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Marketing 201 [Swenson] BYU Midterm 2 Exam with Verified Q’s and A’s
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Marketing 201 [Swenson] BYU Midterm 2 Exam with Verified Q’s and A’s
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Marketing 201 [Swenson] BYU Midterm 2Exam with Verified Q’s and A’s
Market Segmentation - -the process of grouping customers into relatively
homogeneous sets or groups. Customers within a segment are similar to one
another in the way they respond to the marketing efforts directed toward
them.
-Targeting - -selecting one or more groups to sell to
-Positioning - -developing a unique selling position for the targeted group(s)
and then delivering on it
-3 ways market segmentation benefits companies - -1) Provides an effective
means for reaching customer groups 2) Helps in allocating marketing
resources 3) Identifies market opportunities for the company.
-Geographic segmentation - -market divided based on differences in
geographic regions, population density, population size, or climate.
-Demographic segmentation - -market based on differences in age, gender,
income, level of education, social class, family composition, religion, or
ethnicity.
-Psychographic segmentation - -based on differences in personality,
motives, or style.
-Behavioral segmentation - -market based on differences in the core
benefits customers seek, usage situations, brand loyalty, usage rates, and
price sensitivity.
-Brand loyal shoppers - -have high brand sensitivity and low price sensitivity
(pay as much as they need to purchase their favorite brands—Toothpaste,
coffee, soda, cigarettes)
-Deal shoppers - -have high brand sensitivity and high price sensitivity
(purchase leading brands at a discount—Diapers, hand and body soap, pet
food)
-Price shoppers - -have low brand sensitivity and high price sensitivity (they
purchase the lowest-price products regardless of brand—plastic food bags,
frozen pizza, detergent)
, -Convenience shoppers - -have low brand sensitivity and low price
sensitivity (buy products w/o regard to brand or price—energy drinks, junk
food, over-the-counter meds)
-Five Main Characteristics of Good Segmentation Plans - -1) measurable 2)
accessible 3) durable 4) substantial 5) meets unique needs
-Measurable - -Individuals can be assigned to a specific segment, and the
number of individuals in the segment can be counted.
-Accessible - -Individuals in the segment can be reached through the
company's promotion and distribution channels.
-Durable - -Segment membership and size are relatively constant over time.
-Substantial - -The segment is large enough to make products profitable.
-Meet Unique Needs - -The needs of or benefits sought by the segment
membership are homogeneous within each segment and heterogeneous
across the segments.
-Segmentation Basis - -Used to assign potential customers to different
segments.
-Segment profile - -Describe the demographic characteristics, geographic
factors, attitudinal scores and behavioral tendencies of the segment
members. The profile delineates the similarities among potential customers
within the segment and explains the differences in potential customers
between segments.
-Product positioning - -The act of designing the company's product offering
so that it occupies a distinct and valued place in the target customers'
minds.
-Me Too Marketing - -Offering the same price for the same benefits; won't
give consumers a reason to switch to your product.
-Unique Selling Proposition - -1) make unique proposition to the customer 2)
must be different from consumers 3) proposition must be so strong that it
can pull new customers over to the product
-Perceptual Mapping - -Allows researchers to view consumers' perceptions
of brands on one or a series of spatial maps such that relationships between
brands can be easily seen.
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