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Midterm

Chapter 7, 8, 9 Midterms notes

3 Pages
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Department
Administrative Studies
Course Code
ADMS 2200
Professor
Louise Ripley

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Description
Chapter 7 Customer driven marketing strategy (segmentation) 1. Segmentation – divide the total market into smaller segments 2. Targeting – select the segment or segments to enter 3. Differentiation – differentiate the market offering by offering superior quality 4. Positioning – position market offering in the mind of the target consumer Major Segments 1. Geographic – different geographical units, countries regions. Ie North America, Western Europe 2. Demographic – size, age, gender, race/ethnic/cultural, occupation, Household income, education, life cycle 3. Psychographic – divides based on social class, lifestyle and personality 4. Behavioral – divides based on knowledge, attitudes, use, response to product  Occasion – according to occasion when buyer gets the idea to buy product ie Coke as a breakfast drink  Benefits sought – different benefits consumers seek from the product Market Targeting Strategies 1. Undifferentiated (mass marketing) – market coverage that ignores segments and targets whole market  Strong doubts 2. Differentiated (segmented marketing) – firm targets several segments giving separate offers for each (Toyota, Lexus)  Increases costs, large business 3. Concentrated (niche) – firm goes after large share of one/few segment  Low cost, efficient, narrow, small business 4. Micromarketing (local or individual) – tailoring products to wants and needs of individuals marketing and local marketing Chapter 8 Three levels of product Each level adds value to product 1. Core customer value – what the customer is buying, problem solving benefits 2. Actual product – designing the actual product ie design, features 3. Augmented product – factors that add value beyond product itself – ie warranty Types of products 1. Consumer – personal consumption  Convenience product – frequent buy, little comparison CHOCLATE BAR  Shopping – selective buying, comparison of quality, price TV  Specialty – unique products, brand ID, special purchase, only time consuming LAMBORGHINI  Unsought – Consumer not aware it existed, or doesn’t think about it INSURENCE 2. Industrial – further processing or reselling Major stages of new product development 1. Idea generation - ideas 2. Idea screening – getting rid of
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