Chapter 5: Marketing Segmenting, Targeting, and Positioning

Question 1

What is Mass Marketing?

Answer 1

(Also Called undifferentiated marketing)

Distributing as many messages as possible to the public about a public or service

Question 2

What is Target Marketing?

Answer 2

(Also Called differentiated marketing)

Distributing messages to a specific group of people

Question 3

What are the benefits of Segmenting and Targeting Markets?

Answer 3

1. Avoid head-on competition with other firms trying to capture the same customers.
2. Develop new offerings and expand profitable brands and products lines.
3. Remarket older, less-profitable products and brands.
4. Identify early adopters.
5. Redistribute money and sales efforts to focus on your most profitable customers.
6. Retain “at-risk” customers in danger of defecting to your competitors.

Question 4

What are the steps to One-to-One Marketing?

Answer 4

1. Establish short-term measures to evaluate your efforts.
2. Identify your customers.
3. Differentiate among your customers.
4. Interact with your customers, targeting your best ones
5. Customize your products and marketing messages to meet their needs

Question 5

What is One-to-One Marketing?

Answer 5

The procedure taken by companies to target their best customers, form relationships, and give them what they want.

Question 6

What are the different Segmentation Bases?

Answer 6

Behavioral
Demographic - age, ethnicity/nationality, education, occupation, etc.
Geographic - location
Psychographic - interests, opinion, attitude, values, lifestyle, etc

Question 7

Define Geocoding

Answer 7

A process that gathers data and plots it on a map

Question 8

What is Proximity Marketing?

Answer 8

Marketing to customer within a specific location

Question 9

What are the different type of consumers?

Answer 9

Innovators
Thinkers
Achievers
Experiencers
Believers
Strivers
Makers
Surviviors

Question 10

Define Consumer Insight

Question 11

What are the 4 segment focuses in B2B marketing?

Answer 11

Price-Focused: Firms focused on price, not quality of the product/service

Quality/Brand-Focused: firms that want the best possible products and willing to pay for them

Service-Focused: Firms that want high-quality products and have high-quality delivery/service requirements

Partnership-Focused: Firms that seek trust and reliability on the part of the supplier

Question 12

Why do firms ofter user more than one segmentation base?

Question 13

What are 2 types of information do market researchers gather to develop consumer insight?

Question 14

What is Niche Marketing?

Answer 14

marketing that targets an specific group of consumers. The goal for Niche Marketing is being the big fist in a small pond.

Question 15

What is Microtargeting?

Answer 15

(Also known as Narrowcasting)

Marketing that involves isolating and targeting specific markets.

Question 16

What is Positioning?

Answer 16

How a product/service is perceived in comparison to competition

Question 17

Define Repositioning

Answer 17

The effort of moving a product/service to a different place in the minds of consumers

Putting different values on a product/service

Question 18

What is a tagline?

Answer 18

Catchphrase designed to sum up the essence of a product

(ex. “It’s better than fast food”)

Question 19

Why would an organization reposition a product?

Answer 19

To make your product/service more appealing to different markets segments

Question 20

What are a few factors to consider when selecting a market?

Answer 20

1.Is the Market Large?

2. Does the Market have a lot of Growth
3. Are their a lot of Competitors in the market?
4. Accessibility; are their any barriers politically, geographically, technologically, etc.?
5. Does the company have enough resources?
6. Does it fit in the firm’s mission and objectives?