Flashcards
Flashcards for Marketing Management - Chapter 1, 2, 3, 4, 5 & *
Flashcards do conjunto (156)
- 1What is the Definition of MarketingMarketing is identifying and meeting human and social needs. Basically, meeting needs profitably.
- 2What is Marketing ManagementThe art and science of choosing target markets and getting, keeping and growing customers through creating, delivering, and communicating superior customer value.
- 3Is Marketing About SellingSelling 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!
- 4Name 10 types of Things Which Are MarketedGoods, Services
Events, Experiences
Persons, Places, Properties
Organizations, Information
Ideas - 5Give Examples of Each Category of Things Which Are MarketedGoods - 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 - 6What is A MarketerA 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. - 7What 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 - 8What Are the 8 Demand States1.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 - 9What 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 - 10What 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 - 11Define A MarketA place (physical or virtual) where buyers and sellers gather to buy and sell goods
- 12Name 6 Type of MarketsGovernment
Consumer
Manufacturer
NonProfit
Global
Intermediary - 13What Is A MetamarketA 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.
- 14What Are NeedsNeeds 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. - 15What Are 5 Types of Needs1. 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. - 16What Are DemandsDemands are wants for specific products backed by an ability to pay.
- 17What Is A Value PropositionA set of benefits that can satisfy a customer needs put forth by a company.
- 18What Is An OfferingAn Offering is a combination of products, services information and/or experiences set forth by the company.
- 19What Is ValueThe 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) - 20How Is A Target Market ReachedBy Marketing Channels
- 21Name 3 Types of Marketing Channels1. 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. - 22What is A Supply ChainA supply chain is a longer channel stretching from raw materials to components to finished products carried to final buyers.
- 23What is CompetitionCompetition includes all the actual and potential rival offerings and substitutes a buyer might consider.
- 24What is the Marketing EnvironmentThe 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.
- 25What Are Major Societal Forces Which Create New Marketing Behaviors1.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 - 26What is the Production ConceptThe production concept holds that consumers prefer products that are widely available and inexpensive
- 27What is the Product ConceptThe product concept proposes that consumers favor products offering the most quality, performance or innovative features
- 28What is the Selling ConceptThe selling concept holds that consumers and businesses, if left alone, won't buy enough of the organization's products.
- 29What is the Marketing ConceptThe 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.
- 30What is the Holistic Marketing ConceptThe 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.
- 31What Are the 4 Main Parts of Holistic Marketing1. 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 - 32What Is A Marketing NetworkConsists 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
- 33What is Internal MarketingThe 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.
- 34What is Performance MarketingPerformance marketing requires understanding the financial and non financial returns to business and society from marketing activities and programs.
- 35What Are the Modern 4 Ps of Marketing1. 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. - 36Name the 8 Management Tasks of Marketing1. 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 - 37What Is The Primary Task of A BusinessTo 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.)
- 38Name the 3 Phases of the Value Delivery Process1. 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. - 39What is A Value ChainA 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
- 40What is A Core CompetencyA 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. - 41What Is Value ExplorationValue exploration is how a company identifies new opportunities.
- 42What is Value CreationValue creation is how a company efficiently creates more promising new value offerings.
- 43What is Value DeliveryValue delivery is how a company uses its capabilities and infrastructure to deliver the new value offerings more efficiently
- 44What is A Marketing planA marketing plan is the central instrument for directing an coordinating the marketing effort
- 45What is A Strategic Marketing PlanThe strategic marketing plan lays out the target markets and the firm's value proposition, based on an analysis of the best market opportunities
- 46What are the 4 Planning Activities of A Corporation1. Defining the corporate mission
2. Establishing strategic business units
3. Assigning resources to each strategic business unit
4. Assessing growth opportunities - 47What is a Mission StatementA 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
- 48What 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 - 49What Does It Mean to Assess Growth OpportunitiesAssessing 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
- 50What is An OrganizationAn organization consists of its structures, polices, and corporate culture.
- 51What is Corporate CultureCorporate culture is shared experiences, stories, beliefs, and norms that characterize an organization
- 52What is A Scenario AnalysisA scenario analysis develops plausible representations of a firm's possible future using assumptions about forces driving the market and different uncertainties.
- 53What is A Marketing OpportunityA marketing opportunity is an area of buyer need and interest that a company has a high probability of profitability satisfying.
- 54What is An Environmental ThreatAn 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.
- 55What is Goal FormulationGoal 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 - 56What is a StrategyA 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.
- 57Name 3 of Michael Porter's 5 strategies for accomplishing goals1. 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. - 58What is A Strategic GroupA 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.
- 59Name Strategic Alliances1. 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. - 60Partner Relationship ManagementA company's ability to form and manage partnerships as a core skill
- 61What 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.
- 62What is A Marketing Intelligence SystemA marketing intelligence system is a set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment
- 63What is A FadA 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
- 64What is a TrendA trend is a more predictable and durable than a fad. Trends reveal the shape of the future and can provide strategic direction
- 65What is a MegatrendA 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
- 66What is A CohortA 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.
- 67What Are The Major Forces or Environments Firms Must Monitor1. Economic
Demographic
2. Cultural
3. Socio-economic
4. Natural
5. Technological
6. Political
7. Legal - 68What is the Consumerist MovementThe 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
- 69What is A Potential MarketA 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.
- 70What is An Available MarketAn available market is the set of consumers who have interest, income and access to a particular offer
- 71What is A Target MarketA target market is the part of the qualified available market the company decides to pursue
- 72What is the Penetrated MarketA penetrated market is the set of consumers who are buying the company's product
- 73What is Market DemandMarket 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
- 74What is Market ShareA selective demand for a level of firm's product or service
- 75What is Market Penetration IndexThe 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
- 76What is Share Penetration indexA share penetration index is comparing current and potential market shares yields. If this index is low, the company can greatly expand its share.
- 77What is Market ForecastMarket forecast is the prediction of market demand corresponding to various levels
- 78What is Market PotentialMarket potential is the limit approached by market demand as industry marketing expenditures approach infinity for a given marketing environment
- 79What is Product Penetration PercentageProduct penetration percentage is the percentage of ownership or use of a product or service in a population
- 80What is Company DemandCompany demand is the company's estimated share of market demand at alternative levels of company market effort in a given time period
- 81What is Company Sales ForecastA company's sales forecast is the expected level of company sales based on a chosen marketing plan and an assumed marketing environment
- 82What is A Sales QuotaA sales quota is the sales goal set for a product line, company division, or sales representative
- 83What is A Sales BudgetA sales budget is a conservative estimate of the expected volume of sales, primarily for making current purchasing, production, and cash flow decisions
- 84What is a Company's Sales PotentialA company's sales potential is the sales limit approached by company demand as company marketing effort increases relative to that of competitors
- 85What is Total Market PotentialTotal 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.
- 86What is the Market Buildup MethodThe market-buildup method calls for identifying all the potential buyers in each market and estimating their potential purchases.
- 87Brand Development Index (BDI)Brand development index is the index of brand sales to category sales. The lower the BDI, the higher the market opportunity,
- 88ForecastingForecasting is the art of anticipating what buyers are likely to do under a given set of conditions.
- 89Purchase Probability ScaleThe purchase probability scale is a survey given to consumers regarding buying intentions which are put on a scale of no chance to certain
- 90What Are Marketing InsightsMarketing insights provide diagnostic information about how and why we observe certain effects in the marketplace, and what that means to marketers
- 91What is Marketing ResearchMarketing Research is the systematic design, collection, analysis and reporting of data and finding relevant to a specific marketing situation
- 92What Are the Steps In Marketing Research Process1. 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 - 93Name 5 Types of Research Approaches1. Observational Research
2. Focus Group Research
3. Survey Research
4. Behavioral Research
5. Experimental Research - 94What is Ethnographic ResearchEthnographic 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.
- 95What is a Focus GroupA 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.
- 96What is Experimental ResearchExperimental research is designed to capture the cause and effect relationship by eliminating competing explanations of the observed findings
- 97Name 4 Marketing Research Instruments1. 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 - 98What Are Contact Methods UsedMail contacts, telephone contact, personal contacts, online contacts,
- 99What 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.
- 100What Are the 7 Characteristics of Good Marketing Research1. 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 - 101What Are Marketing MetricsMarketing metrics is the set of measures that helps them quantify, compare and interpret their marketing performance.
- 102What is a Marketing Mix ModelsMarketing 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
- 103What is A Customer Performance ScorecardA Customer performance scorecard records how well the company is doing year after year on such customer based measures.
- 104What is A Stakeholder Performance ScorecardA 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.
- 105What is A Customer Metrics PathwayA customer metrics pathway looks at how prospects become customers, from awareness to preference to trial to repeat purchase or some less linear model
- 106What is the Unit Metrics PathwayThe 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
- 107What is the Cash Flow MetricThe cash flow metrics pathway focuses on how well marketing expenditures are achieving short term results
- 108What are Brand Metrics PathwayBrand metrics pathway tracks the development of the longer term impact of marketing though brand equity measures
- 109What 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.
- 110Total Customer BenefitTotal customer benefit is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering
- 111Total Customer CostTotal 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.
- 112How Can A Marketer Increase the Value of the Customer OfferingBy raising the economic, functional or emotional benefits and/or by reducing one or more costs.
- 113What is A Customer Value AnalysisA customer value analysis is conducted to reveal the company's strengths and weaknesses relative to those of various competitors
- 114What are the Steps in A Customer Value AnalysisThe 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 - 115Name 3 Possibilities of Explaining a Customer's Choice to Purchase A Tractor1. 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 - 116What is A Value PropositionA value proposition consists of a whole cluster of benefits the company promises to deliver
- 117What is LoyaltyLoyalty is a deeply held commitment to rebuy or repatronize a preferred product or service in the future despite situational influences and marketing effort
- 118What is A Value Delivery SystemA value delivery system includes all the experiences the customer will have on the way to obtaining and using the offering
- 119What is Customer SatisfactionCustomer satisfaction is a person's feelings of pleasure or disappointment that result from comparing a product's perceived performance (or outcome) to expectations
- 120How do buyers form their expectationsBuyers form their expectations from past buying experience, friends and associates advice, and the information/promises of marketers and competitors
- 121What is QualityQuality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.
- 122What is A Profitable CustomerA 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
- 123What 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.
- 124What is Customer Lifetime ValueCustomer Lifetime Value (CLV) describes the net present value of the stream of future profits expected over the customer's lifetime purchases
- 125What is Customer Relationship Management (CRM)CRM is the process of carefully managing detailed information about individual customers and all customer "touchpoints" to maximize loyalty
- 126Name 4 Steps in the Framework for One-to-one Marketing1. 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 - 127What is Customer Churn?Customer churn is when customers defect
- 128How Do Your Reduce Defection1. 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 - 129What is A Marketing FunnelA marketing funnel identifies the percentage of the potential target market at each stage in the decision process, from merely aware to highly loyal
- 130How Do You Manage Your Customer Base1. 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 - 131Name Ways to Build Brand Loyalty1. Listening to customers, positives and negatives.
2. Develop loyalty programs
3. Create institutional ties
4. Create a win-back strategy - 132What is A Customer DatabaseA customer database is an organized collection of comprehensive information about individual customers or prospects
- 133What is Database MarketingDatabase marketing is the process of building, maintaining, and using customer databases and other databases to contact, transact, and build customer relationships
- 134What is A Business DatabaseA 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
- 135What is a Data WarehouseA data warehouse is where marketers can capture, query; and analyze them to draw inferences about an individual customer's needs and responses
- 136What 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
- 137Why 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 - 138What Are Downsides of Database Marketing and CRM1. 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 - 139What is Market SegmentationMarket 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.
- 140What is Geographic SegmentationGeographic segmentation divides the market into geographical units usch as nations, states, regions, counties, cities or neighborhoods
- 141Name at least 10 Ways to Segment A Market1. 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 - 142What is Multicultural MarketingMulticultural 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
- 143What is PsychographicsPsychographic segmentation is the science of using psychology and demographics to better understand consumers.
- 144What is VALS FrameworkA popular marketing classification system which classifies US adults into 8 primary groups
- 145What are the 8 Primary GroupsHigher Resources:
1)Innovators
2)Thinkers
3)Achievers
4)Experiencers
Lower Resources:
1)Believers
2)Strivers
3)Makers
4)Survivors - 146Name the Real User and User Related Variables Marketers UseUsed 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 - 147Name 4 groups marketers envision for Loyalty Status1. Hard Core Loyals
2. Split Loyals
3. Shifting Loyals
4. Switchers - 148What is A Flexible Market OfferingAn 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
- 149What are Effective Segmentation Criteria1. Measurable
2. Substantial
3. Accessable
4. Differentiable
5. Actionable - 150What Are Michael Porter's 5 Forces that Threaten A Long Term Attractiveness in A Market1. 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 - 151What Are 2 Factors Firms Must Review when Evaluating and Selecting the Market Segments1. The segment's overall attractiveness
2. The company's objectives and resources - 152What is a SupersegmentA supersegment is a set of segments sharing some exploitable similarity
- 153Name 2 types of supersegments1. 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 - 154What is Selective SpecializationSelective specialization is when a firm selects a subset of all the possible segments, each objectively attractive and appropriate
- 155What is CustomerizationCustomerization combines operationally driven mass customization with customized marketing in a way that empowers consumers to design the product and service offering of their choice
- 156Describe what the Ethical Choice of Market meansEthical choice of market means that marketers must target carefully to avoid consumer backlash. Some marketing can generate public controversary
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- Flashcards to study for test on Marketing Management by Kotler/Keller 14E - Graduate Level Course
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- Ann Talisha
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