4c- marketing mixt Flashcards
Q: What is a marketing strategy?
A: A marketing strategy is a long-term plan used by businesses to promote their products and services effectively to their target market.
Q: Why is a marketing strategy important?
A:
Helps businesses identify customer needs and satisfy them.
Provides a competitive advantage.
Ensures efficient use of resources.
Supports business growth and profitability.
Q: What is market segmentation?
A: Market segmentation is the process of dividing a market into smaller groups of consumers with similar needs or characteristics.
Q: What are the main types of market segmentation?
4
A:
Demographic Segmentation – Age, gender, income, education level.
Geographic Segmentation – Region, country, climate.
Psychographic Segmentation – Lifestyle, values, interests.
Behavioral Segmentation – Buying habits, brand loyalty, usage rate.
Q: What are the benefits of market segmentation?
A:
Allows businesses to target customers more effectively.
Helps in tailoring products to meet specific needs.
Reduces wasteful marketing efforts.
Improves customer satisfaction and brand loyalty.
Q: What is targeting?
A: Targeting is selecting a specific market segment to focus marketing efforts on.
Q: What are the different targeting strategies?
A:
Mass Marketing: Targeting the entire market with one product.
Niche Marketing: Focusing on a small, specialized segment.
Differentiated Marketing: Offering different products to different segments.
Q: What is positioning?
A: Positioning is how a brand or product is perceived by customers relative to competitors.
Q: What factors influence positioning?
4
A:
Product quality and unique selling points.
Price perception (luxury vs. budget brands).
Brand image and reputation.
Competitor positioning.
Q: What is competitive advantage?
A: Competitive advantage is a unique factor that makes a business stand out from competitors.
Q: What are the main sources of competitive advantage?
A:
Cost Leadership – Offering lower prices than competitors.
Product Differentiation – Providing unique features or quality.
Strong Branding – Building a loyal customer base.
Customer Service Excellence – Providing superior support and experience.
Q: How does market research support marketing strategy?
4
A:
Identifies consumer needs and preferences.
Helps businesses understand market trends.
Assesses competitor strategies.
Guides pricing and promotional decisions.
Q: What are key steps in implementing a marketing strategy?
A:
Conduct market research.
Segment the market and choose a target audience.
Develop a marketing mix (4Ps: Product, Price, Place, Promotion).
Implement promotional activities.
Monitor and adjust strategy based on performance.
