Segmentation & Targeting Steps/Overview - ANSWER- 1. Defining markets
2. Understanding dimensions to use
3. Identifying segments
4. Deciding on segments to target
5. Using segmentation approaches
Differentiation & Positioning Steps/Overview - ANSWER- 1. Understanding
customer's views
2. Using positioning techniques
3. Evaluating segment preferences
4. Differentiating the marketing mix
5. Knowing relationship between Positioning & targeting
A Market is: - ANSWER- people or organizations with needs or wants and with the
ability and willingness to buy
- ALL FOUR CHARACTERISTICS MUST BE PRESENT TO BE A MARKET
Search for opportunities begin by: - ANSWER- Understanding markets.
Such as...
- understanding what a companies market is
- don't just focus on the product
- generic markets to product-markets
- BROADEN market definitions to find opportunities
Market Segment - ANSWER- a subgroup of people or organizations sharing one
or more characteristics that cause them to have similar product needs
Market Segmentation - ANSWER- The process of dividing a market into
meaningful, relatively similar, identifiable segments or groups
, Criteria for Market Segmentation - ANSWER- 1. Sustainability: Large enough
2. Identifiable & Measurable
3. Accessibility: must be reachable!
4. Responsiveness: must respond differently in order to warrant a separate
marketing mix to be necessary
Two steps to segementation - ANSWER- 1. Making broad product markets
2. Segmenting markets to select target markets and develop marketing mixes
T/F: Market Segmentation defines possible target markets. - ANSWER- True
Women make x% of consumer goods purchases annually: - ANSWER- 70%
T/F: Many marketers of male dominated arenas are targeting women, and the
opposite is also happening. - ANSWER- True
Income Segmentation - ANSWER- Determines consumer wants
Determines buying power
Retailers can appeal to:
low-income (Walmart)
High-income (Saks Fifth Avenue)
Both (Costco, Target)
The largest ethnic markets are: - ANSWER- Hispanic Americans, African
Americans, Asian Americans
3 properties of family life cycle - ANSWER- Age, Marital Status, Children
Marketing - ANSWER- the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have VALUE for
customers, clients, partners, and society at large
Terms of an "exchange" - ANSWER- - 2 parties at least
- value
- Communication & delivery
- Freedom to accept or reject
- desire to deal with other party
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tuition. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
