Chapter 6 - Segmentation, targetting and positioning

Question 1

3 important concepts of segmentation, targetting and positioning

Answer 1

1, Consumers have a range of different needs, and a single product cannot satisfy everyone.
2. Companies have limited amounts of money, which need to be spent efficiently and effectively on consumers who are most likely to purchase the product.
3. Marketers need to have clear consumer insights on their target markets in terms of product needs, price expectations, purchase habits, and the communication tools most used.

Question 2

4 Forms of market segmentation

Answer 2

1. Mass marketting
2. Segment Marketting
3. Niche Marketting
4. Individualized marketting

Question 3

Segmentation in variables in consumer markets (4 of them)

Answer 3

• Geographics
• Demographics
• Psychographics
• Behaviouristics

Question 4

Target market profile and personas

Answer 4

Personas - Character descriptions of a typical customer in the form of fictional character narratives, complete with images that capture the personalities, values, attitudes, bellefs, demographics, and expected Interactions witffa brand.

Target market profile - detailed description of the specific group of consumers a business aims to serve with its products or services. It includes key characteristics that define the ideal customer, helping businesses tailor their marketing strategies effectively.

Question 5

6 steps in market segmentation

Answer 5

1. Identifying cosumer needs and common characteristics in the market
2. Cluster common comsumer/ Costumer variables to create meaningleful market segments
3. estimate the size of feasibility of each statement
4. Identify the segments to be targeted
5. take actions with marketting programs to reach the segment
6. Monitor and evaluate the sucess of these programs compared with objectives

Question 6

Product positioning statements (3)

Answer 6

• Image (Products are often positioned as leaders, contenders, or rebels in the market, also taking on characteristics such as trusted, prestigious, or thrifty)
• Product attribute( Products with features that differentiate them from the competition are often positioned on this platform, bringing product claims to the forefront)
• Price (Products with brand parity and little product differentiation may position themselves on a price platform)

Question 7

Repositioning

Answer 7

Changing the place a product occupies in consumers’ minds relative to competitive products to more accurately meet consumer needs.

Question 8

Repostioning Maps (How, why, steps)

Answer 8

• Identify Key Features – Figure out what features matter most to customers when choosing a product or brand. Price might seem important, but people usually focus on other key features first before considering cost.
• Compare with Competitors – Find out how customers see competing products based on those important features. For example, in the beverage industry, people might compare drinks based on nutrition and whether they are meant for kids or adults.
• Evaluate Customer Perception – Understand how customers view your product compared to competitors. For instance, if the product is chocolate milk, determine whether people see it as nutritious, a kids’ drink, or something else.