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Description
Flashcards by Ann Talisha, updated more than 1 year ago
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Created by Ann Talisha
about 7 years ago
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| Question | Answer |
| What is the Definition of Marketing | Marketing is identifying and meeting human and social needs. Basically, meeting needs profitably. |
| What is Marketing Management | The art and science of choosing target markets and getting, keeping and growing customers through creating, delivering, and communicating superior customer value. |
| Is Marketing About Selling | Selling is only the tip of the iceberg for marketers. The aim of marketing is to know and understand your customer so well, that the product or service fits him or her and sells itself! |
| Name 10 types of Things Which Are Marketed | Goods, Services Events, Experiences Persons, Places, Properties Organizations, Information Ideas |
| Give Examples of Each Category of Things Which Are Marketed | Goods - any physical good Services - Air Travel, Hotels, Car Rentals Events - Concerts Experiences - Disney World, Olympics Persons - Beyonce, Sting, Rolling Stones Places - Any City, Region Properties - Real or Financial Organizations - Universities, Nonprofits Information and Ideas |
| What is A Marketer | A marketer is someone who seeks a response-attention, a purchase, a vote, a donation..from another party, called the prospect. Note: If 2 parties are seeking to sell to each other, they are both marketers and prospects. |
| What Are Marketers Most Skilled At? | Stimulating and Influencing 1)Stimulating demand for their products and services. 2) Influencing the level, timing, and composition of demand to meet the organization's objectives |
| What Are the 8 Demand States | 1.Negative Demand - Consumers dislike product/service 2. Nonexistent Demand - Consumers are unaware or uninterested in product/service 3. Latent Demand - Consumers may have a strong need that can't be satisfy by the product/service |
| What Are the 8 Demand States (con't) | 4. Declining Demand - Consumers begin to buy product/service less 5. Irregular Demand - Consumer purchases vary on a seasonal, monthly, weekly, daily basis 6. Full Demand - Consumers are adequately buying all products put into the marketplace |
| What Are the 8 Demand States (con't) | 7. Overfull Demand - More consumers would like to buy the product than can be satisfied. 8. Unwholesome Demand - Consumers may be attracted to products that have undesirable social consequences |
| Define A Market | A place (physical or virtual) where buyers and sellers gather to buy and sell goods |
| Name 6 Type of Markets | Government Consumer Manufacturer NonProfit Global Intermediary |
| What Is A Metamarket | A metamarket describes a cluster of complementary products and services closely related in the minds of consumers, but are spread across a diverse set of industries. (Example: Automobile metamarket includes dealers, service shops, spare parts, auto insurance, etc. |
| What Are Needs | Needs are the basic human requirements such as air, food, water, clothing, shelter, education and transportation. Marketers do not create needs, they preexist, even if the consumer may not immediately recognize them. |
| What Are 5 Types of Needs | 1. Stated Need - Customer wants an inexpensive car 2. Real Needs - Wants a car whose operating cost (not initial cost) is low. 3. Unstated Needs - Customer expects good service from the dealer. 4. Delight Needs - The customer would like a GPS system in their car. 5. Secret Needs - The customer wants friends to see him or her as a savvy customer. |
| What Are Demands | Demands are wants for specific products backed by an ability to pay. |
| What Is A Value Proposition | A set of benefits that can satisfy a customer needs put forth by a company. |
| What Is An Offering | An Offering is a combination of products, services information and/or experiences set forth by the company. |
| What Is Value | The sum of the tangible and intangible benefits and the costs to the customer. (A buyer will choose the offerings they perceive to deliver the most value) |
| How Is A Target Market Reached | By Marketing Channels |
| Name 3 Types of Marketing Channels | 1. Communication Channel - Deliver and receive messages from target buyers..includes mail, flyers, web ads, cds, billboards, phone, etc. 2. Distribution Channel - Display, sell or deliver the physical product or service to the buyer directly. 3. Service Channel - Warehouses, Transportation companies, banks, and insurance companies. |
| What is A Supply Chain | A supply chain is a longer channel stretching from raw materials to components to finished products carried to final buyers. |
| What is Competition | Competition includes all the actual and potential rival offerings and substitutes a buyer might consider. |
| What is the Marketing Environment | The marketing environment consists of the task environment and the broad environment. The task environment includes the actors engaged in producing, distributing and promoting the offering. The broad environment consists of six categories ...demographic, economic, social-cultural, natural, technological, and political-legal environments. |
| What Are Major Societal Forces Which Create New Marketing Behaviors | 1.Network Information Technology 2.Globalization 3. Deregulation 4. Privatization 5. Heightened Competition 6. Industry Convergence 7. Retail Transformation 8. Disintermediation 9. Consumer Buying Power 10. Consumer Information 11. Consumer Participation 12. Consumer Resistance |
| What is the Production Concept | The production concept holds that consumers prefer products that are widely available and inexpensive |
| What is the Product Concept | The product concept proposes that consumers favor products offering the most quality, performance or innovative features |
| What is the Selling Concept | The selling concept holds that consumers and businesses, if left alone, won't buy enough of the organization's products. |
| What is the Marketing Concept | The marketing concept is a customer centered, sense-and-respond philosophy. The job of the marketer is to find not the right customers for your products, but the right products for your customers. |
| What is the Holistic Marketing Concept | The holistic marketing concept is based on the development, design and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies. Holistic marketing acknowledges that everything matters in marketing -- and that a broad, integrated perspective is often necessary. |
| What Are the 4 Main Parts of Holistic Marketing | 1. Internal Marketing - within the company 2. Integrated Marketing - use different channels to communicate 3. Performance Marketing - measuring sales revenue, brand & customer equity, ethics, environment, legal and community 4. Relationship Marketing - Building mutually satisfying relationships with the customers, channel and partners |
| What Is A Marketing Network | Consists of the company and its supporting stakeholders - customers, employees, suppliers, distributors, retailers and others, with whom a company has built a mutaully profitable business relationship |
| What is Internal Marketing | The task of hiring, training and motivating able employees who want to serve the customers well. (Marketing is no longer the responsibility of a single department...it is company wide. |
| What is Performance Marketing | Performance marketing requires understanding the financial and non financial returns to business and society from marketing activities and programs. |
| What Are the Modern 4 Ps of Marketing | 1. People - employees are critical to marketing success. 2. Processes - reflects all the creativity, discipline, and structure brought to marketing management. 3. Programs - reflects all the firm's consumer directed activities. 4. Performance - captures the range of possible outcome measures that have a financial and non financial implication beyond the company itself. |
| Name the 8 Management Tasks of Marketing | 1. Developing Marketing strategies and plans 2. Capturing Marketing Insights 3. Connecting with Customers 4. Building Strong Brands 5. Shaping the Market Offerings 6. Delivering Value 7. Communicating Value 8. Creating Successful Long-Term Growth |
| What Is The Primary Task of A Business | To deliver customer value at a profit. ( A company can only win by fine tuning the value delivery process and choosing, providing and communicating superior value.) |
| Name the 3 Phases of the Value Delivery Process | 1. Choosing the Value - A marketer must do their homework to segment the market, select the appropriate target, and develop the offering's value positioning. This includes Segmentation, Targeting and Positioning. 2. Providing the Value - A marketer must determine specific product features, prices, and distribution. 3. Communicating the Value - By utilizing its sales force, internet, advertising and any other communication tools to announce and promote the product. (Each of these phases has cost implications. |
| What is A Value Chain | A value chain is a tool for identifying ways to create ore customer values. It identifies the 9 relevant activities - Inbound Logistics, Operations, Outbound Logistics, Marketing/Sales, Service, Procurement, Technology Development, Human Resource Management and Firm Infrastructure |
| What is A Core Competency | A core competency has 3 characteristics: 1. It is a source of competitive advantage and makes a significant contribution to perceived customer benefits. 2. It has applications in a wide variety of markets. 3. It is difficult for competitors to duplicate. |
| What Is Value Exploration | Value exploration is how a company identifies new opportunities. |
| What is Value Creation | Value creation is how a company efficiently creates more promising new value offerings. |
| What is Value Delivery | Value delivery is how a company uses its capabilities and infrastructure to deliver the new value offerings more efficiently |
| What is A Marketing plan | A marketing plan is the central instrument for directing an coordinating the marketing effort |
| What is A Strategic Marketing Plan | The strategic marketing plan lays out the target markets and the firm's value proposition, based on an analysis of the best market opportunities |
| What are the 4 Planning Activities of A Corporation | 1. Defining the corporate mission 2. Establishing strategic business units 3. Assigning resources to each strategic business unit 4. Assessing growth opportunities |
| What is a Mission Statement | A mission statement is a clear through statement which provides a shared sense of purpose, direction and opportunity for managers, employees and in many cases customers |
| What is a Strategic Business Unit (SBU) and its characteristics? | A strategic SBU is how businesses classify different units. Their characteristics are: 1. it is a single business or a collection of related businesses, that can be planned separately from the rest of the company 2. It has its own set of competitors 3. It has a manager responsible for strategic planning and profit performance, who controls most of the factors affecting profit |
| What Does It Mean to Assess Growth Opportunities | Assessing growth opportunities includes planning new businesses, downsizing, and terminating older businesses which are no longer profitable, or revamping them to fit with the new market |
| What is An Organization | An organization consists of its structures, polices, and corporate culture. |
| What is Corporate Culture | Corporate culture is shared experiences, stories, beliefs, and norms that characterize an organization |
| What is A Scenario Analysis | A scenario analysis develops plausible representations of a firm's possible future using assumptions about forces driving the market and different uncertainties. |
| What is A Marketing Opportunity | A marketing opportunity is an area of buyer need and interest that a company has a high probability of profitability satisfying. |
| What is An Environmental Threat | An environmental threat is a challenge posed by an unfavorable trend or development that, in the absence of defensive marketing action, would lead to lower sales or profit. |
| What is Goal Formulation | Goal formulation is developing specific goals for the planning period, such as a SWOT. 1. They must be arranged from most to least important 2. Objectives should be quantitative whenever possible. 3. Goals should be realistic 4.Objectives must be consistent |
| What is a Strategy | A strategy is a game plan for getting to your achievements. Every business must design a strategy for achieving its goals, consisting of a marketing strategy and a compatible technology strategy and sourcing strategy. |
| Name 3 of Michael Porter's 5 strategies for accomplishing goals | 1. Overall Cost Leadership - Firms should work to achieve the lowest production and distribution costs. 2. Differentiation - The business concentrate on achieving superior performance in an important customer benefit area valued by a large part of the market. 3. Focus - The business focuses on one or more narrow market segments, gets to know them intimately and pursues either cost leadership or differentiation within the target segment. |
| What is A Strategic Group | A strategic group is directing the same strategy to the same target market. The firm that carries out this strategy the best will make the most profits. |
| Name Strategic Alliances | 1. Product/Service Alliances - One company licences another to produce its product or 2 companies jointly market their complementary products. 2. Promotional Alliances - One company agrees to carry a promotion for another company. 3. Logistics Alliances - One company offers logistical services for another companies products. 4. Pricing Collaborations - One or more companies join in a special pricing collaboration. |
| Partner Relationship Management | A company's ability to form and manage partnerships as a core skill |
| What is A Marketing Information System (MIS) | A marketing information system consists of people, equipment, and procedures to gather, sort, analyze, evaluate and distribute needed, timely, and accurate information to marketing decision makers. |
| What is A Marketing Intelligence System | A marketing intelligence system is a set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment |
| What is A Fad | A fad is an unpredictable, short-lived, and without social, economic, and political significance. If the timing is right, a company may be able to cash in on it |
| What is a Trend | A trend is a more predictable and durable than a fad. Trends reveal the shape of the future and can provide strategic direction |
| What is a Megatrend | A megatrend is a large social, economic, political, and technological change that is slow to form, and once in place, influences us for some time - between 7-10 years or longer |
| What is A Cohort | A cohort is a group of individuals born during the same time period who travel through life together. Marketers studying buying behavior over a long period will sometimes study cohorts. |
| What Are The Major Forces or Environments Firms Must Monitor | 1. Economic Demographic 2. Cultural 3. Socio-economic 4. Natural 5. Technological 6. Political 7. Legal |
| What is the Consumerist Movement | The consumerist movement is a group of individuals/organizations who organized citizens and government to strengthen the rights and powers of buyers in relationship to sellers |
| What is A Potential Market | A potential market is the set of consumers with a sufficient level of interest in a market offer. However, their interest is not enough to define a market, unless they also have sufficient income and access to the product. |
| What is An Available Market | An available market is the set of consumers who have interest, income and access to a particular offer |
| What is A Target Market | A target market is the part of the qualified available market the company decides to pursue |
| What is the Penetrated Market | A penetrated market is the set of consumers who are buying the company's product |
| What is Market Demand | Market demand is the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period in a defined marketing environment under a defined marketing program |
| What is Market Share | A selective demand for a level of firm's product or service |
| What is Market Penetration Index | The current and potential levels for market demand. A low index indicates substantial growth potential for all firms. A high index suggests it will be expensive to attract the few remaining prospects |
| What is Share Penetration index | A share penetration index is comparing current and potential market shares yields. If this index is low, the company can greatly expand its share. |
| What is Market Forecast | Market forecast is the prediction of market demand corresponding to various levels |
| What is Market Potential | Market potential is the limit approached by market demand as industry marketing expenditures approach infinity for a given marketing environment |
| What is Product Penetration Percentage | Product penetration percentage is the percentage of ownership or use of a product or service in a population |
| What is Company Demand | Company demand is the company's estimated share of market demand at alternative levels of company market effort in a given time period |
| What is Company Sales Forecast | A company's sales forecast is the expected level of company sales based on a chosen marketing plan and an assumed marketing environment |
| What is A Sales Quota | A sales quota is the sales goal set for a product line, company division, or sales representative |
| What is A Sales Budget | A sales budget is a conservative estimate of the expected volume of sales, primarily for making current purchasing, production, and cash flow decisions |
| What is a Company's Sales Potential | A company's sales potential is the sales limit approached by company demand as company marketing effort increases relative to that of competitors |
| What is Total Market Potential | Total market potential is the maximum sales available to all firms in an industry during a given period.. To estimate this you can multiply the potential number of buyers by the average quantity each purchases times price. |
| What is the Market Buildup Method | The market-buildup method calls for identifying all the potential buyers in each market and estimating their potential purchases. |
| Brand Development Index (BDI) | Brand development index is the index of brand sales to category sales. The lower the BDI, the higher the market opportunity, |
| Forecasting | Forecasting is the art of anticipating what buyers are likely to do under a given set of conditions. |
| Purchase Probability Scale | The purchase probability scale is a survey given to consumers regarding buying intentions which are put on a scale of no chance to certain |
| What Are Marketing Insights | Marketing insights provide diagnostic information about how and why we observe certain effects in the marketplace, and what that means to marketers |
| What is Marketing Research | Marketing Research is the systematic design, collection, analysis and reporting of data and finding relevant to a specific marketing situation |
| What Are the Steps In Marketing Research Process | 1. Define the Problem, the Decision Alternatives and the Research Objectives 2. Develop the Research Plan 3. Collect the Information 4. Analyze the Information 5. Present the Findings 6. Make the Decision |
| Name 5 Types of Research Approaches | 1. Observational Research 2. Focus Group Research 3. Survey Research 4. Behavioral Research 5. Experimental Research |
| What is Ethnographic Research | Ethnographic research is a particular observational research approach that uses concepts and tools from anthropology and other social science disciplines to provide deep cultural understanding of how people live and work. |
| What is a Focus Group | A focus group is a gathering of 6-10 people carefully selected by researchers based on certain demographic, psycho graphic, or other consideration and brought together to discuss various topics of interest at length. |
| What is Experimental Research | Experimental research is designed to capture the cause and effect relationship by eliminating competing explanations of the observed findings |
| Name 4 Marketing Research Instruments | 1. Questionnaire - consists of a set of questions presented to respondents 2. Qualitative Measures - relatively unstructured measurement approaches that permit a range of possible responses. 3. Technological Devices - equipment and methods which helps neuroscience researchers study how brain activity is affected by marketing 4. Sampling Plans |
| What Are Contact Methods Used | Mail contacts, telephone contact, personal contacts, online contacts, |
| What is a Marketing Decision Support System (MDSS) | A MDSS is a coordinated collection of data, systems, tools and techniques, with supporting software and hardware, by which an organization gathers and interprets relevant information from business and environment and turns it into a basis for marketing action. |
| What Are the 7 Characteristics of Good Marketing Research | 1. Scientific Method 2. Research Creativity 3. Multiple Methods 4. Interdependence of Models and Data 5. Value and Cost of Information 6. Healthy Skepticism 7. Ethical Marketing |
| What Are Marketing Metrics | Marketing metrics is the set of measures that helps them quantify, compare and interpret their marketing performance. |
| What is a Marketing Mix Models | Marketing mix models analyze data from a variety of sources, such as retailer scanner data, company shipment data, pricing, media, promotion spending data, to understand precisely the effects of specific marketing activities |
| What is A Customer Performance Scorecard | A Customer performance scorecard records how well the company is doing year after year on such customer based measures. |
| What is A Stakeholder Performance Scorecard | A stakeholder performance scorecard tracks the satisfaction of various constituencies who have a critical interest in and impact on the company's performance: employees, suppliers, banks, distributors, retailers and stockholders. |
| What is A Customer Metrics Pathway | A customer metrics pathway looks at how prospects become customers, from awareness to preference to trial to repeat purchase or some less linear model |
| What is the Unit Metrics Pathway | The unit metrics pathway reflects what marketers know about sales of product/service units - how much is sold by product line and/or by geography; the marketing costs per unit sold as an efficiency yardstick |
| What is the Cash Flow Metric | The cash flow metrics pathway focuses on how well marketing expenditures are achieving short term results |
| What are Brand Metrics Pathway | Brand metrics pathway tracks the development of the longer term impact of marketing though brand equity measures |
| What is Customer Perceived Value (CPV) | CPV is the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering and the perceived alternatives. |
| Total Customer Benefit | Total customer benefit is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering |
| Total Customer Cost | Total customer cost is the perceived bundle costs customers expect to incur in evaluating, obtaining, using and disposing of the given market offering, including monetary, time, energy, and psychological costs. |
| How Can A Marketer Increase the Value of the Customer Offering | By raising the economic, functional or emotional benefits and/or by reducing one or more costs. |
| What is A Customer Value Analysis | A customer value analysis is conducted to reveal the company's strengths and weaknesses relative to those of various competitors |
| What are the Steps in A Customer Value Analysis | The steps are: 1. Identify the major attributes and benefits customers value. 2. Assess the quantitative importance of the different attributes and benefits 3. Assess the company's and competitors performances on the different customer values against their rated performance. 4. Examine how customers in a specific segment rate the company's performance against a specific major competitor on an individual attribute or benefit basis. 5. Monitor customer values over time |
| Name 3 Possibilities of Explaining a Customer's Choice to Purchase A Tractor | 1. The buyer might have been under orders to buy at the lowest price 2. The buyer will retire before the company realizes that their choice of tractor is more expensive to operate, although the price was low 3. The buyer enjoys a long-term friendship with the tractor salesperson |
| What is A Value Proposition | A value proposition consists of a whole cluster of benefits the company promises to deliver |
| What is Loyalty | Loyalty is a deeply held commitment to rebuy or repatronize a preferred product or service in the future despite situational influences and marketing effort |
| What is A Value Delivery System | A value delivery system includes all the experiences the customer will have on the way to obtaining and using the offering |
| What is Customer Satisfaction | Customer satisfaction is a person's feelings of pleasure or disappointment that result from comparing a product's perceived performance (or outcome) to expectations |
| How do buyers form their expectations | Buyers form their expectations from past buying experience, friends and associates advice, and the information/promises of marketers and competitors |
| What is Quality | Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. |
| What is A Profitable Customer | A person, household, or company that over time yields a revenue stream exceeding by an acceptable amount the company's cost stream for attracting, selling, and serving the customer |
| What is A Customer Profitability Analysis (CPA) | A CPA is analysis the costs of serving a customer based on the resources they consume. Usually done with Activity Based Costing accounting. |
| What is Customer Lifetime Value | Customer Lifetime Value (CLV) describes the net present value of the stream of future profits expected over the customer's lifetime purchases |
| What is Customer Relationship Management (CRM) | CRM is the process of carefully managing detailed information about individual customers and all customer "touchpoints" to maximize loyalty |
| Name 4 Steps in the Framework for One-to-one Marketing | 1. Identify your prospects and customers 2. Differentiate customers in terms of their needs, and their value to the company. 3. Interact with individual customers to improve your knowledge about their individual needs and to build stronger relationships 4. Customize products, services, and messages to each customer |
| What is Customer Churn? | Customer churn is when customers defect |
| How Do Your Reduce Defection | 1. Define and measure your retention rate 2. Distinguish the causes of customer attrition and identify those that can be managed better 3. Compare the lost customer's lifetime value to the costs of reducing the defection rate |
| What is A Marketing Funnel | A marketing funnel identifies the percentage of the potential target market at each stage in the decision process, from merely aware to highly loyal |
| How Do You Manage Your Customer Base | 1. Reduce the rate of customer defection 2. Increasing the longevity of the customer relationship 3. Enhance the growth potential of each customer through "share of wallet," cross selling, and up-selling 4. Making low-profit customers more profitable or terminating them 5. Focusing disproportionate effort on high-profit customers |
| Name Ways to Build Brand Loyalty | 1. Listening to customers, positives and negatives. 2. Develop loyalty programs 3. Create institutional ties 4. Create a win-back strategy |
| What is A Customer Database | A customer database is an organized collection of comprehensive information about individual customers or prospects |
| What is Database Marketing | Database marketing is the process of building, maintaining, and using customer databases and other databases to contact, transact, and build customer relationships |
| What is A Business Database | A business database contains customers' past purchases; past volumes, prices, and profits; buyer team member names (ages, hobbies, birthdays and favorite foods; current contracts, assessment of competitive strengths and weaknesses |
| What is a Data Warehouse | A data warehouse is where marketers can capture, query; and analyze them to draw inferences about an individual customer's needs and responses |
| What is Data Mining? | Data mining is a process by which marketing statisticians can extract from the mass of data useful information about individuals, trends, and segments |
| Why is Data Mining Done? | 1. To identify prospects 2. To decide which customers should receive a particular offer 3. To deepen customer loyalty 4. To reactivate customer purchases 5. To avoid serious customer mistakes |
| What Are Downsides of Database Marketing and CRM | 1. Same situations are just not conducive to database management 2. Building databases require a large investment of capital and skilled staff. 3. It may be difficult to get everyone in the company to be customer oriented and use the available information 4. Not all customers want a relationship with the company. 5. The assumptions behind CRM may not always hold true |
| What is Market Segmentation | Market segmentation divides a market into well defined slices. A market segment consists of a group of consumers who share a similar set of needs and wants. |
| What is Geographic Segmentation | Geographic segmentation divides the market into geographical units usch as nations, states, regions, counties, cities or neighborhoods |
| Name at least 10 Ways to Segment A Market | 1. City or State 2. Density 3. Climate 4. Demographic Age 5. Family Size 6. Occupation 7. Gender 8. Income 9. Ethnicity 10. Education 11. Social Class 12. Loyalty Status 13. Nationality 14. Religion 15. Personality |
| What is Multicultural Marketing | Multicultural marketing is an approach recognizing that different ethnic and cultural segments have sufficiently different needs and wants to require targeting marketing activities and that a mass market approach is not refined enough for the diversity of the marketplace |
| What is Psychographics | Psychographic segmentation is the science of using psychology and demographics to better understand consumers. |
| What is VALS Framework | A popular marketing classification system which classifies US adults into 8 primary groups |
| What are the 8 Primary Groups | Higher Resources: 1)Innovators 2)Thinkers 3)Achievers 4)Experiencers Lower Resources: 1)Believers 2)Strivers 3)Makers 4)Survivors |
| Name the Real User and User Related Variables Marketers Use | Used as good starting points for constructing markets. They are: 1. Occasions 2. User Status 3. Usage Rate 4. Buyer Readiness Stage 5. Attitude 6.Multiple Bases |
| Name 4 groups marketers envision for Loyalty Status | 1. Hard Core Loyals 2. Split Loyals 3. Shifting Loyals 4. Switchers |
| What is A Flexible Market Offering | An offering which consists of a naked solution containing the product and service elements that all segment members value, and a discretionary options that some segment members value |
| What are Effective Segmentation Criteria | 1. Measurable 2. Substantial 3. Accessable 4. Differentiable 5. Actionable |
| What Are Michael Porter's 5 Forces that Threaten A Long Term Attractiveness in A Market | 1. Threat of intense segment rivalry 2. Threat of new entrants 3. Threat of substitute products 4. Threat of buyers growing bargaining power 5. Threat of suppliers growing bargaining power |
| What Are 2 Factors Firms Must Review when Evaluating and Selecting the Market Segments | 1. The segment's overall attractiveness 2. The company's objectives and resources |
| What is a Supersegment | A supersegment is a set of segments sharing some exploitable similarity |
| Name 2 types of supersegments | 1. Product Specialization - the firm sells a certain product to several different markets segments. 2. Market Specialization - The firm concentrates on serving many needs of a particular consumer group |
| What is Selective Specialization | Selective specialization is when a firm selects a subset of all the possible segments, each objectively attractive and appropriate |
| What is Customerization | Customerization combines operationally driven mass customization with customized marketing in a way that empowers consumers to design the product and service offering of their choice |
| Describe what the Ethical Choice of Market means | Ethical choice of market means that marketers must target carefully to avoid consumer backlash. Some marketing can generate public controversary |
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