveys
Why is the first step of the research process even more essential in foreign markets?
-The unfamiliar environment tends to cloud problem definition.
Respondents usually find it difficult to formulate needs and opinions about products when _______________________.
-They do not understand the use of those products.
Brix Inc., a European cement manufacturer, decides to enter the Chinese market. It seeks the opinion of three experts to help forecast demand and then compares these estimates. In this case, Brix Inc. is engaging in a process known as ___________________.
-Triangulation
Types of Segmentation Bases
1. Behavioral 2. Demographic 3. Geographic 4. Psychographic
Arrange the steps of the research project in the correct order.
1. Definition of the research problem and establishment of research goals. 2. Determination of the sources of information to fulfill research goals. 3. Analysis of the costs and benefits of the research effort. 4. Collection of relevant data from secondary or primary sources, or both. 5. Analysis, interpretation, and summary of the research outcomes. 6. Effective communication of the research outcomes to decision makers.
5 steps used to segment a market
1. group potential buyers into segments 2. group products to be sold into categories 3. develop a market- product grid and estimate the size of marketing 4. select target market 5. take marketing actions to reach target markets
market segment groups buyers into groups that
1. have common needs 2. will respond similarly to a marketing action
specific segment strategies
1. one product and multiple market segments 2. multiple products and multiple market segments 3. segments of one or mass customization
DNA polymerases use their ______ activity to remove a mismatched base pair.
3' -> 5' exonuclease
new product experts estimate that up to ___ percent of the new consumable products introduced annually "don't succeed in the long run"
94%
What does market segmentation provide?
A commercially viable (successful) method of serving customer needs.
a restriction placed on potential solutions to a problem
A constraint in a decision is
What is a customer profile?
A description of the characteristics of the person or company that is likely to purchase a product or service
it may not be specific enough
A disadvantage of secondary data is that
What is a 'market segment'?
A group of buyers with similar needs and wants, who respond in a similar way to marketing actions.
Generation
A group of people born around the same time
What is a Market?
A market contains people or institutions with sufficient purchasing power, authority, and willingness to buy.
Usage rate
A measurement that reflects the quantity purchased or frequency of use among consumers of a particular product or service
What is a target market?
A particular group of consumers at which a product or service is aimed.
experiment
A test market is an example of a(n)
panel
A(n) ______ is a sample of consumers or stores from which researches take a series of measurements over time
cross tabulation
A(n) _______ is a method of presenting and analyzing data involving two or more variables to discover relationships in the data
Which of the following genes are likely to be found on a plasmid rather than on the bacterial chromosome?
ATP synthase gene Superoxide dismutase gene
What is the *advantage* of *Concentrated Targeting*?
Able to gain a strong market position because it addresses the needs of its customers well. More effective and more efficient.
Alkylating agents
Add CH3 and others to nucelobases
Gap in the market
An opportunity for a business to enter into an area of the market not currently being serviced.
Market positioning
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Eprocurment
B2B online purchase and sale or supplies and services
_______ segmentation forms market segments *based on the way consumers use a product*, such as more frequently or with greater loyalty.
Behavioral
___________ segmentation groups consumers on the basis of the outcomes *they seek and derive from the products or service*, such as clothing, appliances, toothpaste, or paper towels.
Benefit
Initially, the patient was infected with methicillin-resistant S. aureus. Which of the following was/ were found in her foot ulcer after she received vancomycin for this first infection?
Both VRE and VRSA
firms that employ ___ systematically collect information about their customers needs. It is sometimes possible to use that information to target their best customers with the goods, services, and special promotions that appear most important to those customers
CRM
What is the *advantage* of *Mass Customization*?
Cater to every individual consumer's needs.
What is an example of a business building a relationship with another business going after the same customers as yours?
Coca cola partnership with McDonalds.
Company Objectives and Resources
Company skills & resources relative to the segment(s). Look for Competitive Advantages.
collect data
Concepts and methods are key elements to consider when deciding how to _______ for marketing research
Segment Structural Attractiveness
Consider effects of: Competitors, Availability of Substitute Products and, the Power of Buyers & Suppliers.
Brand loyalty
Consistent preference for one brand over all others
measures of success
Criteria or standards used in evaluating proposed solution to the problem are known as
What is one-to-one marketing?
Customers get a product specific to them - customized to an individual needs For example: Levi Jeans putting in all your own measurements and getting the perfect pair of jeans.
Likert scale
Dell provides products that are reliable. Strongly agree_ _ _ _ Strongly disagree
Dichotomous
Dell provides products that reliable. _Yes _No
Semantic differential scale
Describe the extent to which to which Dell provides products that are....... Reliable_ _ _ Unreliable
Mass marketing
Developing products and promotions to please large groups of people.
Segment Marketing
Different products to one or more segments (some segmentation) Firm targets several market segments and designs separate offers for each. The goal is to have higher sales and a stronger position with each market segment. This approach increases the costs of doing business.
Niche Marketing
Different products to subgroups within segments ( more segmentation) The focus is acquiring a large share of one or a few segments of niches. Generally, there are fewer competitors. There is some risk in focusing on only one market.
Market segmentation
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.
Behavioural segmentation
Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product.
Income segmentation
Dividing the market by income, education, social class
Demographic segmentation
Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.
What is psychographic segmentation?
Division of a population into groups that have similar attitudes, values, and lifestyles
Adding value
Doing something to a product in order to increase its price.
data
Facts and figures related to a problem are known as ______
The only way for the VRE to be transferred from the patient's catheter site to her foot ulcer would be by a healthcare worker who did not follow proper protocol.
False
True or false: Chemical agents can cause mutations by inducing ethylation of guanine residues in DNA.
False
measure of success
For Fisher-Price's research on a toy telephone, the ________ was the time children spent playing with alternate designs.
Business Segmentation Variables
Geographic Location Product Use Type of Organization Company Size
Geographic segmentation
Grouping consumers on the basic of local, regional, national, or international characteristics.
