Flashcards
Exam #2
Cards in this deck (39)
- 1Definition MARKET SEGMENTATIONA process to divide a total market into distinct subsets of customers
- 2Steps In PROCESS OF SELECTING A TARGET MARKET1 - SEGMENT total market
2 - EVALUATE attractiveness of potential markets
3 - SELECT market
4 - MARKETING STRATEGY - 33 new trends in MARKET SEGMENTATION1 - MICRO-SEGMENTATION
2 - PRECISE SEGMENTS
3 - CUSTOMIZED PRODUCTS - 43 types of SEGMENTATION CRITERIA1 - DEMOGRAPHIC
2 - GEOGRAPHIC
3 - BEHAVIORAL - 53 steps when EVALUATING POTENTIAL TARGET MARKETS1 - CHOOSE criteria to measure attractiveness
2 - WEIGH each factor
3 - SELECT target market - 6what does BRAND POSITIONING do?Provides a reason for customers to choose that particular firm over competitors
- 7what is a perceptual map?is a diagrammatic technique used to visually display the perceptions of customers or potential customers
- 86 steps in POSITIONING PROCESS1 - SELECT product to position
2 - Identify set of DETERMINANT ATTRIBUTES
3 - COLLECT customer perception data
4 - ANALYZE current brands
5 - DETERMINE customers' most preferred attributes
6 - EXAMINE competitors and market - 95 DETERMINANT ATTRIBUTES for POSITIONING1 - BUSINESS APPROACH
2 - BENEFITS
3 - INGREDIENTS
4 - ENDORSEMENTS
5 - COMPARISON - 10Name the 5 stages
- 11Identify the 6 types of new product development
- 124 Advantages of being a PIONEER1 - ESTABLISH product as industry standard
2 - ESTABLISH distribution network
3 - ACQUIRE scarce resources
4 - GAIN large market - 135 advantages to being a FOLLOWER "ability to take advantage of pioneer's..."1 - POSITIONING mistakes
2 - PRODUCT mistakes
3 - MARKETING mistakes
4 - LATEST TECHNOLOGY
5 - LIMITED RESOURCES - 143 marketing strategies for PIONEER'S1 - MASS-MARKET PENETRATION
2 - NICHE PENETRATION
3 - SKIMMING AND EARLY WITHDRAWAL - 153 reasons for ATTRACTIVENESS OF GROWTH MARKET1 - GAINING SHARE is easier
2 - PRICE COMPETITION is less intense
3 - EARLY ENTRY is necessary for high-tech industries - 16define MARKET LEADERFirm with LARGEST PERCENTAGE market share
- 17define MARKET CHALLENGERFirms without the largest percentage market share
(Seeks to copy or improve upon leaders product & marketing efforts) - 18identify the 5 strategic choices for market leaders (or share leaders)
- 19identify the 5 strategic choices for market challengers (or growth markets)
- 20define SHAKEOUT PERIODa situation in which many investors exit their positions in a market segment at the same time, often at a loss.
- 21identify the 5 strategic traps during a SHAKEOUT PERIOD1 - failure to ANTICIPATE growth
2 - no clear COMPETITIVE ADVANTAGE
3 - failure to RECOGNIZE declining important of product differentiation
4 - failure to RECOGNIZE increasing importance of price or service
5 - SACRIFICING market share for short-run profits - 22challenges faced by firms in MATURE MARKETS1 - MAINTAINING its competitive advantage
2 - MANAGING increased sales - 231 challenge facing a DECLINING MARKET1 - decision on whether to divest or liquidate the business
- 245 methods to maintaining a LOW-COST POSITION1 - NO-FRILLS products
2 - Innovative PRODUCT DESIGN
3 - Innovative PRODUCT PROCESSES
4 - CHEAPER MATERIALS
5 - shorten DISTRIBUTION CHANNELS - 252 ways to increase sales at the MATURE STAGE1 - hold CURRENT CUSTOMERS
2 - MARKET EXPANSION - 263 factors that affect firms in a DECLINING MARKET1 - DEMAND DECLINE
2 - EXIT BARRIERS
3 - INTENSITY OF FUTURE COMPETITIVE RIVALRY - 274 strategies of DECLINING MARKETS1 - HARVESTING
2 - QUICK DIVESTMENT
3 - PROFITABLE SURVIVOR
4 - NICHE - 28define 2 elements of HARVESTING STRATEGY1 - maximize short-term cash flow
2 - Eliminate R&D - 29Define QUICK DIVESTMENT STRATEGYThe process of selling the business in the early stage of the DECLINE STAGE
- 30Define 2 elements of PROFITABLE SURVIVOR STRATEGY1 - INCREASE SHARE of declining market
2 - Encourage other competitors to leave market early - 31Define NICHE STRATEGYThe process of identifying a segment that will either maintain stable demand or decay slowly
- 32Define 'NO-FRILLS'excludes all non-essential features, only has necessities
(just like the grocery store chain) - 33The 1st stage of the PRODUCT LIFE CYCLE is the ______ stageINTRODUCTION
- 34The stage before the DECLINE STAGE is the _________ stageMATURITY
- 35The 3rd (middle) stage of the PRODUCT LIFE CYCLE is the ________ stageCOMPETITIVE TURBULENCE
- 36The final stage in the PRODUCT LIFE CYCLE is the ______ stageDECLINE
or
EXTENSION - 37What is the objective of a MASS-MARKET PENETRATION strategy?Maximize market share for the "new" product quickly
- 38What is the objective of a NICHE PENETRATION strategy?To focus efforts on a single market segment
- 39What is the objective of a SKIMMING PENETRATION strategy?Maximize the profits in short term
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- Marketing Flashcards on Exam #2, created by Hayden Churchill-Baugh on 20/11/2019.
- Created by
- Hayden Churchill-Baugh
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