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Marketing Final > Chapter 6 > Flashcards

Chapter 6 Flashcards

1
Q

Market segmentation

A

Dividing and a market into distinct groups of customers with common wants and needs. Similar consumption, behaviour , attitudes, and profiles.

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2
Q

Consumer market

A

Goods, services, and ideas for personal use.
Mostly concerns us as individuals.

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3
Q

Business market

A

Products run a business or be used as a component in another good or service.

Majority of money is with the business market.

Ex. MRU buys chairs, desks, d2l services, etc.

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4
Q

Types of market segmentation

A

Mass marketing
segment marketing
niche marketing
individualized marketing

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5
Q

Mass marketing

A

Utilities. Ex. natural gas

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6
Q

Segment marketing

A

Clothing, vehicles
Most common

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7
Q

Niche marketing

A

Vegan food, gluten free good - specific diets
Non alcoholic drinks , etc

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8
Q

Individualized marketing

A

Customization . Meets an individuals specific needs.

Ex. T-shirt printing , Nikes design your own shoe

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9
Q

Geographics

A

Where they live, work

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10
Q

Demographics

A

Census type data

Age, gender, neighborhood type, home type, etc

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11
Q

Psychographics

A

Values, attitudes, interests, hobbies, lifestyle

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12
Q

Behaviouristics

A

Purchase occasion

how does the target market use and interact with the product

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13
Q

Personas

A

Character descriptions of a brands typical customer.

Create a fake person who is the ideal prototype consumer

About the problems and challenges people face. Not about the demographics

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14
Q

Target market

A

Specific group of existing and potential consumers which marketer direct their marketing efforts

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15
Q

Target market profile

A

Description of the target market that contains the geographics, demographics, psychographics, and behaviouristics

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16
Q

Segmentation variables in consumer markets

A

Geographics
Demographics
Psychographics
Behaviouristics

17
Q

Steps in Market Segmentation

A
  1. Identify consumers needs and common characteristics in the market
  2. Cluster common consumer variables to create meaningful market segments
  3. Estimate the size and feasibility of each segment
  4. Identify the segment(s) to be targeted
  5. Take Action with marketing programs to reach segment(s)
  6. Monitor and evaluate the success of these programs compared with objectives
18
Q

Short version of steps in market segmentation

A
  1. Identify needs
  2. Cluster customers
  3. Estimate size and feasibility
  4. Select targeted segment
  5. Take action with marketing programs
  6. Monitor and evaluate success
19
Q

Product differentiation

A

When we try to find something distinct and different from the competitive markets to create superior customer value for competitive value

Ex. Airlines don’t control airports itself (security lines, etc) , they also didn’t make the airplane, but they can offer better food, points, seats, luggage prices, flight prices,etc.

20
Q

Product positioning

A

impression of the branded product you want established in the customers mind relative to their needs and the competition

  • image
  • product attribute
  • price
21
Q

Steps in product positioning

A
  1. Identifying a set of differentiating competitive advantages (airline example)
  2. Choose the right competitive advantage
  3. Selecting an overall positioning statement - clear and focused on who the target market is, the product category, and what the product offers (product benefits)
22
Q

Positioning statement

A

“ for (target markets) who desires (target market need), (brand) is the (product category) that offers (product benefits) “

23
Q

Positioning maps

A

Identify important attributes for a product or brand class.
Discover how target customers rate the product brands with respect to these attributes.
Discover where the companies product or brand is on attributes in the minds of their potential customers

24
Q

Repositioning

A

Companies reposition when long term changes in consumer attributes or opinions or the brand require a shift in the brands image more accurately meet customers needs and to reflect how it fits in their lifestyle needs

Also changes in social trends / norms

Marketing Final (7 decks)

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