chapter 4 marketing

Question 1

targeting

Answer 1

a specific group of people that a firm believes is most likely to buy its goods / services

Question 2

2 approaches to choosing a segment to target

Answer 2

top down : strategic fit

bottom up: profitability

Question 3

bottom up way to choose a target

Answer 3

profitability
HOW profitable will this segment be?
- growth, competition, consumer behavior, expectations

Question 4

top down way to choose a target

Answer 4

strategic fit
DOES this market fit with who we are?
ARE we going to be able to satisfy them?
- firm resources, strengths, weaknesses, brand personalities

Question 5

SWOT analysis

Answer 5

review that helps planners compare internal organizational strengths and weaknesses (relative to competitors) WITH external opportunities and threats

Question 6

what does SWOT stand for

Answer 6

strengths, weaknesses, -> internal

opportunities, threats -> external

Question 7

what are opportunities and threats driven by

Answer 7

changes in one of the 5Cs

Question 8

what is competitive analysis

Answer 8

companies assess strengths relative to competitors

Question 9

what do perceptual maps show

Answer 9

customers’ perceptions of firm’s strengths/weaknesses relative to competitors/
PRICE AND QUALITY = KEY most of the time