The Marketing Plan Chapter 2 (Pages 26- 32, 37-41)
JEOPARDY Geographics, Demographics, Psychographics Name the three methods used to segment a market.
JEOPARDY WWWWhat is our market share? WWWWhat advantages do we have? AAAAre competitors taking our business? Name a question you might want to ask when evaluating your competitive positioning in a SWOT analysis
JEOPARDY Baby Boomers This generation currently controls the majority of the US wealth and is now approaching retirement age.
JEOPARDY Gender, Income, Marital Status, Ethnic Background, Education, and Occupation Aside from age, name four types of general data that is collected when surveying a market’s demographics
JEOPARDY Disposable Income All the money left after paying taxes
JEOPARDY Competitors Aside from the various Environmental Scans, what else should you evaluate as part of your external scan in a SWOT analysis
JEOPARDY New York and Chicago Name the two US cities that have the highest concentrations of African Americans
JEOPARDY Demographics ______________ are statistics that describe a population in terms of personal characteristics
JEOPARDY SSSStaff (Employee) Related Questions FFFFinancial Questions PPPProduction Capability Questions Aside from questions about the marketing mix, name a type of question you might want to ask regarding your own company in a SWOT analysis.
JEOPARDY Generation X This generation has been bombarded with media from an early age and tends to very skeptical and savvy.
JEOPARDY Psychographics This type of market segmentation involves the study of a market based on lifestyle, and the attitudes and values that shape it.
JEOPARDY California and Florida Name the two US states that have the largest number of elderly people
JEOPARDY Millennials This generation grew up in a technology/computer age; can process information very quickly; and can at times become inattentive if something does not maintain their interest.
JEOPARDY Getting married older Divorcing more Living longer (widowers) Remarrying less Name 3 of the 4 reasons for the decline in the percent of married couples
JEOPARDY Discretionary Income The money left after paying taxes, basic living necessities, such as food, shelter, and clothing.
JEOPARDY Generation X What term is used to describe people born between 1965 and 1974?
JEOPARDY Caucasians What ethnic group makes up 71 percent of the U.S. population, but its percent of the population is projected to decline?
JEOPARDY Disposable Income Would Farmlands Dairy (a producer of milk) be more focused on the disposable income or discretionary income of their target market?
JEOPARDY C Company ustomers ompetitive positioning What are the 3 C’s that comprise the internal scan of a SWOT analysis?
JEOPARDY Emphasis on health/exercise Desire for more leisure time Desire to have more than the prior generation Name two of three lifestyle trends currently happening in the US.
JEOPARDY African Americans What ethnic group makes up 12 percent of the U.S. population, is not projected to increase its share of the US population, and spends about $400 billion annually?
JEOPARDY B. 50% (down from 80% in the 1950’s) Married couples account for about what percent of total households in the U.S. today? A. 30%C. 60% B. 50%D. 80%
JEOPARDY Asian Americans What ethnic group makes up 4 percent of the U.S. population and is projected to grow to 6 percent by 2025?
JEOPARDY WWWWho is target market? WWWWhat are buying habits? HHHHow satisfied are our customers? Name a question you might want to ask regarding your customers in a SWOT analysis.
JEOPARDY Hispanics What ethnic group makes up 12 percent of the U.S. population and is projected to grow to 18 percent by 2025?
JEOPARDY The Baby Boom Generation What term is used to describe people born between 1946 and 1964?
JEOPARDY BET TV, Telemundo TV, SinoVision Spanish radio stations, Korean radio stations, Black Enterprise Magazine, El Dario newspaper Name three media outlets that target specific ethnic groups?
JEOPARDY Internal looks at factors within the company, while external looks outside the company When doing a SWOT, what is the difference between an internal and an external scan?
JEOPARDY B. 25% Married couples with children account for about what percent of total households in the U.S. today? A. 15%C. 35% B. 25%D. 50%
JEOPARDY Upscaling That desire to have a better quality of life than the prior generation is known as:_____________
JEOPARDY Geographics This refers to the segmentation of a market based on where people live.
JEOPARDY Local, regional and national Aside from global, name 3 other levels of geographic segmentation.
JEOPARDY Los Angeles, New York, Miami, Chicago, and Houston Name two of the five US cities that have the highest concentrations of Hispanics/Latinos
JEOPARDY Psychographic Data (Scouting Enthusiasts) The New Jersey Nets send a mailing to all Boy/Girl Scout leaders inviting them to purchase a group sales package for their troop to an upcoming “Scout Night At The Nets.” This mailing list was developed by the Nets based on what type of market segmentation data?
JEOPARDY Demographic Date (Age) Insurance advertises its life insurance products in AARP Magazine, a magazine targeted to the elderly/retired individuals. What is the basis of their market segmentation?
JEOPARDY Many businesses find that 20% of their customers generate 80% of their sales Many businesses find that 20% of their customers generate 80% of their sales What is the 80/20 Rule?
JEOPARDY Mass Marketing What type of marketing plan involves a single marketing plan to reach all customers?
JEOPARDY Millennials (Gen Y) What term is used to describe people born between 1975 and 1997?
JEOPARDY Market Segmentation (or Niche marketing) Using different marketing strategies based on demographics, psychographics, and geographics
JEOPARDY Can a point such as level of customer satisfaction be a strength for one company and a weakness for another company? Yes!