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MKTG 351 > Exam 2 Chap 8 > Flashcards

Exam 2 Chap 8 Flashcards

1
Q

define repositioning

A

changing consumer’s perception of a brand in relation to competing brands

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2
Q

why does a company or product reposition?

A

they want to sustain growth in slow markets or correct positioning mistake

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3
Q

one example of repositioning (Hyundai)

A

before the company was seen as cheap and low quality, they decided to reposition and make their cars be more contemporary looking with a warranty program. brand reputation improved.

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4
Q

positioning (def)

A

a process that influences potential customer’s overall perception of a brand, product line, or organization in general.

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5
Q

position (def)

A

is a place a product, brand, or groups of products occupies in a consumer’s minds relative to competing offerings.

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6
Q

what does positioning assume?

A

consumer compare product on the basis of important features

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7
Q

name on strategy firm use to distinguish their product from competitors?

A

product differentiation

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8
Q

product differentiation (def)

A

a positioning strategy that some firms use to distinguish their products from those of competitors.

the distinction can be real or perceived

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9
Q

the requirement of effective positioning

A
  • asses the position occupied by competing product
  • determining the important dimensions underlying these positions
  • choosing a position in the market where the marketing efforts will have the greatest impact
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10
Q

what is perceptual mapping

A

is a means of displaying or graphing, in two or more dimensions, the location of product, brands, or group of products in customer’s minds.

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11
Q

list a variety of positioning bases

A
  • emotion
  • attribute
  • price and quality
  • use or application
  • product user
  • competitor
  • product class
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12
Q

Attribute

A

association of a product with an attribute, product feature, or customer benefit
ex:7 generations remove toxins from their products

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13
Q

Price and quality

A

this positioning base may stress high indication of value

ex: Walmart - low price strategy

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14
Q

Use or application

A

Stressing use or applications can be an effective means of positioning a product with buyers
ex: Danone ads point out many ways to use their product

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15
Q

product user

A

focuses on personality or type of user

ex: gap jean mid-level price, banana republic luxury jean, old navy low-price jean

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16
Q

emotion

A

focus on how the product makes the customer feel

ex: nike - just do it

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17
Q

competitor

A

positioning against competitors is part of any positioning strategy

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18
Q

product class

A

the objective here is to position the product as being associated with a particular category of products
ex: margirine brand -> butter

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19
Q

characteristic of market segmentation

A
  • geographic
  • demographic
  • benefits sought
  • usage rate
  • psychographics
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20
Q

what is segmentation bases other name?

A

variables

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21
Q

segmentation bases (variables)

A

characterics of individual, groups, or organizations to divide a total market into segments

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22
Q

which one is easier simple variable or multiple-variables

A

single-variable -> simple and easy to use

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23
Q

which one is more precise single variable or multiple-variable?

A

multiple-variable

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24
Q

geographic segmentation

A

segmentation market by region of the world, market size, market density, or climate

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25
what does market density mean?
number of people within a area on the land
26
what is commonly used for geographic segmentation?
climate
27
reason for a geographic approach?
1. firms continually need to find new ways to grow
28
demographic segmentation
segmenting markets by age, gender, income, ethnic background, and family life cycle
29
demographic information is widely available and often related to consumer's buying and consumer behavior? true or false
true
30
Age segmentation
- generation Z - millennials - generation X - baby boomers - war generation - great depression generation
31
why do company want to segment by age?
because the need of one generation is different from the need of another generation
32
Gender segmentation
- different strategy for men and women | - many marketers are going after less-traditional market
33
how do people see money
- as a way to care for families, improve lives, and find security - women see money and wealth differently than men do
34
INcome segmentation
- income level influences consumer's wants and determines their buying power ex: automobile, housing - retailers can appeal to low-income or high-income categories, or both
35
ethnic segmentation
some companies make products geared toward specific ethnic group - to meet the needs and want of expanding population
36
what are the largest ethnic group in the USA
- hispanic american - african american - asian american
37
what was expected from an ethnic group in the past (USA)
to conform to a homogenized -- anglo-centric ideal. but increasing numbers of ethnic minorities and buying power have changed that
38
Family life cycle segmentation
a series of stage determined by a combination of age, marital status, and the presence or absence of children
39
why does consumption pattern among people from the same family differs?
because of the different stages in the family life cycle
40
family life cycle traditional flow is?
horizontal
41
psychographic segmentation
segmenting markets on the basis of personality, motives, lifestyles, and geodemographics
42
geodemographics segmentation
segmentating potential customers into neighborhood lifestyles categories ex: college student - around campus
43
what is the ultimate personality descriptor?
CLOTHES (person traits)
44
lifestyle
divide people in groups according to how they spend their time
45
motive
appeal to people's emotion and their care for love one
46
what does geodemographics combine?
- DEMOGRAPHIC - GEOGRAPHIC - LIFESTYLE
47
how does geo-demographic help marketers?
help marketers develop a marketing program tailored to prospective buyers of small regions (neighborhood, or who have specific lifestyle and demographic characteristics)
48
benefit segmentation
is the process of grouping customers into market segments according to the benefits they seek from the product - based on need or wants ex: snack-food market (party snackers, nutritional snackers)
49
usage-rate segmentation
divides a market by the amount of product bought or consumed
50
80/20 principle
20% of all customers generate 80% of the demand
51
why do people use loyalty program?
to turn customers into heavy users
52
importance of market segmentation
- pays a key role in the marketing strategy of successful organization and is powerful marketing tool. - help marketers define customers needs and want precisely - help decision makers deinfe objectives and allocate resources more accurately
53
can performance be better evaluated when objectives are more precise? true or false
true
54
name the 4 criteria market segment must meet?
- substantiality - accessibility - responsiveness - identifiability and measurability
55
what are the 3 reasons for segmenting markets?
- ID groups of customers with similar needs and analyse the characteristics and buying behavior of those groups - segmentation provides marketers with info to help them design marketing mixes specifically for one or more segments - segmentation is consistent with the marketing concept of satisfying customer wants and needs while meeting the organization's objectives
56
responsiveness
segment need not be treated seperately unless it respond differently to a marketing mix
57
accessibility
marketing mix must be reachable to members of targeted segments
58
identifiability and measurability
segment must be ID and its size measurable
59
substantiality
segment must be large enough to develop and maintain a special marketing mix
60
what are the 3 strategies for selecting target markets
- undifferentiated targeting - concentrated targeting - multi-segment targeting
61
target market
a group of people or organization for which an organization design, implement, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges.
62
Is marketing segmentation the 1st step in determining who to approach about buying a product?
yes
63
what is the next task after marketing segmentation
chose one or more target market
64
undifferentiated targeting
a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix.
65
undifferentiated targeting cont,
- individuals have similar needs. - the first firm in industry uses this approach - with no competition, firm may not need to tailor marketing mix
66
concentrated targeting
a strategy used to select a niche for targeting marketing efforts
67
what is niche
one segment of a market
68
multi-segment targeting
a strategy that chooses two or more well -defined market segments and develops a distinct marketing mix for each
69
cannibalization
a situation that happens when sales or a new product cut into sales fo a firm's existing products ex: ipad on iphone

MKTG 351 (10 decks)

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