| Demographic or behavioral Dimensions | Target Markets can be Mesurable by? |
| The identifiable characteristics of individuals and groups of people. Including: Age, sex, family size, income, occupation, education. | What are Personal Demographics? |
| Identifiable characteristics of towns, cities, states, regions, and countires. Including: county size, city, or SMSA, population density, or climate. | What are Geographic Demographics? |
| Social factors, psychological variables, and purchase situations. Including: purchase occasion, user status, user rate, and brand loyalty. | What are Behavioral Dimensions? |
| Refer to those factors that influence consumers' patterns of living or lifestyle. Including: Activites, interests, opinions (AIOs), as well as social class, personality, and values. | What are Psychographics? |
| When the total potential market for a product is too diverse to be treated as a single target market. | What does a Heterogeneous Market Mean? |
| The process by which the total potential market for a product is divided into smaller parts or segments. | What is Market Segmentation |
| Potential buyers within each segment are more similar to each other on key dimensions than to buyers assigned to other segments. | What is Homogeneous Segments? |
| It allows marketers to better match products to the needs of different customer types and allows the firm to create a marketing mix specificially for that segment creating larger success. | What are the two advantages to Segmenting Markets? |
| 1. Variables are chosen and market is divided. 2. Profiling the resulting segments. | What are the two steps to Segmenting? |
| Firm evaluates each segment. The firm's target market(s) are choen based on this evaluation. | Once the Segmenting Process is Complete what Happens Next? |
| 1. Dimensions must be measurable, market segment must be reachable through existing channels (advertising/media, etc), segment must be large enough to be profitable. | What three Conditions must be met in order to be chosen as Target Market? |
| Only one segmentation variable exists | What is Single-Variable Segmentation |
| Two or more variables or bases recognizes the importance of interrelationships between factors in defining market segments. | What is Multi-Variable Segmentation |
| SEE PHYSICAL FLASHCARD. | Draw Target Market Segmentation Chart |
| Focus on one segment as a target market. | What is Single-Segment or Concentration Strategy? |
| More than one target market with corresponding market mixes for each. Also known as differentiated marketing. | What is Multiple Segmentation Strategy? |
| Treating total potential market as a whole-one vast target market. | What is Undifferentiated or Mass Marketing Strategy? |
| Refers to the importance that consumers attach to the purchase of a particular item. | What is Consumer Involvement? |
| Perceived to be personally important, product is expensive, customer lacks information about product, risks with making a bad decision are high, product offers great benefits to consumer. | List examples of High Consumer Involvement |
| Need or problem recognized, search for relevant information, identification and evaluation of alternatives, purchase decision, post-purchase behavior. | High Involvment Decision-Making can be characterized by five stages. List. |
| The state of mental anxiety caused by a consumer's uncertainty about a purchase. Remains uncertain and less than fully satisfied with final selection. | What is Cognitive Dissonance? |
| Need or problem recognized, purchase decision, post-purchase behavior. | Low Involvement Decision Making can be characterized by three stages. List. |
| Organizational buyers derive their demand from the anticipated demand by consumers for finished goods. | What is Derived Demand? |
| Customer type, Customer size, buying situation. | What are the three characteristics exclusive to non-consumer markets? |
| Manufacturers, wholesalers, retailers, government agencies, non-profits. | What is Customer Type in non-consumer markets? |
| Based on the purchasing power of buyers rather than the number of buyers. | What is Customer Size in non-consumer markets? |
| New-task buying, straight Rebuy, or Modified Rebuy. | What are the three types of buying situations in non-consumer markets? |
| Most complex requires greater gather information and evaluating. More people involved. New processes not previously purchased by firm. | What is New-task buying? |
| Process is used to purchase inexpensive, low-risk products. Previous purchases are simply reorderred to replace depleted inventory. | What is Straight ReBuy? |
| Purchase situation is less complex than new-task and more involved than straight rebuy. Some information is required to reach decisions and limited numberof alternatives may be evaluated. | What is Modified ReBuy? |
| Buyers, Users, Influencers, Gatekeepers, Deciders. | List the Five Types of Individuals that making buying decisions. |
| Those who identify suppliers, arrange terms of sale, carry out purchase. | What is a Buyer? |
| People within the firm who will use the product. | What is a User? |
| Those who establish product requirements and specifications based on their technical expertise or authority within the organization. | What are Influencers? |
| Those within the organization who control the flow of relevant purchase-related information. | What are Gatekeepers? |
| It is an entity comprised of all the people who participate in or influence the decision-making process. it is NOT a specific place or location. | What is a Buying Center? |
