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S1212 1st Quarter > ENT104 Lesson 3 > Flashcards

ENT104 Lesson 3 Flashcards

1
Q

Is the advertising strategy that a business will implement to sell its product or service.

A

Marketing Plan

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2
Q

It will help determine who the target market is, how best to reach them, at what price point the product or service should be sold, and how the company will measure its efforts.

A

Marketing Plan

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3
Q

A strategic marketing approach and process that is intended to define the specific customer of the product.

A

Market Identification

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4
Q

It is the process of identifying the specific group of consumers who are the best potential customers for your product or service.

A

Market Identification

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5
Q

4 items

Content of Chapter 2: Marketing Plan

A
  1. Market Segmentation
  2. Market Targeting
  3. Market Positioning
  4. Marketing Mix
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6
Q

It is a technique you can use to divide your customer base into subgroups based on shared characteristics, such as age, income, hobbies and location.

A

Market Segmentation

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7
Q

divide the market into small segments with distinct needs, characteristics, or behavior

A

Market Segmentation

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8
Q

4 items

Types of Market Segmentation

A
  1. Geographic Segmentation
  2. Demographic Segmentation
  3. Psychographic Segmentation
  4. Behavioral Segmentation
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9
Q

It is a science that deals with the description, distribution, and interaction of the diverse physical, biological, and cultural features of the earth’s surface.

A

Geography

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10
Q

This type of segmentation is the process of grouping customers based on where they live and where they shop. People who live in the same city, state or zip code typically have similar needs, mindsets and cultural preferences.

A

Geographic Segmentation

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11
Q

4 items

For Geographic Segmentation, you can group your audience based on:

A
  • Climate
  • Culture
  • Language
  • Population Density- (urban vs. rural)
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12
Q

It is the statistical study of human populations especially with reference to size and density, distribution, and vital statistics.

A

Demography

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13
Q

This type of segmentation is one of the simplest yet effective kinds of segmentation. You can use this type of segmentation to split your audience and create customer personas based on objective information.

A

Demographic Segmentation

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14
Q

7 items

For Demographic Segmentation, you can group your audience based on their:

A
  • Age
  • Gender
  • Income
  • Education
  • Religion
  • Family size
  • Occupation/profession/role in a company
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15
Q

It is the description of an individual’s mental characteristics and their development.

A

Psychography

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16
Q

This type of segmentation is the process of grouping people together based on similar personal values, political opinions, aspirations and psychological characteristics.

A

Psychographic Segmentation

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17
Q

7 items

For Psychographic Segmentation, you can group your audience based on their:

A
  • Personality
  • Hobbies
  • Social status
  • Opinions
  • Life goals
  • Values and beliefs
    • Lifestyle
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18
Q

It means relating to or concerned with the social, psychological, and emotional factors that affect financial decisions and behavior.

A

Behavioral

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19
Q

This type of segmentation is the process of grouping customers based on common behaviors they exhibit when they interact with your brand.

A

Behavioral Segmentation

20
Q

6 items

For Behavioral Segmentation, you can group your audience based on their:

A
  • Spending habits
  • Purchasing habits
  • Browsing habits
  • Interactions with your brand
  • Loyalty to your brand
  • Product feedback
21
Q

It is a stage in market identification process that aims to determine the buyers with common needs and characteristics.

A

Market Targeting

22
Q

It is a process of selecting the target market from the entire market.

A

Market Targeting

23
Q

It allows you to focus your marketing money and brand message on a specific market that is more likely to buy from you than other markets.

A

Target Marketing

24
Q

Market Targeting procedure consists of two steps:

A
  1. Evaluating Market Segments
  2. Selecting Market Segments
25
Q

It calls for measuring suitability of segments. The segments are evaluated with certain relevant criteria to determine their feasibility.

A

Evaluating Market Segments

26
Q

To determine overall attractiveness/suitability of the segment, two factors are used:

A
  1. Attractiveness of Segment
  2. Objectives and Resources of Company
27
Q

When the evaluation of segments is over, the company must decide in which market segments to enter, and the company decides on which and how many segments to enter.

A

Selecting Market Segments

28
Q

5 items

Alternative Strategies (Methods) for Market Targeting

A
  1. Single Segment Concentration
  2. Selective Specialization
  3. Product Specialization
  4. Market Specialization
  5. Full Market Coverage
29
Q

The company selects only a single segment as target market and offers a single product.

A

Single Segment Concentration

30
Q

single product for one segment

A

Single Segment Concentration

31
Q

A company selects several segments and sells different products to each of the segments.

A

Selective Specialization

32
Q

different products for each selected segment

A

Selective Specialization

33
Q

In this alternative, a company makes a specific product, which can be sold to several segments. Here, product is one, but segments are many.

A

Product Specialization

34
Q

Single product for many segments

A

Product Specialization

35
Q

This strategy consists of serving many needs of a particular segment. Here, products are many, but the segment is one.

A

Market Specialization

36
Q

Many products for one segment

A

Market Specialization

37
Q

In this strategy, a company attempts to serve all the customer groups with all the products they need. Here, all the needs of all the segments are served.

A

Full Market Coverage

38
Q

All needed products for all segments

A

Full Market Coverage

39
Q

It is a strategic practice used to establish the image of a brand or product in a consumer’s mind.

A

Market Positioning

40
Q

5 items

There are several types of positioning strategies:

A
  1. Product attributes and benefits
  2. Product price
  3. Product quality
  4. Product use and application
  5. Competitors
41
Q

Associating your brand/product with certain characteristics or with certain beneficial value

A

Product attributes and benefits

42
Q

Associating your brand/product with competitive pricing

A

Product price

43
Q

Associating your brand/product with high quality

A

Product quality

44
Q

Associating your brand/product with a specific use

A

Product use and application

45
Q

Making consumers think that your brand/product is better than that of your competitors

A

Competitors

46
Q

It is used to show consumer perception of certain brands. This will allow you to identify how competitors are positioned relative to you and to identify opportunities in the marketplace.

A

Perceptual Map

S1212 1st Quarter (18 decks)

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