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Ibm 301 > Chapter 9 STP > Flashcards

Chapter 9 STP Flashcards

0
Q

2 steps to segmentation

A

Step 1 establish overall strategy

Step 2 choose a segmentation method

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1
Q

STP

A

Segmentation
Targeting
Positioning

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2
Q

Example of segmentation methods

A 
Geographic
Demographic 
Psychographic
Benefits
Behavioral
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3
Q

Geographic segmentation

A

Based on he here someone lives

Example subways menu items will vary by geographic location

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4
Q

Demographic segmentation

A

Age gender education etc

Easy to identify

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5
Q

Psychographic

A

How consumers describe themselves how people occupy their time

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6
Q

How to determine psychographics

A

Through self value aka drive and goals
Self concept image of oneself
Lifestyle way we live

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7
Q

Value and lifestyle surveyVALS

A

Consumers can be classified into eight segments which includes resources level of education etc.

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8
Q

Benefit segmentation

A

Groups consumers based on benefits they derive from products and services

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9
Q

Behavioral segmentation

A

How one uses the Product or service

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10
Q

Occasion

A

Part of behavioral segmentation example men’s warehouse sell tuxedo for special occasion

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11
Q

Loyalty segmentation

A

People exclude competitors because they are loyal loyalty segmentation involves retaining these loyal customers example united airlines flyer miles

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12
Q

Step 1 of STP

A

Articulate vision or objectives consistent with firms mission and SWOT

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13
Q

Geodemographic segmentation

A

Combines geography and demography and lifestyle characteristics to classify consumers

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14
Q

PRIZM

A

Potential rating index by zip market uses detailed demographic data and habits of people within a tract

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15
Q

2 steps to targeting

A
  1. Evaluate segment attractiveness.

4. Select target market

16
Q

Step 2 STP

A

Determine the segmentation method that will be used e.g demographics lifestyle etc.

17
Q

Step 3 STP

A

Evaluate segment attractiveness and whether segment is worth pursuing

18
Q

Criteria that determines segment attractiveness

A 
Is the segment
Identifiable?
Substantial?
Reachable?
Responsive?
Profitable ?
19
Q

Identifiable

A

Identify who is within their market do not overlap

20
Q

Substantial

A

After identifying potential markets measure their size too small equals too small profits

21
Q

Reachable

A

Consumer knows the product exists!!!

22
Q

Responsive

A

Consumer must react positively to the firms offering

23
Q

Profitable

A

Assess potential profits both current and future expected growth rate

24
Q

Segment profitability calculation

A

Segment size* segment adoption percentagepurchase behavior profit margin percentage- fixed costs

25
Q

Step 4

A

Select the target market

26
Q

Undifferentiated targeting strategy or mass marketing

A

Focuses on similarities in needs of customers as opposed to the differences used when everyone might be considered a potential user of its product ex sugar

27
Q

Differentiated targeting strategy

A

Firms target different market segment with different offerings for each ex Conde Nast has vogue go and Bon appetite magazines

28
Q

Concentrated targeting strategy

A

Selects a single primary target market and focuses all it’s energies on providing a product to fit the markets needs

29
Q

Micro marketing

A

Aka one to one marketing is when a firm tailors to the specific need of a consumer

30
Q

1 step in positioning

A

Identify and develop positioning strategy

31
Q

Step 5

A

Develop a positioning strategy that defines what a product does or represents in comparison to the competition

32
Q

Firms value proposition

A

Communicates Customer benefits to be received from the product

33
Q

Main value proposition components

A

Target market
Offering name or brand
Product/service category or concept
Unique point of difference and benefits

34
Q

Values as a positioning strategy

A

Popular because of the relationship of price to quality

Volvo equals box car equals safety

35
Q

Symbols

A

Powerful positioning tools that distinguish brands from competition aka nike swoosh

36
Q

Perceptual map

A

Displays position of products In consumers minds

37
Q

6 steps to perceptual maps

A 
Determine consumers perceptions and evaluations of product or service in relation to competitors
Identify markets ideal points on size
Identify competitors positions
Determine consumer preferences 
Select position
Monitor position strategy

Ibm 301 (5 decks)

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