Chapter 6
Chapter 9
Chapter 9
Chapter 9
Chapter 10
100
What are Gatekeepers?
A group members who regulate the flow of info, often the purchasing agent (an admin assistant is an example)
100
A situation where the purchaser wants some change in the original good or service is referred to as a?
Modified Rebuy
100
What are the three strategies for selecting a target market?
Undifferentiated Strategy Concentrated Strategy Multi Segment Strategy
100
What is a target market by definition?
????
100
What is Positioning?And the 2 approaches?
Developing a specific marketing mix to influence potential customers overall perception or a brand, product line or organization in general. Head-to-Head Positioning Differentiation Positioning
200
The person with the power to choose or approve the selection is called a what?
Decider
200
What is a Straight Rebuy?
A situation in which the purchaser reorders the same good or services without looking for new information or investigating other suppliers.
200
What is Undifferentiated Strategy? And what are some advantages and disadvantages?
a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix. Adv. -potential savings on production and marketing costs Dis.-unimaginative product offerings and company is more susceptible to competition
200
What is Synergy vs. Cannibalization?
The Segmentation Tradeoff: Organizational Synergy i.e “Tiffany/Walmart” Strategies
200
What is Repositioning?
Is when a company changes a brand's status in the marketplace i.e. Cadillac to younger audience
300
What is a Purchaser?
The person who negotiates the purchase.
300
What is a Market by definition?
People or organizations with needs or wants and the ability and willingness to buy.
300
What is Concentrated Strategy? And what are some advantages and disadvantages?
A strategy used to select one segment of a market (a niche) for targeting marketing efforts. Adv.-Concentration of resources, meets narrowly defined segment, small firms can compete, strong positioning Dis.-segments too small or changing, large competitor may market to niche segment.
300
What are the Basis for Segmentation?
Geographic Segmentation - 88 % Demographic Segmentation - 53% Psychographic Segmentation - 43% Behavioral Segmentation - 65%
300
What is a Perceptual map?
A diagram or map, usually two dimensional and the dimensions are a criteria of importance to the consumer
400
Members of the organization who actually use the product are called what?
Users
400
What are the characteristics of a Market?
1.They are composed of people or organizations 2.They have wants and needs that can be satisfied by particular product categories 3. They have the ability to buy the products they seek 4.They are willing to exchange their resources usually money or credit for desired products **3 and 4 very important...A group of people that lacks any one of these characteristics is NOT a market
400
What is the criteria for segmentation and selecting target markets?
Market size - how big is the market? Expected growth - is it going to be sustainable in the future? Competitive position - where do you have the space to play? Cost of reaching the segment - what is it going to cost? Organizational compatibility - can you pull this off?
400
What is Usage Rate Segmentation?
Dividing a market by the amount of product brought or consumed.
400
What is a Product (Definition and examples)?
A tangible good (nondurable or durable), a service or an idea i.e a durable good are expected to last long..car or refrigerator Non durable..candy
500
In buying situations a New Buy can be defined as?
A situation requiring the purchase of a product for the first time.
500
What is the (purpose) of segmentation?
The process of dividing a market into meaningful relatively similar identifiable segments or groups. The purpose of this is to find whatever will be meaningful to the customer’s purchase decision. The message here is: One size does not fit all!
500
What is Multi Segment Strategy? And what are some advantages and disadvantages?
A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each. Adv.-Greater financial success, economies of scale Dis.- Higher costs, cannibalization
500
What is the 80/20 Principle?
When 80% of your revenue comes from 20% of your customers
500
What is the difference between: Product Line vs. Product Mix
Line: (Group of Items) Group of related products that provide a similar function and benefit..i.e nano, itouch Mix: (Groups of Lines) All the goods that are sold by a vendor i.e. Apple phone, Laptop, Ipod, software
M
e
n
u