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Intro To Marketing > Chapter 6 > Flashcards

Chapter 6 Flashcards

1
Q

Personas

A

Character descriptions of a brands typical customer

They bring target market data alive

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2
Q

Product Positioning

A

The impression of the product you want to establish in consumers minds relative to their needs and the competition

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3
Q

Factors of product positioning

A

Image
Product attribute
Price

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4
Q

Positioning statement

A

Formalized statement that identifies the image a branded product represents in the market on what sets it apart from the competition

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5
Q

Market segmentation

A

Made different approaches a company can take to segment the market.
-Mass marketing
-segment marketing
- niche marketing
- individualized Marketing

All above are on a spectrum of broad to narrow target marketing

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6
Q

Mass Marketing

A

Marketing a product with broad appeal to the entire market without any product or marketing differentiation

Ie. apples, radishes, fruits and veggies

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7
Q

Segment marketing

A

Most common form of segmentation.
Involves marketing a wide range of different products and brands to specifically meet the needs of an organizations varied target markets

Ie. Calgary stampede - rides, food, vendors, rodeo, etc. or car industry

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8
Q

Niche market

A

Market segmentation strategy Where a company restricts its efforts to marketing a limited product line to a narrow but profitable single segment of the market that is of marginal interests to major competitors

Ie. different types of laundry detergent that do different things

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9
Q

Individualized marketing

A

One to one marketing that involves customizing offers, and in some cases products to fit individual needs

Ie. Coca-Cola campaign that customers can find their names on cans

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10
Q

How do marketers decide who to serve when taking in large populations ?

A

Segment them in needs, wants, and resources

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11
Q

What is the Most important fundamental concept in marketing ?

A

Segmentation, targeting, and positioning

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12
Q

Product Positioning

A

The place a product occupies in the consumers mind on important attributes relative to competitive products

Image, Product attributes, and price

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13
Q

What are the Forms of market segmentation?

A

Mass marketing
Segment marketing
Niche marketing
Individualized marketing

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14
Q

What are some important facts in which market segmentation is based?

A

1) Diverse consumer needs - a single product won’t satisfy everyone

2) Limited company resources - like money which needs to be spend effectively on consumers most likely to purchases the product

3) marketers have a clear understanding on consumer insights on their target markets - like product needs, price expectations, purchase habits, and the communication tools most used

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15
Q

What type of market segmentation is used in limited capacity due to competition and consumers wants?

A

Mass marketing

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16
Q

What is it called when a company restricts its efforts to marketing a limited product line to a narrow segment of the market?

A

Niche Marketing

17
Q

Target market

A

A specific group where marketers aim their efforts

18
Q

What four areas does a target market contain specific information about their target group?

A

1) behavioristics
2) geographies
3) demographics
4) psychographics

19
Q

Geographic

A

A target market variable.
Where the target market lives and works - region, city or census, density, etc.

20
Q

Demographics

A

A target market variable .
What the basic census type information of the target market as a whole

Ie. Age and family composition, gender, marital status, income, education, ethnic background, home ownership

21
Q

Psychographics

A

Target market variable.
the prevailing attitudes, values, interests, habits, and approaches to like that this target market shares

Ie. personal traits, lifestyle values and approaches leisure activities hobbies and interests, media habits, technology usage

22
Q

Behaviouristics

A

Target market variable
How the target market uses and interacts with the market

Ie. main occasion for use, main product benefit sought, primary and secondary product usage, frequency of use, frequency of purchase, product usage rate, product usage status

23
Q

What are a brands typical customer called?

A

Personas

24
Q

Segmentation analytics

A

Research companies can provide general data on the size and growth of markets and general consumer and lifestyle trends

Can help to identify market trends

25
Q

What is the first step in market segmentation?

A

Identifying customers needs

26
Q

What is it when marketers are working to identify common consumers interest and trends and identify current products in the category they are involved in?

A

Market segmentation

27
Q

Product repositioning

A

Changing the place a product occupies in a consumers mind relative to competitive products to more accurately meet the customers needs

28
Q

Positioning Maps

A

Also known as perceptual maps.

Visual representations of how products or product groups are positioned within a category to consumers or customers

Can visually represent categories within a market or more specifically product and brand offering within a category.

29
Q

What are the 3 key steps in positioning a product or brand effectively for Positioning (or perceptual) Maps

A

1) identify the important attributes for a product or brand class
2) discover how target customers rate competing products or brands with respect to these attributes
3) discover where the company’s product or brand is on these attributes in the minds of potential customers

30
Q

What is market segmentation?

A

The process of dividing a larger market into smaller groups based on meaningful shared characteristics

31
Q

What is the most difficult variable to identify for marketers?

A

psychographics

32
Q

What type of segmented marketing is used with limited capacity due to competition and consumer wants?

A

Mass Marketing

33
Q

What strategy is used when a company restricts its efforts to marketing a limited product line to narrow segment of the market?

A

Niche Marketing

Intro To Marketing (5 decks)

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