Chapter 8: Marketing Strategies A Decision-Focused Approach, 8th edition

Chapter 8: Marketing Strategies A Decision-Focused Approach, 8th edition Extended Marketing Mix - ANS The combination of people, processes and physical evidence with the four main elements of the marketing mix. Segmentation Variables - ANS The characteristics of individuals or groups that are used by marketing managers to divide a total market into segments. Demographic Segmentation - ANS Process of dividing the total market according to particular features of a population, including the size of the population, age, sex, income, cultural background and family size. Geographic Segmentation - ANS The process of dividing the total market according to geographic locations. Psychographic Segmentation - ANS The process of dividing the total market according to personality characteristics, motives, opinions, socioeconomic group and lifestyles. Behavioural Segmentation - ANS The process of dividing the total market according to the customers' relationship to the product. Product/service differentiation - ANS The process of developing and promoting differences between the business's products or services and those of its competitors. Value for money - ANS The desire to obtain the best quality, features and performance for a given price of a product. Ethical Consumerism - ANS This involves buying products that are not harmful to the environment, animals and society. Fair Trade Movement - ANS This is an alternative method of international trade that promotes environmentalism, fair wages, alleviation of global poverty and a fair price for growers