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 Under a Creative Commons license Open access Highlights• Huge potential for marketers that implement AI, VR technologies. •Customer engagement behaviors and customer journeys enhanced via SMM. •Importance of ethical practice and explainability in use of AI and ML. •Trust is positively impacted via the cultivation of customer engagement. •eWOM overload can be mitigated by applying new tools and mechanisms. AbstractThe use of the internet and social media have changed consumer behavior and the ways in which companies conduct their business. Social and digital marketing offers significant opportunities to organizations through lower costs, improved brand awareness and increased sales. However, significant challenges exist from negative electronic word-of-mouth as well as intrusive and irritating online brand presence. This article brings together the collective insight from several leading experts on issues relating to digital and social media marketing. The experts’ perspectives offer a detailed narrative on key aspects of this important topic as well as perspectives on more specific issues including artificial intelligence, augmented reality marketing, digital content management, mobile marketing and advertising, B2B marketing, electronic word of mouth and ethical issues therein. This research offers a significant and timely contribution to both researchers and practitioners in the form of challenges and opportunities where we highlight the limitations within the current research, outline the research gaps and develop the questions and propositions that can help advance knowledge within the domain of digital and social marketing. KeywordsArtificial intelligence Augmented reality marketing Digital marketing Ethical issues eWOM Mobile marketing Social media marketing Cited by (0)© 2020 The Authors. Published by Elsevier Ltd. ADV 1341 Marketing Principles of Advertising Southern Methodist University Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as Market segmentation refers to aggregating prospective buyers into groups that have common needs and will respond similar to a marketing action The aggregation of prospective buyers into groups that 1) have common needs and 2) will respond similarly to a marketing action is referred to as_________. A basic test of the usefulness of the market segmentation process is whether it leads to tangible marketing actions that can increase sales and profitability Market segmentation involves aggregating prospective buyers into groups that 1)____ and 2) will respond similarly to a marketing action. Small athletic shoe manufactures such as vans have targeted niche markets and make shoes designed to satisfy the needs of different specific groups of customers. This strategy is an example of the relatively homogeneous groups of prospective buyers that result from the market segmentation process. A market strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products is referred to as _____. The process of segmenting a market and selecting specific segments as targets is the link between _____ and the organizations marketing program. what is the first step in the market segmentation process? what is step 2 in the market segmentation process what is step 3 in the market segmentation process execute marketing program actions 45. All of the following are market segmentation strategies EXCEPT: A. build-to-order. B. multiple products, multiple market segments. C. one product, multiple market segments. D. multiple products, one segment. E. mass customization. D) multiple products, one segment 45. When a firm produces only a single product or service and attempts to sell it to two or more market segments, it avoids . The extra cost of developing and producing additional versions of the product 45. hen compared to a multiple products, multiple market segments strategy, a one product, multiple market segment strategy Creates greater savings in production costs 45. One marketing action that can be taken to sell a single product or service to multiple market segments is to developing separate promotional campaigns 45. The greatest benefit to consumers when a firm chooses a one product, multiple market segment strategy is . lower retail prices because of lower production costs The annual Sporting News Baseball Yearbook used 17 different covers featuring a baseball star from each of its regions in the United States. Four covers are shown above. This is an example of a(n) one product and multiple market segments The annual Sporting News Baseball Yearbook had exactly the same stories but with 17 different covers to appeal to baseball fans in 17 different regions of the U.S. What is the basis of its market segmentation strategy? 59. In the United States, the Harry Potter series of books were often at the top of The New York Times fiction bestseller list. These books have been marketed to preteen, teen, and adult readers around the world. Scholastic Press, the publisher of the Harry Potter books in the U.S., is using which of the following segmentation strategies? one product with multiple segments 59. Which of the following is a disadvantage of employing a multiple products, multiple market segments strategy if NOT implemented well? A. higher sales but lower profits B. reduced quality and higher prices C. meeting customer needs but at the expense of higher prices D. lower prices but with higher production costs E. higher quality but lower prices B) reduced quality and higher prices What is an example of a multiple products and multiple segments strategy?
59. Kellogg's has several cereals targeted at different types of users. This is an example of multiple products aimed at multiple markets. Manufacturing these different cereals is clearly more expensive than producing only one but seems worthwhile if it adds to the manufacturer's sales revenues and profits, doesn't reduce quality or increase price, and better serves the customers needs 59. Tailoring products or services to the tastes of individual customers on a high-volume scale is referred to as Manufacturing a product only when there is an order from a customer is referred to as 59. Organizational synergy is the increased customer value achieved through Performing organizational functions more efficiently 59. The increased customer value achieved through performing organizational functions like marketing or manufacturing more efficiently is referred to as . 59. The ultimate criterion for an organization's marketing success is that as a result of increased synergies. Customers should be better off 59. All of the following are examples of increased customer value from organizational synergy EXCEPT: A. lower prices B. increased market share C. more products D. improved distribution E. improved quality of existing products B) increased market share 59. When a new product or a new retail chain steals customers and sales from older existing ones of an organization, this is referred to as 59. When Ann Taylor, a well-known retailer of sophisticated women's clothing, started losing sales to its own LOFT outlets that feature moderately priced casual clothes, Ann Taylor was dealing with the marketing phenomenon known as . 59. Suppose marketers want to use product differentiation and market segmentation strategies. What question should they ask when considering the potential for cannibalization on these strategies? "will our new products steal customers or sales from our older ones?" 59. Cannibalization would MOST LIKELY occur if A. Dell adds high-end speaker systems to its line. B. General Mills launches Chocolate Cheerios. C. General Motors markets a motorcycle similar to the Can-Am Spyder Roadster 3-wheel bike. D. Pillsbury adds boxed sugar to its product mix. E. Procter & Gamble adds a new line of baby clothing to its Pamper's stable of products. b) general mills launches chocolate cheerios 59. Today, marketers are increasingly emphasizing a Tiffany/Walmart strategy, which is to offer different variations of the same basic offering to high-end and low-end segments What is an example of the tiffany/walmart strategy? Gap's Banana Republic chain sells blue jeans for $58, whereas its Old Navy stores sell a slightly different version for $22. The purpose of the five key steps in segmenting and targeting markets is to link market needs of customers to the organizations marketing program. 59. The first step in segmenting and targeting markets that links customer needs to marketing actions is to group potential buyers into segments 59. Four general categories used to segment consumer markets are geographic segmentation, demographic segmentation, , and behavioral segmentation. psychographicsegmentation 111.Segmentation based on where prospective customers live or work is referred to as Which of the following statements regarding segmentation bases is MOST ACCURATE? A The identification of demographic variables is more objective than the identification of psychographic . variables, which is more subjective. B Marketers should use segmentation bases in this order to reduce potential costs: behavioral, . demographic, psychographic, and geographic. C The identification of psychographic variables is more objective than the identification of demographic The identification of demographic variables is more objective than the identification of psychographic variables, which is more subjective 216.The place a product occupies in consumers' minds on important attributes relative to competitive products is referred to as Product positioning refers to the place a product offering occupies in consumers minds on important attributes. Changing the place an offering occupies in consumers' minds relative to competitive products is referred to as Recently, U.S. dairies, struggling to increase milk sales, tried to change the way adults thought about chocolate milk. The dairies wanted to chocolate milk in the minds of adult consumers. 216.Mott's used an advertising campaign to change the way consumers thought about its applesauce from a dinnertime side dish to a replacement for cooking oil in baking. The advertising message was that using applesauce in baking cuts calories and makes the resulting baked good healthier. Mott's used a___ strategy 216.Positioning that involves competing directly with competitors on similar product attributes in the same target market is referred to as . 216.Head-to-head positioning requires a product to compete with competitors on similar product attributes in the same market. What are the 4 types of market segmentation?Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types. Here are several more methods you may want to look into.
What do you call a group of customers with similar needs?Market is a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services—that is, ways of satisfying those needs.
What do you call a group of buyers with similar buying habits?Key Takeaways. A market segment is a group of people who share one or more similar characteristics. Corporations and marketing teams use various criteria to develop target markets for their products and services.
What do you mean by marketing segmentation?Market segmentation is a process that consists of sectioning the target market into smaller groups that share similar characteristics, such as age, income, personality traits, behavior, interests, needs or location. These segments can be used to optimize products, marketing, advertising and sales efforts.
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What is the marketing term for aggravating prospective buyers into groups that have common needs and will respond similarly to a marketing action?
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