5 Flashcards

1
Q

Market segmentation refers to

A

aggregating prospective buyers into groups or segments with common needs and who respond similarly to a marketing action.

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2
Q

Global Market Segmentation is

A

the process of dividing the world market into distinct subsets of customers that have similar needs (e.g., country groups or individual interest groups).

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3
Q

Segmentation methods (4 types)

A

Demographic, Psychographic, Behaviour, and Ethnic segmentation.

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4
Q

Demographic Segmentation is

A

based on measurable population characteristics; age, income, gender, education, occupation.

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5
Q

Psychographic Segmentation involves

A

grouping people in terms of their attitudes, values, and lifestyles.

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6
Q

Behaviour Segmentation focuses

A

on whether people purchase a product or not, how much, and how often they use it.

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7
Q

Pluralization of Consumption or segment simultaneity theory states

A

that consumers seek variety and new segments will appear in many national markets. e.g., sushi, pizza

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8
Q

Targeting involves

A

evaluating the segments and focusing marketing efforts on a country, region, or group of people that has significant potential to respond.

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9
Q

Pitfalls of targeting

A
  • Tendency to overstate the size and short-term
    attractiveness of individual country markets.
  • The company does not want to ‘miss out’ on a
    strategic opportunity
  • Management’s network of contacts will emerge
    as a primary criterion for targeting
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10
Q

Important: When assesing market potential this should be considerd:

A
  • Current size of the segment and growth potential
    o Single market segment may be small but if in several countries may hold potential
  • Potential competition
    o May avoid markets with strong competition unless vulnerable because of price or quality
  • Feasibility and compatibility
    o Regulatory factors
    o Marketing issues like distribution
    o Adaptation?
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11
Q

Important: Target Market Strategy Options

A

Undifferentiated, Concentrated or Differentiated Global Marketing.

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12
Q

Undifferentiated Marketing Strategy is

A

Standardized global marketing, meaning massmarketing, standard, mnimal adaptaion, intensive distrobution & low production and communication costs.

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13
Q

Concentrated Global Marketing includes

A

o Niche marketing
o Single segment of global market
o Look for global depth rather than national breadth

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14
Q

Differentiated Global Marketing includes

A

o Multisegment targeting
o Two or more distinct markets
o Wider market coverage

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15
Q

Positioning is

A

locating a brand in consumers’ minds over and against competitors in regards to Attribute or Benefit, Quality and Price, Use or User, & Competition.

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16
Q

1) Segmentation, 2) Targeting & 3) Positioning means to

A

1) Divide market, 2) Determine to focus on a group & 3) Create product positioning and marleting mix that is most likely to appeal to the selected audiance.