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Marketing Exam 2 Study Guide

Marketing Exam 2 Study Guide - Marketing Exam 2 Study Guide...

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Marketing Exam 2 Study Guide: Chapter 7: Sharpen the Focus 1. Identify the steps in the target marketing process: Target marketing strategy: select and enter a market. a. Market fragmentation: The creation of many consumer groups due to a diversity of distinct needs and wants in modern society. b. Target Marketing Strategy: Dividing the total market into different segments on the basis of customer characteristics, selecting one or more segments, and developing products to meet the needs of those specific segments. 2. Understand the need for market segmentation and the approaches available to do it. Step 1: Segmentation a. Segmentation: the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics. b. Segmentation Variables: Dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences. c. Segment Consumer Markets: i. Generation Y: The group of consumers born between 1979 and 1994. ii. Segment by Demographics: Age 1. Demographics: Statistics that measure observable aspects of a population, including size, age, gender, ethnic, group, income, education, occupation, and family structure. 2. Generational Marketing: Marketing to members of a generation, who tend to share the same outlook and priorities. 3. Generation X: The group of consumers born between 1965 and 1978. 4. Baby Boomers: The Segment of people born between 1946 and 1964. iii. Segment by Demographics: Gender 1. Metrosexual: A straight, urban male who is keenly interested in fashion, home design, gourmet cooking, and personal care. iv. Segment by Demographics: Family Life Cycle: v. Segment by Demographics: Income and Social Class 1. Buying Power vi. Segment by Demographics: Ethnicity 1. Cultural Diversity: A management Practice that actively seeks to include people of different sexes, races, ethnic groups, and religions in an organization’s employees, customers, supplies, and distribution channel partners. vii.Segment by Demographics: Place of Residence 1. Geodemography: A segmentation technique that combines geography with demographics. 2. Geocoding: Customizing Web advertising so that people who log on in different places will see ad barriers for local businesses. viii. Segment by Psychographics: 1. The use of physchological, sociological, and anthropological factors to contruct market segments. 2. VALS2 tm (Values and Lifestyles): A psychographic system that divides the entire U.S. Population into eight segments.
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3. Innovators: a. Primary Motivation: High Resources High Innovation Low Resources Low Innovation ix. Segment by Behavior: 1. Behavioral Segmentation: A technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service. 2. 80/20 Rule: A Marketing Rule of thumb that 20 percent of purchasers account for 80 percent of a product’s sales.
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Marketing Exam 2 Study Guide - Marketing Exam 2 Study Guide...

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