Number of flashcards in this category: 21.
1.	old way: mass marketing		- same product for everyone - same mktg mix - advantage: efficiency (only have to do things one way)
2.	CRM & Segmenting		customer relationship management - by microsegmenting, really identifies the wants and needs of (almost) each individual customer to build lifetime value - identify the group/person, differentiate, interact and customize ex: Harrahs - tracks where, when, what they gamble on and provides appropriate bonuses Amazon - tracks browsing history and offers suggestions
3.	micro segmentation		- Narrow down segments into 1 person: customized for every individual. (ex. Amazon)
4.	market segmentation		identifying bases to divide up the market - develop profiles for each segment
5.	other segmenting demographics		- sociocultural (culture, relgion, social class, family life cycle) - situation of use or purchase (time, objective, location, end user versus buyer) - benefit (what are they trying to get out of your product)
6.	targeting		Consider: - segment size - segment growth - segment value - stability - easy of entry - ability to reach and serve segment - competitors that might be/want to enter segment PLC: if skimming, highly segmented. If penetrating, then more broad segments.
7.	stp		segmenting, targeting, positioning
8.	perceptual map		- mapping of two factors and where customers perceive a product on those factors - caveat: an empty area could be an opportunity to enter, but *must check there are customers there to begin with*
9.	80/20		80% of purchases come from 20% of people. (ex: ~75% of beer consumed by 25% of people who drink beer)
10.	segmenting: psychographic		- "lifestyle", such as outdoorsy, couch potatoes, city people, young urbanites
11.	factor analysis		- takes many variables and boils them down into main groups "sporty" group, "fun to drive" group, "appeals to women" group
12.	how to segment		- cluster analysis - factor analysis
13.	critera for good segmentation		- homogeneous within (should have similar qualities on attributes you choose) - heterogeneous between (different segments should be different on your attributes) - substantial (big enough to be worthwhile) - operational (accessible, identifiable) - stable (if it takes 10 years to manufacture, group may no longer exist)
14.	positioning		influences how segment perceives a product in comparison to the competition. Your mktg mix much make your product fit better than competitor's.
15.	segmenting: demographics		- age, eduction, cohort ("a generation"), occupation, sex, marital status, income
16.	market positioning		- develop a mktg mix to place product in desired position for the target segment
17.	target marketing		- develop measures to choose which segments are the most attractive (easy to reach, most numerous)
18.	segmenting: geography		:: Geographical - region, city size, density, climate, zip code (readily available, and ppl actually tend to be homogeneous in one zip code) (Walmart picks large towns, non-city regions)
19.	segmentation benefits		- allows established companies to expand into new (sub)markets (ex: Gap into Old Navy, Banana Republic) - allows new companies to find niche (ex: Snapple teas, fruit drinks) - identify SPECIFIC needs and wants of groups (ex: ethnic groups have different hair product needs) - reposition existing products (ex: gaming systems from kids to YA/brain age) - determine appropriate media; can better communicate to audience
20.	cluster analysis		- attempts to maximize the ratio: between group variance/within group variance (??)
21.	new way: segmentation		- divide market into subsets of consumers with common needs and characteristics - select one or more of them to target - position w/ unique mktg mix