Connecting with customers Flashcards
Name the three activities in target marketing
Market segmentation, market targeting and market positioning
How many levels can markets be targeted in?
4 - segments, niches, local areas, and individuals
What is a market segment?
Large identifiable groups within a market
Name the two bases for segmenting consumer markets
Consumer characteristics and consumer responses
What are the major segmentation variables for consumer markets?
Geographic, demographic, psychographic and behavioral
What does market segments need to be, in order to be useful?
measurable, substantial, accessible, differentiable and actionable
What is points-of-difference?
Those attribute and benefit associations unique to a brand that is also strongly held by the consumers
What is points-of-parity
those associations not necessarily unique to a brand but perhaps shared with other brands
What is the key to competitive advantage?
relevant brand differentiation
What is a competitive advantage?
A company’s ability to perform in one or more ways that competitors cannot or will not match
customer perceived value
the difference between the prospective customers’ evaluation of all the benefits and all the costs of a company’s offering and the perceived alternatives
value proposition
tangible and intangible attributes and benefits that the company promises to deliver
branding
the process of endowing products and services with the power of a brand
emotional branding
engaging the consumer on the level of senses and emotions
brand identity
the way a company aims to identify or position itself or it’s product or service in the minds of a consumer
brand image
the way the consumer actually perceives the visual or verbal expressions of a brand
Brand equity
the added value the brand gives a product or service
Strategic brand management
The long-term effort of consciously providing an offering with an identity that is understood on all levels
Brand portfolio
the set of all brands and brand lines that a particular company offers in a particular category or market segment
brand community
a group of people who share their interest in a specific brand and create a parallel social universe with its own values, rituals, hierarchy, and vocabulary
A global brand
a brand that in most countries share the same strategic principles, even though some of the marketing mix activities might be adapted
Glocal strategies
changing some aspects of the brand to reflect the local market in which it is operating while maintaning many of the global brand aspects
