Capstone Flashcards
What is marketing?
Marketing is the process of creating, pricing, distributing, and promoting a goods, services, or other offerings to your customer in order to build a successful exchange relationship with that customer and to develop and maintain strong connections with your stakeholders in a dynamic and diverse environment
What are the marketing strategies?
- Segmentation
- Targeting
- Positioning
segmentation definition
DIVIDING your market into groups of customers who share similar sets of needs and wants
(should we segment the market)
How can you segment the market- targeting strategies
- undifferentiated (strategy is appropriate for markets where consumer needs don’t vary)
- differentiated (strategy is more appropriate for a market where different segments have significantly different needs)
- concentrated ( have limited resources to develop multiple offerings, or if they want to specialize in a particular type of offering)
segmentation variables
- demographic (age, gender, race, income, education, etc)
- geographic (region, city size, market density, etc),
- psychographic (personality, motivations, lifestyle)
- behavioristic (volume usage, end use, benefits sought, etc)
Targeting
CHOOSING a group of customers in your market who share a similar set of needs and wants.
Targeting consideration
Managers consider:
- Segment profiles
- market/growth potential
- sales potential
- cost to reach segments
- competition
- core competencies
Positioning definition
- Designing ways to create and give the goods or services to the customer. Positioning yourself in a place in the marketing of your choice in order to separate yourself from the competition
- Asking who are we and what are we going to be?
Effective positioning
- market research
- branding
- 7 Ps
Branding (brand equity)
Brand name awareness, loyalty, brand knowledge, brand associations, and perceived brand quality all contribute to brand equity.
- branding is a big part of products, essentially, what ideas do you want associated with your brand (like luxury being high end expensive etc.)
My service industry selection
Luxury makeovers (glam squad)
We are going to target specifically females who tend to be willing to spend a little extra time and money investing into themselves through the action of beauty self care) Of course beauty is universal and can apply to anyone no matter what age, gender, race etc. but we want to really target and bring to the table an empowerment of woman through our special makeovers. and we want to be specialized in and be able to cater to all skin types.
The 7 Ps
- product
- price
- place
- promotion
- process
- physical evidence
- people
Product
- An offering of value that solves a customer’s wants and/or needs
- Can involve goods, services, ideas etc.
Product continued
The product can be broken down into three main components:
(1) the core product, which is the basic need that the product satisfies, (improving appearance and self confidence)
(2) the actual (augmented) product, which are the tangible features that are necessary for the product to function (the makeover)
(3) the supplemental features, which are additional attributes that the customer may appreciate, (glass of wine, complimentary small travel setting spray, etc)
(4) the symbolic and experiential benefits, which are the positive feelings or experiences that give customers additional pleasure, such as pride in using a specific brand, or the mere enjoyment customers can get from shopping (feeling good about yourself and the way you look )
price
- What and how much the customer has to give up in exchange for offering
- Not just money but includes other intangibles like time and inconvenience
(time given up to sit and get makeup done)
