geographic segmentation
dividing the market into smaller groups based on where consumers live. This process can incorporate countries, cities or population density as key factors
psychographic segmentations
dividing a market into different groups based on consumer attitudes, interests values, and lifestyle
behavioral segmentation
dividing the market based on how people behave toward various products, including both the benefits that consumers seek from products and how consumers use the product
marketing mix
The blending of four marketing elements-product, distribution, price, and promotion
environmental scanning
Process of collecting information about the external marketing environment to identify and interpret potential trends.
market share
the % of a market controlled by a given marketer
consumer behavior
description of how people act when they are buying, using, and discarding goods and services for their own personal consumption. Consumer behavior also explores the reasons behind people's actions.
cognitive dissonance
consumer discomfort with a purchase decision, typically for a higher priced itme
business buyer behavior
describes how people act when they are buying products to use either directly or inderectly to produce other products
marketing research
the process of gathering, interpreting and applying info to uncover marketing opportunities and challenges, and to make better marketing decisions
secondary data
existing data that marketers gather or purchase for a research project
primary data
new data that marketers compile for a specific research project
observation research
marketing research that does not require that researcher to interact with the research subject
survey research
marketing research that requires the researcher to interact with the research subject
green marketing
the development and promotion of products with ecological benefits
mass customization
the creation of products tailored for individual consumers on a mass basis
marketing
an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
utility
ability of a good or service to staisfy consumer wants
marketing concept
a business philosophy that makes customer satisfaction-now and in the future-the central focus of the entire organization.
customer-relationship management (crm)
the ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched values
value
a customer perception that a product has a better relationship than its competitors between the sot and the benefits
customer satisfaction
when customers perceive that a good or service delivers value above and beyond their expectations
customer loyalty
when customers buy a product from the same supplier again and again sometimes paying even more for it that they would for a competitive product
marketing plan
a formal document that defines marketing objectives and the specific strategies for achieving those objectives
marketing segmentation
dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
target market
the group of people who are most likely to buy a particular product
consumer marketers (B2C)
marketers who direct their efforts toward people who are buying products for personal consumption
business marketers (B2B)
marketers who direct their efforts toward people who are buying products to use either directly or inderectly to produce other products
demographic segmentation
dividing the market into smaller groups based on measurable characteristics about people such as age, ethnicity, and gender.
four types of utility
form, time, place, ownership
how many time more to sell to a new customer than keep existing one
six
dissatisfied customers tell how many ppl
8-10
Strategies of the marketing mix
product, price, promotion and place
the marketer creates the marketing mix but..
responds to the marketing environment with a single minded focus on the target market
a well chosen target market considers....
size, profitability, accessibility and limited competition
the steps of the customer decision making process
neeed recognition, information search, evaluation of alternatives, purchase decision, and postpurchase behavior
influences in decision making
cultural, social, personal, psychological
major shifts in marketing
social responsibility-go green
technology
what characterisitcs of product are impotart to low tech market in order
price, age, reliabitlity, ideal position
what characteristics of product are important to the high tech market
ideal position, age, price, reliability
how is reliability measured
the mean time before failure
what is the price range for low tech and high tech products
low-15-35
high- 25-45
accessibility applies to the segment or the product?
the segment