Test 2 Study Guide - Test 2 Study Guide Chapter 8: Market-...

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Test 2 Study Guide Chapter 8: Market- people or organizations with needs/wants and the ability or willingness to buy Market Segment- a subgroup of people or organizations sharing one or more characteristic that causes them to have similar product needs Market Segmentation- the process of dividing markets into meaningful similar and identifiable segments of groups Successful Segmentation Requires: 1. Susatatiablity- must be large enough to warrant developing and main ting a special market mix but doesn’t want that segment must have a lot of potential customers. 2. Indentifiable and measurable 3. Accessibility- is the ability to communicate information about the product offering to the segment 4. Responsiveness- the target segmentation should respond differently to the marketing mix to other segments. A segmentation base is the characteristics used to segment the market. You can use single variables such as age, group, gender, education, geography, or multiple variables. Geographic Segmentation- segmentation by region Demographic Segmentation- segmented by age, gender, income, ethnicity, family life cycle . 80/20 principles holds that 20 percent of all customers generate 80 percent of all demand Satisfiers use a simple quick purchasing strategy of looking for the first available suppler. Optimizers- consider lots of suppliers and study carefully before they make their decisions. Strategies for selecting target markets are Undifferentiated(the market is 1 big market without indivual segments. Concentrated strategy (used to select one segment that will be targeted). One to one marketing uses customer information to build long term, personalized and profitable relationships (Rifle/Shotgun analogy) Product positioning is creating the desired image of the firm’s product. Chapter 9 A marketing decision support system is an interactive, flexible computerized information system that bypasses information-processing specialists and gives the managers access to useful information from their own desks The role of marketing research- descriptive, diagnostic, and predictive Know the steps for conducting a marketing research project. Again use common sense for the order 1. Identify the problem 2. Plan research and design last follow up
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This note was uploaded on 02/14/2012 for the course MARK 2200 taught by Professor Bass during the Spring '11 term at University of West Georgia.

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Test 2 Study Guide - Test 2 Study Guide Chapter 8: Market-...

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