Marketing Midterm (chapters 5-8)

Buyer Decision Process
1.Need Recognition
2.Information Search
3.Evaluation of Alternatives
4.Decision
Adoption Process
1.Awarness
2.Attention
3.Interest
4.Evaluation and Trial
Market Strategy
A.) Segmenting
B.) Targeting
C.) Differentiating ad Positioning
Segmenting
Dividing market into groups with distinct characteristics
Consumer Market Segments
geographic, demographic, family status, psychographic
Inter Market Segmentation
similar demographics, different countries
International Marketing Segments
geography, economy, culture clusters, political/legal
Targeting
evaluating and selecting a segment
Undifferentiated Targeting
Not geared towards a specific segment
Differentiated Targeting
Geared towards a specific segment
Concentrated Targeting
large share of one segment
Micromarketing Targeting
Focused on local or individual
Target Strategy Factors
resources, product distinctiveness, product life cycle, buyers tastes, competitors strategy
Differentiating and Positioning
how is the product different, brad frame, value offering
Value Propositions
more for more, more for less, same product for less, less(variety) for less (price)
Convenience
low price, wide distribution
Shopping
comparison of price, quality, shape
Special
brand preference
Support
to support primary product
Unsought
don’t normally think abourt
Single Product Attributes
quality, features, design, size
Product Portfolio Width
# of lines a company offers
Product Portfolio Length
items per line
Product Portfolio Depth
variety per product
Brand
enduring asset of a company
New Product Development Process
1. Idea Generation
2. Idea Screening
3.Concept Development
4.Develop Strategy
5.Business Analysis
6.Product Development
7.Test Marketing
8.Commercializing
Product Life Cycle Stages
1.Development
2.Introduction
3.Growth
4.Maturity
5.Decline