Exam 2 Study Guide
Exam 2 Study Guide MAR 3023
Popular in Basic Marketing
Popular in Marketing
This 4 page Study Guide was uploaded by Priyanka Notetaker on Monday October 26, 2015. The Study Guide belongs to MAR 3023 at University of South Florida taught by D. Biswas in Fall 2015. Since its upload, it has received 72 views. For similar materials see Basic Marketing in Marketing at University of South Florida.
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Date Created: 10/26/15
Customer lifetime value CLV Companies are looking at the lifetime value potential characteristics of customer Higher education is more important and attractive customer Loyalty program How much value does a customer have throughout the lifespan Customer database If bought a same brand regardless on sale or not high CLV Segmentation Targeting Positioning How do you de ne a market People or organizations with needs ability to buy and willingness to spend resources Customer heterogeneity One size does not t everyone As a result we need to do segmentation Market segment group of consumers with similar characteristics and similar needs Can have segmentation based on gender Segmentation is a process of dividing a market into that are somewhat and y within a group Variety in terms of needs and preferences Segmentation allows market to have customized offerings Criteria for affective segmentation Has to be substantial Pro tability ldenti able able to pin point Segmentation based on last name Malefemale Can identify each one consumer based as male or female Measurable should be able to quantify the size of the segment How many people in the segment Accessible selling a car Responsive Two dimensions How you respond to the marketing camping Within the same segment consumers should respond the same way How to do segmentation Bases of segmentation Demographics How does demographics affect segmentation Age different products for different ages beer for men different razors for women race income education level family status Zip code is 5 part of the demographics Geographic segmentation How would you sell a car Online or at a dealership Rural or urban city Different regions of the country Psychographic segmentation Not only who you are but also how you react to a situation Personality lifestyle gedemographics beliefs motives thought process values Bene ts sought Heineken beer Usage segmentation 80 20 principle 20 percent of customers who generate 80 of pro tsrevenue Target market It39s a segment towards whom a company directs their marketing campaign Elements of marketing mix 4Ps Product price place promotion Strategies for different segments Undifferentiated strategy dating websites Matchcom but it evolved and got differentiated Good for new product category High brands Louis Vuitton Multi segment strategy over time market gets saturated Have too many substitutes so need to differentiate between themselves and other products Focused and concentrated strategy instead of going over multiple segments such as frizz free shampoo color protecting volumizing shampoo just one segment One to one marketing Mass customization Segment size of 1 Positioning Place a brand occupies in the mind of the customer Walmart Perception low prices As opposed to Macy39s Expensive quality product Targeting Undifferentiated segmentation and strategy Differentiated Product differentiation Perceptual map
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