Marketing Ch 5, 6

studied byStudied by 0 people
0.0(0)
learn
LearnA personalized and smart learning plan
exam
Practice TestTake a test on your terms and definitions
spaced repetition
Spaced RepetitionScientifically backed study method
heart puzzle
Matching GameHow quick can you match all your cards?
flashcards
FlashcardsStudy terms and definitions

1 / 38

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

39 Terms

1

Market segmentation

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes.

New cards
2

Market targeting (targeting)

Evaluating each market segment's attractiveness and selecting one or more segments to serve.

New cards
3

Differentiation

Making the offering unique to create superior customer value.

New cards
4

Segmentation Variables

Geographic

Demographic

Psychographic

Behavioral

New cards
5

Target market

A set of buyers who share common needs or characteristics that a company decides to serve.

New cards
6

Product position

The way a product is defined by consumers on important attributes—the place it occupies in consumers' minds relative to competing products.

New cards
7

Concentrated (niche) marketing

A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.

New cards
8

Micromarketing

Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing.

New cards
9

Individual marketing

Tailoring products and marketing programs to the needs and preferences of individual customers.

New cards
10

Value proposition

The set of benefits (or set of values) that the company offers to consumers (to satisfy their want or need)

New cards
11

Positioning statement

A statement that summarizes company or brand positioning using this form:To (target segment and need) our (brand) is (concept) that (point of difference).

New cards
12

Consumer buyer behavior

The buying behavior of final consumers— individuals and households that buy goods and services for personal consumption.

New cards
13

Consumer market

All the individuals and households that buy or acquire goods and services for personal consumption.

New cards
14

Culture

The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.

New cards
15

Subculture

A group of people with shared value systems based on common life experiences and situations.

New cards
16

Social class

Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors.

New cards
17

Reference group

A group that serves as direct or indirect point of comparison or reference in forming a person's attitudes or behavior.

New cards
18

Opinion leader

A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others.

New cards
19

Influencer marketing

Enlisting established influencers or creating new influencers to spread the word about a company's brands.

New cards
20

Lifestyle

A person's pattern of living as expressed in his or her activities, interests, and opinions.

New cards
21

Personality

The unique psychological characteristics that distinguish a person or group.

New cards
22

Motive (drive)

A need that is sufficiently pressing to direct the person to seek satisfaction of the need.

New cards
23

Perception

The process by which people select, organize, and interpret information to form a meaningful picture of the world.

New cards
24

Belief

A descriptive thought that a person holds about something.

New cards
25

Attitude

A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.

New cards
26

Need recognition

The first stage of the buyer decision process, in which the consumer recognizes a problem or need.

New cards
27

Theory of anchoring

Consumers use reference points when making judgments.

New cards
28

Theory of reciprocity

People feel obliged to give back to others.

New cards
29

Theory of consensus

People will look to the behaviors of others to determine their own actions.

New cards
30

Benefits sought segmentation

Divides the market into segments according to the different benefits that the consumer seeks from the product.

New cards
31

Behavioral segmentation

Divides the market into segments according to usage occasion, user status, usage rate, or loyalty status.

New cards
32

Demographic segmentation

Divides the market into segments based on observable variables like age, gender, religion, education, occupation, income levels etc.

New cards
33

Psychographic segmentation

Divides the market into segments according to the personality or lifestyle.

New cards
34

Geographic segmentation

Divides the market into segments according to geographical units (e.g. nations, states, regions, towns, neighborhoods etc.)

New cards
35

Course Objectives

  • Enhance our appreciation for marketing.

  • Speak marketing language and use the common marketing terminology in business.

  • Better analyze marketing problems.

  • Make better business decisions.

  • Create a cohesive marketing plan.

New cards
36

Marketing

The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return.

New cards
37

Marketing philosophy

A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

New cards
38

Marketing environment

The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers.

New cards
39

Ways to differentiate

  • the product itself

  • the service offering

  • brand

  • channel

  • personnel.

New cards
robot