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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
Q

what does market density mean?

A

number of people within a area on the land

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26
Q

what is commonly used for geographic segmentation?

A

climate

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27
Q

reason for a geographic approach?

A
  1. firms continually need to find new ways to grow
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28
Q

demographic segmentation

A

segmenting markets by age, gender, income, ethnic background, and family life cycle

29
Q

demographic information is widely available and often related to consumer’s buying and consumer behavior? true or false

A

true

30
Q

Age segmentation

A
  • generation Z
  • millennials
  • generation X
  • baby boomers
  • war generation
  • great depression generation
31
Q

why do company want to segment by age?

A

because the need of one generation is different from the need of another generation

32
Q

Gender segmentation

A
  • different strategy for men and women

- many marketers are going after less-traditional market

33
Q

how do people see money

A
  • as a way to care for families, improve lives, and find security
  • women see money and wealth differently than men do
34
Q

INcome segmentation

A
  • 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
Q

ethnic segmentation

A

some companies make products geared toward specific ethnic group - to meet the needs and want of expanding population

36
Q

what are the largest ethnic group in the USA

A
  • hispanic american
  • african american
  • asian american
37
Q

what was expected from an ethnic group in the past (USA)

A

to conform to a homogenized – anglo-centric ideal. but increasing numbers of ethnic minorities and buying power have changed that

38
Q

Family life cycle segmentation

A

a series of stage determined by a combination of age, marital status, and the presence or absence of children

39
Q

why does consumption pattern among people from the same family differs?

A

because of the different stages in the family life cycle

40
Q

family life cycle traditional flow is?

A

horizontal

41
Q

psychographic segmentation

A

segmenting markets on the basis of personality, motives, lifestyles, and geodemographics

42
Q

geodemographics segmentation

A

segmentating potential customers into neighborhood lifestyles categories
ex: college student - around campus

43
Q

what is the ultimate personality descriptor?

A

CLOTHES (person traits)

44
Q

lifestyle

A

divide people in groups according to how they spend their time

45
Q

motive

A

appeal to people’s emotion and their care for love one

46
Q

what does geodemographics combine?

A
  • DEMOGRAPHIC
  • GEOGRAPHIC
  • LIFESTYLE
47
Q

how does geo-demographic help marketers?

A

help marketers develop a marketing program tailored to prospective buyers of small regions (neighborhood, or who have specific lifestyle and demographic characteristics)

48
Q

benefit segmentation

A

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
Q

usage-rate segmentation

A

divides a market by the amount of product bought or consumed

50
Q

80/20 principle

A

20% of all customers generate 80% of the demand

51
Q

why do people use loyalty program?

A

to turn customers into heavy users

52
Q

importance of market segmentation

A
  • 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
Q

can performance be better evaluated when objectives are more precise? true or false

A

true

54
Q

name the 4 criteria market segment must meet?

A
  • substantiality
  • accessibility
  • responsiveness
  • identifiability and measurability
55
Q

what are the 3 reasons for segmenting markets?

A
  • 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
Q

responsiveness

A

segment need not be treated seperately unless it respond differently to a marketing mix

57
Q

accessibility

A

marketing mix must be reachable to members of targeted segments

58
Q

identifiability and measurability

A

segment must be ID and its size measurable

59
Q

substantiality

A

segment must be large enough to develop and maintain a special marketing mix

60
Q

what are the 3 strategies for selecting target markets

A
  • undifferentiated targeting
  • concentrated targeting
  • multi-segment targeting
61
Q

target market

A

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
Q

Is marketing segmentation the 1st step in determining who to approach about buying a product?

A

yes

63
Q

what is the next task after marketing segmentation

A

chose one or more target market

64
Q

undifferentiated targeting

A

a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix.

65
Q

undifferentiated targeting cont,

A
  • individuals have similar needs.
  • the first firm in industry uses this approach
  • with no competition, firm may not need to tailor marketing mix
66
Q

concentrated targeting

A

a strategy used to select a niche for targeting marketing efforts

67
Q

what is niche

A

one segment of a market

68
Q

multi-segment targeting

A

a strategy that chooses two or more well -defined market segments and develops a distinct marketing mix for each

69
Q

cannibalization

A

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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