Chapter 6: Market Strategy

Question 1

3 important questions to ask in Marketing Strategy?

Answer 1

• What customers will we serve? (target market)
• How can we serve these customers best? (value proposition)
• What is the value you want to realise for your company? (company objective)

Question 2

Marketing Strategy

Answer 2

The art & science of choosing target markets and building profitable relationships with them

Question 3

Customer lifetime value

Answer 3

Value of the entire stream of purchases a customer makes over a lifetime

Question 4

STP Process

Answer 4

• The market is Segmented
• A Target market is chosen
• A Positioning is chosen

Question 5

Types of Targeting

Answer 5

• Mass marketing
• Differentiated marketing
• Niche marketing
• Micro marketing

Question 6

Mass Marketing

Answer 6

1 marketing mix for the whole segment

Question 7

Differentiated marketing

Answer 7

Different marketing mixes for different segments

Question 8

Niche Marketing

Answer 8

1 marketing mix for a niche

Question 9

Micromarketing

Answer 9

Individual, personalised, local (ex: Nutella w personal name on packaging)

Question 10

Positioning

Answer 10

Give the product/brand a clear and desirable place in the minds of the targget consumers relative to competitors through a clever marketing mix

Question 11

Structure of positioning statement

Answer 11

“TO (target group) THE (product name), IS (product category) FROM (brand) THAT (customer promise) BECAUSE (reason to believe)