MKTG 3213 study guide
Study guide for Test 3.
Test 3 will cover Chapters 9, 10, 11, and 12. Here is a list of topics that might be helpful to know for the test.
Market segmentation: involves aggregating prospective buyer into group that (1) have common needs and (2) will respond similarly to a marketing action. Market segmentation are the relatively homogeneous groups of prospective buyers that result from the market segment process. Product differentiation is the strategy involves a firm using different marketing mix activities such as product features and advertising to help consumers perceive the product as being different and better than competing products. The foundation of effective market segmentation is (1) forming meaningful groupings and (2) developing specific marketing mix action. Three specific segmentation strategies: (1) one product and multiple market segments, (2) multiple products and multiple market segments, and (3) “segments of one” or mass customization.
(1) One product and multiple market segments: only a single product or service and attempt to sell it to 2 or more market segments, it avoid the extra costs of developing and producing additional versions of the product… exp: movies, magazines, books.
(2) Multiple products and multiple market segments: Ford’s different lines of cars, SUVs, pickup trucks are each targeted at different type of customer. It’s clearly more expensive but more effective if it meets customers’ needs. Two- tier marketing strategies: high-end and low-end segments.
(3) “Segments of one” or mass customization: means tailoring good or services to the tastes of individual customers on a high volume scale. Mass customization is the next step beyond build-to-order (BTO), exp: Dell…
5- Steps process use to segment a market and select the target segments:
Step 1: Group potential buyers into segments
Criteria for selecting target market:
Simplicity and cost- effective ness of assigning potential buyers to segments
Potential for
Test 3 will cover Chapters 9, 10, 11, and 12. Here is a list of topics that might be helpful to know for the test.
Market segmentation: involves aggregating prospective buyer into group that (1) have common needs and (2) will respond similarly to a marketing action. Market segmentation are the relatively homogeneous groups of prospective buyers that result from the market segment process. Product differentiation is the strategy involves a firm using different marketing mix activities such as product features and advertising to help consumers perceive the product as being different and better than competing products. The foundation of effective market segmentation is (1) forming meaningful groupings and (2) developing specific marketing mix action. Three specific segmentation strategies: (1) one product and multiple market segments, (2) multiple products and multiple market segments, and (3) “segments of one” or mass customization.
(1) One product and multiple market segments: only a single product or service and attempt to sell it to 2 or more market segments, it avoid the extra costs of developing and producing additional versions of the product… exp: movies, magazines, books.
(2) Multiple products and multiple market segments: Ford’s different lines of cars, SUVs, pickup trucks are each targeted at different type of customer. It’s clearly more expensive but more effective if it meets customers’ needs. Two- tier marketing strategies: high-end and low-end segments.
(3) “Segments of one” or mass customization: means tailoring good or services to the tastes of individual customers on a high volume scale. Mass customization is the next step beyond build-to-order (BTO), exp: Dell…
5- Steps process use to segment a market and select the target segments:
Step 1: Group potential buyers into segments
Criteria for selecting target market:
Simplicity and cost- effective ness of assigning potential buyers to segments
Potential for