MKTG Exam 2 Study Guide COLORS

Producers 2 resellers 3 government 4 institutions

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1. Producers 2. Resellers 3. Government 4. Institutions Satisficers = business customers who place an order with the first familiar supplier to satisfy product and delivery requirements. Optimizers = business customers who consider numerous suppliers (familiar & unfamiliar), solicit bids, & study all proposals carefully before selecting one
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Steps in Segmenting a Market: 1. Select a market or product category for study 2. Choose a basis or bases for segmenting the market 3. Select segmentation descriptors 4. Profile and analyze segments 5. Select target markets 6. Design, implement, and maintain appropriate marketing mixes Strategies for Selecting Target Markets Target Market = a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges Undifferentiated targeting strategy = a marketing approach that views the market as one big market with no individual segments and this uses a single marketing mix (mass market philosophy) Concentrated targeting strategy = a strategy sued to select one segment of a market for targeting marketing efforts. (selects niche one segment of a market for targeting its marketing efforts) Niche = one segment of a market Multisegment targeting strategy = a strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each Cannibalization = a situation that occurs when sales of a new product cut into sales of a firm’s existing product One-to-One Marketing One to one marketing = an individual marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer (sell more products to each customer) - EX: rifle approach - if you have good aim its more efficient. Marketers look for opportunities to communicate with each individual customer. - 4 trends that lead to growth of one-to-one: Personalization, Time savings, loyalty, & technology. Positioning Positioning = developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general (positioning assumes customers compare products on the basis of important features) Position = the place a product, brand or group of products occupies in consumers’ minds relative to competing offerings Product differentiation = a positioning strategy that some firms use to distinguish their products from those of competitors (EX: SuperJam says superior because its 100% fruit, no sugar added, & comes from grandmother’s recipe) Perceptual mapping = a means of displaying or graphing, in two or more dimensions, the location or products, brands, or groups of products in customers’ minds (positioning bases & positions) Repositioning = changing consumers’ perceptions of a brand in relation to competing brands Chapter 9: Decision Support Systems and Marketing Research - Accurate and timely information is the lifeblood of marketing decision making Marketing information
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