Chapter 3 Terms New

Question 1

s typically done first including an examination of overall
market characteristics, followed by an in-depth exploration of customer needs and
related customer characteristics and behaviors

Answer 1

Customer analysis

Question 2

allows you to determine the needs of your customers, the types of messaging they respond well to, and why they are or aren’t purchasing your
product. Armed with this information, you can make the changes necessary to
increase growth.

Answer 2

Customer Analysis

Question 3

tries to establish the attractiveness of the overall market and potential segments within. Specifically,

Answer 3

Market analysis

Question 4

involves answering a few questions.

Answer 4

CUSTOMER NEEDS ANALYSIS

Question 5

Also referred to as a competitive analysis, is the process of identifying competitors in your industry and researching their different marketing strategies. You can use this information as a point of comparison to identify your company’s strengths and weaknesses relative to each competitor.

Answer 5

Competitor analysis

Question 6

examines the competitors’ current positioning, strengths and
weaknesses to spot opportunities for the firm.

Answer 6

Competitor analysis

Question 7

It also examines the organization’s limitations or constraints, and how its values
shape the way it does business.

Answer 7

Company analysis

Question 8

In an internal corporate analysis, the objective is to identify the organization’s
strengths in terms of its current brand positioning and image, and the resources
the organization has (financial, human labor and know-how, and physical
assets).

Answer 8

Company analysis

Question 9

The _______ process is a three-step
approach to marketing that helps
businesses understand their target
market, develop a unique value
proposition, and position their products
or services in a way that is relevant to
that market.

Answer 9

Segmentation, Targeting, Positioning

Question 10

dividing the population of
possible customers into groups. A market
segment is composed of a group of buyers
who share common characteristics, needs,
purchasing behavior, and/or consumption
patterns.

Answer 10

Segmentation

Question 11

This involves dividing the
market into groups based on location. For example, a
business might segment its market by country, region,
or city.

Answer 11

Geographic segmentation:

Question 12

This involves dividing
the market into groups based on factors such as age,
gender, income, and education.

Answer 12

Demographic segmentation

Question 13

: This involves dividing
the market into groups based on factors such as
personality, lifestyle, and values.

Answer 13

Psychographic segmentation

Question 14

: This involves dividing the
market into groups based on factors such as purchase
behavior, usage rate, and loyalty status.

Answer 14

Behavioral segmentation

Question 15

is
the process of segmenting your
customers into groups based on
their shared experience of a
particular problem or need.

Answer 15

Needs-based segmentation

Question 16

allows businesses to better
understand the unique needs and
preferences of different groups of
customers, and tailor their
products and marketing strategies
accordingly.

Answer 16

Needs based Segmentation

Question 17

Focus on
Organization’s characteristics such as
industry size and location.
Groups ideal companies based on:
Industry Ownership and legal status
(public, private, LLC, etc.)Number of
employees,Geographics ,Annual revenue

Answer 17

Firmographic segmentation

Question 18

are important to the consumer, but may not be
important for the buying decisions (e.g., safety is important, but all airlines a
traveler considers are seen as safe). If that is the case, such an attribute
should not be used as a basis for segmentation.

Answer 18

Important attributes

Question 19

often are further down on the list of service
characteristics important to customers. However, they are attributes where
customers see significant differences between competing alternatives (e.g.,
convenience of departure times, or quality of in-flight service), and will
determine the final purchase. Differences between customers regarding
determinant attributes are therefore crucial for segmentation.

Answer 19

Determinant attributes

Question 20

Is the practice of narrowing
down a target market into specific
segments of consumers with common
attributes and directing more
personalized marketing efforts toward
them.

Answer 20

Targeting

Question 21

In marketing, focus means providing a
relatively narrow product mix for a particular
target segment. Nearly all successful service
firms apply this concept. They identify the
strategically important elements in their
service operations and concentrate their
resources on them. The extent of a company’s
focus can be described along two dimensions:
market focus and service focus.

Answer 21

Targeting service markets

Question 22

is the extent to which a firm serves few or many markets, while Service focus describes the extent to which a firm offers few or many services. These two dimensions define the four basic focus strategies

Answer 22

Targeting service markets

Question 23

provides a limited range of
services (perhaps just a single core product)
to a narrow and specific market segment.

Example: Private jet charter services may
focus on the high-net-worth individuals or
corporations.

Hospital that performs only a specific
service or expertise.i.e. Lung and Heart
Center
Developing recognized expertise in a well-
defined niche may provide protection against
would-be competitors and allows a firm to
charge premium prices.

Answer 23

Fully-focused

Question 24

In a market-focused
strategy, a company offers a wide range
of services to a narrowly defined target segment.

Example: for women or men only,
residents of Cavite, rich people.

Answer 24

Market-focuses

Question 25

Values and delivers high quality, professional,
responsive and innovative service to all customer

Example: Starbucks coffee shops follow this strategy, serving a broad customer base with a largely standardized product.

Answer 25

Service focused

Question 26

firms offer a narrow range of services to a fairly broad market.

Answer 26

Service focused`

Question 27

Many service providers fall into
the unfocused category, because they try to
serve broad markets and provide a wide range
of services. The danger with this strategy is
that unfocused firms often are “jacks of all
trades and masters of none”.

Answer 27

Unfocused

Question 28

— the unique place that the firm and/or its service offerings occupy in the minds of its consumers.

Before a firm can create a unique position for its service, it must first differentiate the service from that of its
competitors.

Hence, differentiation is
the first step towards creating a
unique positioning for a service
“_____________ is not what you do to a product. Positioning is what you do to the mind of the prospect.

That is, you position the product in the mind of the
prospect.”

Answer 28

Positioning

Question 29

is concerned with creating, communicating, and maintaining distinctive differences that will be noticed and valued by those customers the firm would most like to develop a long-term relationship with .

Answer 29

Positioning strategy

Question 30

also known as a market or brand positioning strategy—is a type of marketing strategy that focuses on distinguishing a brand from its competitors.

The goal of a positioning strategy is to influence consumer perception by effectively communicating a brand’s competitive advantage.

Answer 30

Positioning strategy

Question 31

A reliable differentiation strategy is to link your product with a competitive price point.

Answer 31

Product Price

Question 32

What is your product’s unique value proposition?

Highlight the features and benefits of your product as uniquely equipped to meet the
specific needs of your customer base.

Answer 32

Unique value proposition:

Question 33

: Customers are accustomed to paying more for higher product
quality, whether real or perceived.

This strategy is especially successful in the luxury
market, where high quality, limited availability, and famous brand ambassadors influence purchase decisions.

Answer 33

Product quality

Question 34

This strategy involves directly comparing your product
with your competitors’ to show how yours is better or unique.
After doing the research and deciding on a positioning strategy, it is important to
communicate this to key stakeholders internally in a brand positioning statement and to work with marketing teams to create messaging accordingly.

Answer 34

Competitive positioning: