ch. 8 marketing

market

people or organizations with needs or wants and the ability and willingness to buy

market segment

a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs

market segmentation

the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups

substantial 

A segment must be large enough to warrant developing and maintaining a special marketing mix

measurable

Data about the population within geographic boundaries, the number of people in various age categories, and other social and demographic characteristics are often easy to get, and they provide fairly concrete measures of segment size

accessible

the firm must be able to reach members of targeted segments with customized marketing mixes.

responsive

Markets can be segmented using any criteria that seem logical. Unless one market segment responds to a marketing mix differently than other segments, that segment need not be treated separately.

geographic

segmenting markets by region of a country or the world, market size, market density, or climate

Demographic Segmentation

segmenting markets by age, gender, income, ethnic background, and family life cycle

gender 

marketing focuses more towards women audience 

income

influences consumers’ wants and determines their buying power

ethic

family life cycle

a series of stages determined by a combination of age, marital status, and the presence or absence of children

Psychographic Segmentation

segmenting markets on the basis of personality, motives, lifestyles, and geodemographics

Personality

reflects a person’s traits, attitudes, and habits. Clothing is the ultimate personality descriptor

Motives

Marketers of baby products and life insurance appeal to consumers’ emotional motives—namely, to care for their loved ones

Lifestyle

divides people into groups according to the way they spend their time, the importance of the things around them, their beliefs, and socioeconomic characteristics such as income and education

Geodemographics

clusters potential customers into neighborhood lifestyle categories

benefit segmentation

process of grouping customers into market segments according to the benefits they seek from the product

target market

a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges

undifferentiated targeting strategy

a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix

Niche (concentrated)

a strategy used to select one segment of a market for targeting marketing efforts

position

the place a product, brand, or group of products occupies in consumers’ minds relative to competing offerings

positioning

developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general

Which of the following is an important piece of the definition of consumer behavior?

 

the use and disposal of purchased product

Need recognition - the imbalance between actual and desired states -  is sometimes referred to as

the want-got gap

A consumer searching for information will create a list of brands or products that he or she will evaluate as options for the solution of a particular problem. This list is referred to as

 

the evoked set