Which of the following refers to the process of dividing the total market into several groups quizlet?
|
Consumer markets are segmented on one or more of the following dimensions: Show
Demographic segmentation, which divides the market into groups based on demographic variables like age, life-cycle, gender, income, and generation (Generation Y or Baby Boomers). Psychographic segmentation - dividing the market into different groups on the basis of lifestyle, personality, or values. Behavioural segmentation, where the market is 'divided into groups on the basis of Multi-attribute
segmentation (geo-clustering), which divides the market on a Upgrade to remove ads Only SGD 41.99/year
Terms in this set (32)Unit 3: Consumer Behavior and Market Segmentation Competency 3061.1.3: The graduate analyzes how consumer behavior affects Chapter 9 Learning Objectives 1 A market consists of people and organizations with the necessary purchasing power, willingness, and authority to buy. Consumer products are purchased by the ultimate consumer for personal use. Business products are purchased for use directly or indirectly in the production of other goods and services. Certain products may fall into both categories. 2 Market segmentation is the process of dividing a total market into several homogeneous groups. It is used in identifying a target market for a good or service. Segmentation is the key to deciding a marketing strategy. 3 Effective segmentation depends on these four basic requirements: 1. the segment must have measurable
purchasing power and size, 4 Geographic segmentation divides the overall market into homogeneous groups according to population locations. 5 Demographic segmentation classifies the market into groups based on characteristics such as age, gender, and income level. 6 Psychographic segmentation uses behavioral profiles developed from analyses of consumers' activities, opinions, interests, and lifestyles to identify market segments. 7 Product-related segmentation can take three basic forms: segmenting based on the benefits people seek when buying a product, segmenting based on usage rates for a product, and segmenting according to consumers' brand loyalty toward a product. 8 Market segmentation is the division of markets into relatively homogeneous groups. Segmentation follows a four-step sequence: 1. developing user profiles 9 Four strategies are 1. undifferentiated marketing—uses a single marketing mix; 10 Positioning strategies include positioning a good or service according to attributes, price/quality, competitors, application, product use, and product class. 1.1 A target market is the specific segment of consumers most likely to purchase a particular product. 1.2. A consumer product is purchased by the ultimate buyer for personal use. A business product is purchased for use directly or indirectly in the production of other goods and services. 2.1. Market segmentation is the process of dividing a total market into several homogeneous groups. 2.2. The role of market segmentation is to identify the factors that affect purchase decisions and then group consumers according to the presence or absence of these factors. 3.1. The four criteria for effective segmentation are: the market segment must present measurable purchasing power and
size, 3.2. Examples might include women, teenagers, Hispanics, empty nesters, and NASCAR enthusiasts. 4.1. Marketers usually use geographic segmentation when regional preferences exist and when demand for categories of goods and services varies according to geographic region. 4.2. The five categories are core based statistical area (CBSA), metropolitan statistical area (MSA), micropolitan statistical area, consolidated metropolitan statistical area (CMSA), and primary metropolitan statistical area (PMSA). 5.1. Demographic segmentation defines consumer groups according to demographic variables such as gender, age, income, occupation, household, and family lifecycle. 5.2. The major categories of demographic segmentation are gender, age, ethnic group, family lifecycle, household type, income, and expenditure patterns. 6.1. Psychographic segmentation divides a population into groups with similar values and lifestyles. 6.2. The eight categories are innovators, thinkers, achievers, experiencers, believers, strivers, makers, and survivors. 7.1. The three approaches are segmenting by benefits sought, segmenting by usage rates, and segmenting by brand loyalty. 7.2. The 80/20 principle states that a big percentage (80 percent) of a product's revenues comes from a relatively small number (20 percent) of loyal customers. 8.1. The four stages are developing user profiles, forecasting the overall market potential, estimating market share, and selecting specific market segments. 8.2. Forecasting is important because it can define a preliminary "go" or "no-go" decision based on sales potential. It can help a firm avoid a disastrous move or point out opportunities. 9.1. Undifferentiated marketing promotes a single product line to all customers with a single marketing mix. Differentiated marketing promotes numerous products with different marketing mixes designed to satisfy smaller segments.
9.2. Concentrated marketing can allow a firm to focus on a single market segment, which is especially appealing to smaller firms and those that offer highly specialized goods and services. 10.1. The four determinants are company resources, product homogeneity, stage in the product lifecycle, and competitors' strategies. 10.2. Positioning places a product in a certain position in the minds of prospective buyers so marketers can create messages that distinguish their offerings from those of competitors. *positioning* Placing a product at a certain point or location within a market in the minds of prospective buyers. Sets with similar termsMarketing Chapter 939 terms Pascal_Trappe7 MKTG 835 terms jjkoerner2684 MKT 320F- Chapter 465 terms kelsey_lewis60 Marketing Chapter 835 terms Amy_Schatzmann5 Sets found in the same folderch 5: e-business: managing the customer experience24 terms kate_stegall Assignment: Exercise 16.2 (2) (Practice)9 terms kate_stegall Fin 3403 Chapter 159 terms taracsmith2000 SDI Intro to Firearms69 terms Rusty2can Other sets by this creatorUnit 6: systems and decisions intro101 terms kate_stegall Unit 5: Networking Fundamentals51 terms kate_stegall pre assessment70 terms kate_stegall Assignment: Exercise 19.1 (Practice)6 terms kate_stegall Verified questionsQUESTION Stock X has a 10% expected return, a beta coefficient of 0.9, and a 35% standard deviation of expected returns. Stock Y has a 12.5% expected return, a beta coefficient of 1.2, and a 25% standard deviation. The risk-free rate is 6%, and the market risk premium is 5%. a. Calculate each stock’s coefficient of variation. b. Which stock is riskier for a diversified investor? c. Calculate each stock’s required rate of return. d. On the basis of the two stocks’ expected and required returns, which stock would be more attractive to a diversified investor? e. Calculate the required return of a portfolio that has $7,500 invested in Stock X and$2,500 invested in Stock Y. f. If the market risk premium increased to 6%, which of the two stocks would have the larger increase in its required return? Verified answer QUESTION Sandrine Machinery is a Swiss multinational manufacturing company. Currently, Sandrine’s financial planners are considering undertaking a 1-year project in the United States. The project’s expected dollar-denominated cash flows consist of an initial investment of $2,000 and a cash inflow the following year of$2,400. Sandrine estimates that its risk-adjusted cost of capital is 10%. Currently, 1 U.S. dollar will buy 0.94 Swiss franc. In addition, 1-year risk-free securities in the United States are yielding 3%, while similar securities in Switzerland are yielding 1.50%. a. If this project was instead undertaken by a similar U.S.-based company with the same risk-adjusted cost of capital, what would be the net present value and rate of return generated by this project? b. What is the expected forward exchange rate 1 year from now? c. If Sandrine undertakes the project, what is the net present value and rate of return of the project for Sandrine? Verified answer
QUESTION Is the debt level that maximizes a firm’s expected EPS the same as the debt level that maximizes its stock price? Explain. Verified answer
QUESTION McEwan Industries sells on terms of 3/10, net 30. Total sales for the year are $1,921,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 70 days after their purchases. a. What is the days sales outstanding? b. What is the average amount of receivables? c. What is the percentage cost of trade credit to customers who take the discount? d. What is the percentage cost of trade credit to customers who do not take the discount and pay in 70 days? e. What would happen to McEwan’s accounts receivable if it toughened up on its collection policy with the result that all nondiscount customers paid on the 30th day? Verified answer Other Quizlet sets1 Corinthians Test 114 terms lexierich_ Ch. 9: Film Processing98 terms flossy-possePLUS Unit 2 - Mental Disabilities, Cerebral Palsy and A…37 terms Sehnam123 ECON--Unit 4 Business Organizations15 terms Alicia_Light Related questionsQUESTION For an event to be considered a success, it must 2 answers QUESTION What does Silvers identify as the cornerstones for building positive relationships with workers? 3 answers QUESTION The marketing era can best be summed up by the phrase, "A good product will sell itself." 2 answers QUESTION goals that describe what a firm wants to achieve through pricing 15 answers What refers to the process of dividing the total market into several groups?Market segmentation is the process of dividing a total market into market groups consisting of people who have relatively similar product needs, there are clusters of needs.
Which of the following refers to the process of dividing the total market into several groups of similar characteristics?Dividing the total market into several groups on the basis of consumer characteristics is known as market segmentation. In this process, potential consumers are divided into different groups. Market segmentation is done to facilitate market research.
Which of the following refers to the process of dividing a market into distinct groups of different needs characteristics or behaviors?Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics.
Which of the following divides the market into groups such as a state or city?Market segmentation is the process of dividing up mass markets into groups with similar needs and wants.
|
