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13 Cards in this Set
- Front
- Back
What does market segmentation do?
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Divides the market into subsets of perspective customers who behave in the same way, have similar wants, or have similar characteristics that relate to purchase behavior.
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What is intermarket segmentation?
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Well-defined, similar clusters of customers across national boundaries
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What does targeting involve?
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Selecting which segments in a market are appropriate to focus on and designing the means of reaching them.
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When does product differentiation exist?
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When a firm's offerings differ or are perceived to differ from those of competing firms on any attribute.
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What is mass customization?
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An attempt to satisfy the diverse needs of their customers and to provide unique value.
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What is measurability?
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The degree to which the size and purchasing power of segments can be assessed.
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What is accessibility?
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The degree to which a firm can reach intended target segments efficiently.
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What is substantialness?
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The degree to which identified target segments are large enough or have sufficient sales and profit potential to warrant unique or separate marketing programs.
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What is durability?
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Whether distinctions between segments will diminish or disappear as the product category or the markets themselves mature.
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What is differential responsiveness?
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The extent to which market segments exhibit different responses to different marketing mixes.
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What are the three types of geographics?
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1. metropolitan statistical areas
2. primary metropolitan statistical areas 3. consolidated metropolitan statistical areas |
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What is psychographic/lifesyle research?
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Attempts to segment customers according to their activities, interests, and opinions.
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What does benefit segmentation do?
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Enhances the design and marketing of a product to meet expressed consumer needs for quality, service, or unique features.
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