Class 7

Question 1

Segmentation -

Answer 1

Separating people into different groups with common needs and similar response to marketing campaigns

Question 2

Targeting

Answer 2

a marketing strategy that involves identifying specific personas and targeting their needs by a separate campaign

Question 3

Market segment

Answer 3

a group of people who share one or more similar characteristics

Question 4

Niche

Answer 4

Narrowly defined group, a smaller market with unadressed needs (shoes for plus-sized women)

Question 5

Strategic vs tactical targeting

Answer 5

Strategic - focus on value proposition (regardless of the target characteristics)
Tactical - focus on customer profile (group by age, behavior, psychoprofile)

Question 6

customer value: 3 dimensions

Answer 6

1. Functional - benefits, costs (ease of use, durability)
2. Psychological - status, joy
3. Monetary - price, bonuses

Question 7

Competotive advantage

Answer 7

An ability of the company to differentiate itself from others

Question 8

Core competencies vs competitive advantage

Answer 8

Core competencies are proficiencies or resources that give businesses a competitive advantage.

Question 9

Competitive advantage might be:

Answer 9

a new attribute (cash free payment in Uber)
a strong brand (Nike)

Question 10

Positioning -

Answer 10

image of a company’s offerings in the customer’s mind

Question 11

what benefits can be promoted in positioning?

Answer 11

functional - Duracell-durability
psychological - Rolex - prestige
monetary - Auchan - lowest prices

Question 12

Differentiation vs positioning

Answer 12

the act of designing a set of meaningful differences to distinguish the company’s offeribgs from competitor (for businesses)

Positioning - perceived key distinctive benefits of the product in the market (for consumers)

Question 13

value proposition -

Answer 13

the promise about the experience customers can expect from the company’s market offerings

Question 14

how does positioning process go?

Answer 14

1. Identifying the target market and analysing competition
2. Identifying brand associations and benefits
3. Formulating a solution to the problem statement (value proposition) and strongest core competencies (competitive advantage)
4. Creating slogan (external) and brand mantra (internal purpose) summarizing the essence of the brand