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define target market
a large maket in the specific segment of consumers most likely to purshase a particular product
distinquish between a consumer product and a business product
a consumer product is purchased by the ultimate buyer for personal use. a buiness product is purshased for use diestlyor inderectly in the production of other goods and services
define market segmentation
market segmentation in the process of dividing a toal market into serveral homogeneous grps
describe the role of market segmentation
the roles of market segmentation is to identify the factors that affect purchase decisions and then grp consumers according to the presence or absence of these factors
identify the 4 criteria for effective segmation
- -the segmetn marjet must have a measurable purchasing power and sez
- -markets can fiind a way to promote to and serve the market
- -markets must identify segmentslarge enough for profit potential
- -the firm can target a number of segments that match its marketing capabilities
under what circumstances are marketers most likely to use geographic segmention
marketers usuually use geographic segmentation when regional prefernces exist and when demand for categories of goods and services varies according to geographaphic region
what is demographic segmentation?
defines consumer grps according to demographiv variables such as gender, age, income, accupation, household, and family life styles
what are the major categories of demographic segmentation?
the major categories of demographic segmentaion are gender, age, ethnic grp, family life cycles, household type, income, and expenditure patterns
what is pychographic segmentation?
phycographic segmentation divides a population into grps that have similar psychological characteristics, values, and lifestyles
name the eight psychologic categories of U.S.VALS.
the 8 categories are the following: actualizers, thinkers, achievers, experiencers, beliervers, strivers, makers, and survivors.
list the three approaches to product-related segmentation
the three approaches are segmenting be benefits sought, segmenting by usage rates, and segmenting by brand loyalty
what is the 80/20 principle?
the 80/20 principle states that a big %(80%) of a products revenues comes from a relatively small number of loyal customers
identify the 4 stages of market segmentation
the 4 stages are developing user profiles, forecasting the overall market potential, estimating market share, and selecting specific market segments
why is forecasting important to market segmentation?
forecasting is important cuz it can define a preliminary go or no-go decision based on sales potential. it can help a firm avoid a disastrous move or point out opportunities
explain the differnce between undifferntiated and differentiated marketing strategies
undifferentiated marketing promotes a single product line to all customers with a single marketing mix. differentiated marketing promotes numerous products with different marketing mixes disgned to satisfy smaller segments
what are the benefits of concentrated marketing?
concentrated marketing can allow a firm to focus on a single market segment, which is especially to smaller firms and those that offer highly specialized goods and services
what are the four determinants of market-specific strategy??
the four determinants are company resouces, product homogeneity, stage in the product life cycle, and competitors strategies.
what is the role of positioning in a merketing strategy?
postioing places a product in a certain position in the minds of prospective buyers so that makerters can create messages that diztinquish theri offering from those competitors
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