Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Marketing Strategy > Chapter3: Customer Analysis and STP > Flashcards

Chapter3: Customer Analysis and STP Flashcards

1
Q

customer analysis (B2C)

A
  1. Information about the environment
    Customer/ Competitor/ Supplier/ Technological/ Regulatory/ Legal/ Political
  2. Generation
  3. Dissemination
  4. Responsiveness

again to information(1)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

marketing decision making(3)

A

Strategic
・New products and markets
・Competitive strategy

Tactical
・marketing mix planning

Operational
・sales force monitoring
・advertising copy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

(the Role of Insight)

data + analysis

A

Information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

information+context

A

insight

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

insight+ action

A

outcomes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

six tips for generating usable data-based insights

A
  1. determine what’s actionable
  2. simplify the process by focusing on decisions
  3. mindful of stored data
  4. Keep smart humans employed
  5. understand consumer & business need
  6. find a balance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

understanding customers

A

the marketing concept holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

five stage decision making process

A
  1. Problem Recognition
  2. Information Search
  3. Evaluation of Alternatives
  4. Purchase Decisions
  5. Post-purchase Behaviour
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

individual influences for decision making process

A

personality
perception
motivation
altitude

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

group influences

A

social class
culture
reference group
family

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

the marketing funnel

A
  1. target market
  2. Aware
  3. Open to trial
  4. Triers
  5. Recent
  6. Regular
  7. Most often
  8. Loyalty
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

STP Process

A

Segmentation

  1. Identify bases for segmenting the market
  2. develop segment profiles

Target marketing

  1. Develop measure of segment attractiveness
  2. Select target segments

Market positioning

  1. Develop positioning for target segments
  2. Develop a marketing mix for each segments
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Market Segmentation

A

identifying the most productive bases for dividing a market, identifying the customers in different segments and developing segments descriptions.

・customers differ from one another
・segment targets can be identified by measurable characteristics.
・selected segments may be isolated from the remainder.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

segmenting consumer markets (3)

A

1.Background characteristics
Demographics/ Socio-economic/ Geodemographics

  1. Psychographic characteristics
    Purchase behaviour/ Benefit sought behaviour/ Consumption behaviour/ Response to elements of the marketing mix/ Relationship-seeking characteristics

3.Attitudinal
Personality/ values/ lifestyle/ interests/ attitudes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Targeting(Requirements for Effective Segmentation)

A

1.Measurable
size, purchasing power, profiles of segments can be measured

2.Accessible
segments can be effectively reached and served

3.Substantial
segments are large enough or profitable enough to be served

  1. Differentiable
    markets are conceptually distinguishable and respond differently to marketing mix

5.Actionable
effective programmes can be designed to attract and serve the segments.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

targeting strategies (4)

A

undifferentiated marketing

differentiated (segmented) marketing

concentrated (niche)marketing

micromarketing (local or individual marketing)

17
Q

5 targeting

A
  1. Single Segment Concentration (BUGATTI)
  2. Selective Specialization (SAMSUNG)
  3. Product Specialization (Harley- Davidson)
  4. Market Specialization
  5. Full Market Coverage
18
Q

choosing targeting strategy

A 
based on 
・firm's resources and capabilities
・product variability
・PLC
・Competitor's actions / strategies
19
Q

Positioning

A

competitive positioning =
Competitive Differentiation

Importance/ Distinctive & pre-emptive/ Superior / Communicable/ Affordable and profitable

20
Q

choosing positioning strategy

A

・identify your source of differential / competitive advantage
・choose your unique selling proposition
・develop a brand positioning statement
・effectively communicate your positioning
・deliver your positioning via the marketing mix

Marketing Strategy (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions