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Prelim_2_Acronyms_Study_Guide

Prelim_2_Acronyms_Study_Guide - Important things to know...

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Important things to know for Marketing Product Differentiation – using diff. marketing mix strategies (4 P’s). - form meaningful groups and develop specific marketing mix actions 3 segment strategies – one product, many markets, this saves money multiple products multiple markets, i.e. ford. Mass customization “segments of one” 5 Key steps in segmenting and targeting markets: G 1. group potential buyers into segments G 2. Group products to be sold into categories, i.e. Value meal D 3. Develop a market-product grid and estimate the size markets S 4. Select Target Markets 5 criteria used to select target markets M 1. market size – worth going after? E 2. expected growth – where the market is going C 3. Competitive positioning – how to gain an edge C 4. Cost of reaching the segment – don’t waste money C 5. Compatibility with the organizations objectives and resources T 5. Take Marketing actions to reach target markets. Three main sales forecasting techniques: 1. Judgment of the decision maker J 2. Surveys of knowledgeable groups S 3. Statistical methods S Life of Company dependent upon how it: 1. Conceives C 2. Produces P 3. Markets new Products M Consumer goods and business goods: 1. Consumer Good C 2. Convenience Good C 3. Shopping good S 4. Specialty Good S 5. Unsought Goods U Business Goods: 1. Production Goods P 2. Installations I 3. Support Goods S 4. Accessory Equipment A 5. Supplies S
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6. Industrial Services I Criteria used for effective segmentation: 1. Potential for increased profit P 2. Similarity of needs within segment S 3. Difference of needs across segments D 4. Potential of action reaching segment P 5. Simplicity (cost) of assigning buyers to segment S Bases for segmentation: 1. Geographic 2. Demographic 3. Psychographic 4. Gender 5. Income 6. Marital Status 7. Education 8. Ethnicity 9. Occupation VALS System: (Different Segments) 1.
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