7.1
The _______________ concept focuses on customer satisfaction, service, and profitability.
Marketing
Which step of the consumer buying process is where you do some research and search for a solution to the problem.
Information Search
_____ _______ is dividing a market into groups whose members have similar characteristics or wants and needs.
Market segmentation
Name the 4 P's
Price Place Promotion Product
______ is not the actual value of one product compared to another but how the customer sees it.
Value.
_________ is a customer’s perception that a certain product offers a better relationship between costs and benefits than competitors’ products do.
Value
Name 3 of the 5 factors that influence buying behavior.
Culture and Subculture
Social Class and Socioeconomic Status
Reference Groups
Personal Image
Situational Factors
It categorizes consumers according to statistical characteristics of a population, such as gender, age, income, education, social class, ethnicity, and so on.
Demographic Segmentation
Which strategy is identifying a good, service, or idea intended to satisfy consumer wants and needs
Product Strategy
_____ _____ ______ consist of marketing directly to such segments.
Target Marketing Strategy.
A ____________ is a good (tangible) or a service (intangible) that can satisfy the customers needs.
Product
Which step of the consumer buying process is where, after you gain information on competing products, you consider the benefits and drawbacks of each.
Evaluating Alternatives
A _______ _______ is a plan for identifying the target market among market segments (groups), creating the right marketing mix, and dealing with the external environment.
Marketing Strategy
Which strategy references the process of moving goods or services from the seller to prospective buyers.
The Place Strategy.
_____ ___ ______ __________ consists of reducing market segmentation to the smallest part--- individual customers.
One to One Marketing
A ___________ _____ is a collection of products designed for a similar market or that are physically similar.
Product Line
Name the 5 Steps in the Consumer Buying Process
Problem Recognition
Information Search
Evaluating Alternatives
Purchase Decision
Post Purchase Evaluation
It categorizes customers according to geographic location.
Geographic Segmentation.
What strategy is figuring out how much to charge for a product—the price, or exchange value, for a good or service.
Pricing Strategy
________ _______ categorizes people according to lifestyle, values, and psychological characteristics.
Psychographic Segmentation.
________ emphasizes finding out everything possible about customers and then using that information to satisfy and exceed their expectations in order to build customer loyalty.
CRM (Customer Relationship Management)
If you have bought something that you perceive later to be too expensive, too shoddy, lacking other products’ features, not delivering on its promises, etc.
Buyers Remorse
_____ ________ consists of dividing market segments even further, to microsegments for which sales may be profitable.
Niche Marketing.
Which strategy consists of all the techniques companies use to motivate consumers to buy their products – techniques such as advertising, public relations, publicity, personal selling, and other kinds of sales.
_____ ______ _____________ categorizes people according to volume or frequency of usage.
User Rate Segmentation.