Chapter 9 Flashcards
Group customers based on similar needs, profile each segment
What is this ?
Segmentation
Assess attractiveness of each segment, select segments to target
What is this ?
Targeting
Define value proposition for target segment, develop an action plan
What is this ?
positioning
What are the types of segmentation ?
*geographic
*demographic
*psychographic
*behavioral
*zip code
*country
*city
*neighborhood
*population density
*time zone
Which type of segmentation is this ?
geographic
*age
*gender
*income
*race
*occupation
*religion
*marital status
Which type of segmentation is this ?
demographic
*interests
*activities
*opinions
*values
*pain points
*needs
*goals
Which type of segmentation is this ?
psychographic
*purchasing habits
*customer loyalty
*brand interactions
Which type of segmentation is this ?
Behavioral
Keys to a good segmentations ?
ISASDA
*Identifiable
*Substantial
*Accessible
*Stable
*Differentiable
*Actionable
*market size
*expected growth
*competitive position
*cost of reaching
*company compatibility
What are these ?
How to select a target
To dumb down how to select your target what do you look for ?
- Size of prize
- Right to win
the act of DESIGNING the company offering and image to occupy a DISTINCTIVE PLACE in the MIND OF A TARGET MARKET
what is this ?
Brand positioning
What’s the benefits of positioning ?
*Simplicity
*Alignment
*Value Creation
Helps consumers categorize brands and distinguish between brands and benefits
Which benefit of positioning is this ?
Simplicity
Provides the North Star for the organizations to make decisions across R&D, sales, marketing, supply chain, operations etc.
Which benefit of positioning is this ?
Alignment
Creates value not just features with consumers and reduces chance of being treated as a commodity
Which benefit of positioning is this ?
Value Creation
this is a cold-hearted, no nonsense statement of how you are PERCEIVED IN THE MIND OF YOUR PROSPECTS
What is this ?
Position
this expresses how you WISH TO BE PERCEIVED
What is this ?
Positioning statement
Inmore simple terms
RTB’s what ?
Benefits what?
RTB’s tell
Benefits sell
A POSITIONING TOOL that VISUALIZES how consumers PERCEIVE brands across KEY ATTRIBUTES
What is this ?
Perceptual map
a marketing strategy that involves a firm using different marketing mix actions to help consumers perceive a product as being different and better than competing products
What is this ?
product differentiation
tailoring products or services to the tastes of individual customers on a high volume scale
What is this >
mass customization
manufacturing a product only when there is an order from a customer
What is this ?
build to order
the quantity consumed or patronage-store visits-during a specific period
What is this ?
usage rate
a concept that suggests 80 percent of a firms sales are obtained from 20 percent of its customers
What is this ?
80/20 rule
represents the financial worth of a customer to a company over the course of their relationship
What is this ?
customer lifetime value
character descriptions of a brands typical customers
What is this ?
personas
refers to the place a product occupies in consumers minds based on important attributes relative to competitive products
what is this ?
product positioning
the place a product occupies in a consumers mind relative to competitive products
what is this ?
product repositioning
involves seeking a less competitive, smaller market niche in which to locate a brand
what is this ?
differentiation positioning
it is a fundamental problem that your target customer needs to resolve
what is this ?
job to be done
