Transcript Unit 2 Flashcards

Marketing
KEY TERMS
UNIT 2
(UNDERSTANDING CUSTOMERS)
#1
Review
Segmentation
ID SMALLER GROUP(S)
WHOSE MEMBERS SHARE 1 OR
MORE CHARACTERISTICS.
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#2
Review
Mass Marketing
TRY TO APPEAL TO THE
ENTIRE MARKET; A “ONE SIZE
FITS ALL” APPROACH.
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#3
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Geographic
DIVIDING CONSUMERS INTO
MARKETS BASED ON WHERE
THEY LIVE.
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#4
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Demographics
MEASURABLE CHARACTERISTICS
LIKE AGE, GENDER, RACE,
INCOME, AND EDUCATION.
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#5
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Psychographics
PEOPLE’S SOCIAL CLASS,
LIFESTYLE, AND
PERSONALITY.
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#6
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Product Usage
HOW AND HOW OFTEN
CONSUMERS USE A PRODUCT.
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#7
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Benefits Derived
THE VALUE OR UTILITY
CONSUMERS RECEIVE FROM
THE PRODUCT OR SERVICE.
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#8
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Market Potential
THE TOTAL REVENUE THAT
CAN BE OBTAINED FROM THE
MARKET SEGMENT.
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#9
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Market Share
THE % OF THE TOTAL MARKET
POTENTIAL THAT EACH
COMPANY EXPECTS TO GET IN
RELATION TO ITS
COMPETITORS.
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#10
Review
Target Marketing
COMPANY FOCUSES ITS TIME,
MONEY, AND EFFORT ON 1
SEGMENT THAT WANTS TO &
IS ABLE TO THE PRODUCT.
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#11
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Consumer Behavior
THE STUDY OF CONSUMERS
AND HOW THEY MAKE BUYING
DECISIONS.
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#12
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Buying Motives
THE REASONS CUSTOMERS
BUY THINGS.
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#13
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Buyer’s Remorse
THE SENSE OF REGRET ONE
HAS AFTER PURCHASING AN
EXPENSIVE ITEM.
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#14
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Physical Motives
HUMANS CANNOT LIVE WITHOUT
FOOD, SLEEP, WATER, SHELTER,
AND AIR.
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#15
Marketing Intelligence
Review
PROCESS OF GAINING
COMPETITIVE MARKET
INFORMATION.
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#16
Psychological Motives
Review
MENTAL CAUSES OF BUYING,
INCLUDING SECURITY,
SOCIAL, AND SELF ESTEEM.
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#17
Review
Emotional Motives
FEELINGS EXPRESSED
THROUGH AN ASSOCIATION
WITH A PRODUCT (PLEASURE,
EXCITEMENT, FEAR, GUILT).
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#18
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Rational Motives
CONSCIOUS, FACTUAL, AND
LOGICAL REASONS LIKE
CONVENIENCE &
PERFORMANCE.
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#19
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Patronage Motives
LOYALTY TO A PRODUCT OR
COMPANY.
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#20
Review
Market
ALL POTENTIAL CUSTOMERS A
COMPANY WOULD LIKE TO
SERVE.
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The End
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