HB375StudyGuide 2 - EXAM 2 STUDY GUIDE HB375 MARKETING...

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EXAM 2 STUDY GUIDE HB375 MARKETING RESEARCH According to AMA- The function which links the consumer, customer, and public to the marketer through information. A process that identifies and defines marketing opportunities and problems, monitors and evaluates marketing actions and performance, and communicates the findings and implications to management (Book definition). MARKET An aggregate of people who, as individuals and organizations, have NEEDS for products and or services in a product/service class and who have the ability, willingness, and authority to purchase such products/services. Potential Market- All customers who might be interested in a particular offering Available Market- A subset; customers with interest, income and access Qualified Market- A subset of available; certain criteria may apply Target Market- A subset of qualified; the organization targets this group Penetrated Market- A subset of target; this group buys now MARKET SEGMENTATION The division of the overall market for a product or service into groups of people or entities with common characteristics. A market segment is an identifiable component group of an overall market whose members have something in common, and to which a specific service or attribute appeals. MARKETING STRATEGY The marketing logic by which the company hopes to create this customer value and achieve profitable customer relationships. PERCEPTUAL MAPPING A research took used to measure a brand’s position. Customers will… o Screen out information they are familiar with o Retain information related to a need they are aware of
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o See things they anticipate seeing o Buy based on the match between product image and perceived self image o Attach greater credibility to interpersonal rather than commercial information POSITIONING The development of a service and marketing mix to occupy a specific place in the mind of the consumer. The marketer sets out to create a definite image and communicate that image through products and service that are consistent with this image. Reasons for increased importance of positioning o Perceptual processes of customers: They screen out most information o Greater competition o More organizations competing for share of mind o Growing volume of commercial messages o Advertising and promotion clutter SELECTIVE RETENTION The tendency to retain information that supports your attitudes and beliefs. This explains the use of drama and repetition in messages to their markets. SELECTIVE DISTORTION The tendency to twist information into personal meanings and interpret information in a way that will fit our perceptions (not much that marketers can do about this). SELECTIVE ATTENTION Most stimuli is screened out- Marketers have to work extra hard to attract customers’ notice People are more likely to notice stimuli that relate to a current need People are more likely to notice stimuli that they anticipate People are more likely to notice stimuli whose deviations are large in relation to the normal size of the stimuli BELIEFS vs. ATTITUDES
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