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.