Marketing Quiz 2 Study Guide

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26 Terms

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Market Segmentation

Dividing a market into distinct groups of buyers with different needs or characteristics

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Market-Product Grid

A framework to relate the market segments of potential buyers to products offered

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Market Segmentation Strategies

One Product and Multiple Market Segments,Multiple Products and Multiple Market Segments, Segments of One (Mass Customization)

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One Product and Multiple Market Segments

Offering a single product to several segments

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Multiple Products and Multiple Market Segments

Different products for different segments

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Segments of One (Mass Customization)

Tailoring products to individual customers

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Cannibalization

When a new product steals sales from an existing product within the same company

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"Tiffany/Walmart" Strategy

Offering different versions of a product to target high-end and low-end markets

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Positioning

Defining the brand in consumers' minds; includes steps for creating a perceptual (positioning) map.

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Four I’s of Service

Intangibility, Inconsistency, Inseparability, Inventory

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Four I’s of Service: Intangibility

Services cannot be seen or touched before purchase

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Four I’s of Service: Inconsistency

Quality varies each time

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Four I’s of Service: Inseparability

Production and consumption happen simultaneously

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Four I’s of Service: Inventory

Managing service/product availability

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Types of Innovations

Continuous, Dynamically Continuous, Discontinuous

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Types of Innovations: Continuous

Involves making incremental improvements to existing products or processes. It's about refining what already exists rather than creating something entirely new.

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Types of Innovations: Dynamically Continuous

This type of innovation involves more significant changes but doesn't disrupt existing behaviors or markets. It requires some adaptation from consumers but doesn't demand a complete overhaul of their habits.

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Types of Innovations: Discontinuous

Involves radical breakthroughs that disrupt existing markets and create new ones. It requires significant changes in consumer behavior and often introduces entirely new technologies or business models.

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Product Life Cycle Stages:

Introduction, Growth, Maturity, Decline

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Product Life Cycle Stage: Introduction

Create awareness; low sales, high costs

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Product Life Cycle Stage: Growth

Increase in sales; focus on differentiating products

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Product Life Cycle Stage: Maturity

Sales peak; emphasize maintaining brand loyalty

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Product Life Cycle Stage: Decline

Sales decline; focus on either deletion or harvesting the product

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Examples of continuous innovation

Regular software updates with bug fixes and minor feature additions, Seasonal product variations, like new flavors of a popular beverage.

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Examples of dynamically continuous innovation

The transition from traditional phones to smartphones, The shift from physical media to digital streaming services, The introduction of electric vehicles

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Examples of discontinuous innovation

The invention of the automobile, which revolutionized transportation, The development of the internet, which transformed communication and commerce, The development of artificial intelligence, which is poised to reshape numerous industries