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Marketing CH6+7 > Maketing > Flashcards

Maketing Flashcards

1
Q

What are the 4 major steps in designig a customer value-driven marketing strategy?

A
  1. Market segmentation
  2. Market targeting
  3. Differentiation
  4. Positioning
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2
Q

Explain market segmentation

A

Market segmentation is dividing the total market into smaller segments

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3
Q

Explain market targeting

A

Market targeting is selecting segment(s) to enter

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4
Q

Explain differentiation

A

Differentiation is differentiating the market offering to create superior customer value

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5
Q

Explain positioning

A

Positioning is positioning the market offering in the mind of target customers

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6
Q

Why do we use segmentation?

A

We use segmentation, because we cannot afford to do what it takes to sell to everyone. Not everyone is a potential customer.

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7
Q

What are the segmentation bases/variables for consumer markets?

A
  • Geographic segmentation
  • Demographic segmentation
  • Psychographic segmentation
  • Behavioural segmentation
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8
Q

Explain geographic segmentation

A

Geographic segmentation is dividing markets into different geographical units like:
- nations
- states
- regions
- counties
- cities
- neighbourhoods

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9
Q

Explain demographic segmentation

A

Demographic segmentation is dividing a market into variables like:
- age
- life stage
- gender
- income
- occupation
- education
- religion
- ethnicity
- generation

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10
Q

Explain psychographic segmentation

A
  • social class
  • lifestyle
  • personality
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11
Q

Explain behavioural segmentation

A
  • occassion segmentation
  • benefit segmentation
  • user status
  • usage rate
  • loyalty status
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12
Q

Explain occassion segmentation

A

Occassions when the buyer:
- Gets the idea to buy
- Makes their purchase
- Uses the purchased item
- part of behavioural segmentstion

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13
Q

How does segmenting in B2B markerts work?

A

Consumer & Business markets use many of the same variables for segmentation
(geographical/demographic: which industry, place, company size.)

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14
Q

What are the requirements for effective segmentation?

A
  • Measurable
  • Accessible
  • Substantial
  • Differentiable
  • Actionable
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15
Q

What are the available marketing strategies?

A
  • Undifferentiated marketing (mass marketing)
  • Differential marketing (segmented marketing)
  • Concentrated marketing (niche marketing)
  • Micromarketing (local & individual marketing)
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16
Q

Explain undifferentiated marketing

A
  • mass marketing
  • company might ignore market segment differences
  • target whole market with one offer
  • focus on what is common in consumer needs
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17
Q

Explain differentiated marketing

A
  • Segmented marketing
  • Company decides to target several market segments and designs separate offers for each
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18
Q

Explain concentrated marketing

A
  • Niche marketing
  • Company goes after large share of one or a few smaller segments or niches
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19
Q

Explain micromarketing

A

The practice of tailoring products & marketing programs to suit the tastes of specific individuals & local customer segments

20
Q

Explain local marketing

A

Tailoring brands & promotions to the needs and wants of local customers

21
Q

Explain individual marketing

A

Tailoring products and marketing programs to needs and preferences of individual customers

22
Q

What are factors to consider when choosing marketing strategies?

A
  • Company resources
  • Product availability
  • Product’s lifecycle stage
  • Market variability
  • Competitor’s marketing strategy
23
Q

What are competitive advantages

A
  • having lower prices
  • providing more benefits that justify higher prices
24
Q

Number of differences to promote?

A
  • Select just one differentiator. develop USP for each brand and stick to it
  • Positioning on more than one differentiator
25
Q

What to know about communicating & delivering the chosen position

A
  • All the company’s marketing mix efforts mistakenly support the positioning strategy
  • Maintain the position obtained through consistent performance and communication
  • Product’s position should be monitored and adapted over time
26
Q

What are the 3 steps to differentiation & positioning

A
  1. Identifying differentiations to create competitive advantage
  2. Choosing advantages to build a position
  3. Selecting an overall position strategy
27
Q

What is a service?

A
  • activity, benefit or satisfaction offered for sale
  • intangible (non-physical)
  • does not result in ownership
28
Q

What is a product?

A
  • Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need
  • tangible (material)
29
Q

What are the product classifications?

A
  • consumer product
  • industrial product
30
Q

explain consumer product

A

bought by final customer for personal consumption

31
Q

explain industrial product

A

bought by individuals & organisations for further processing or for use in conducting business

32
Q

What are the 3 levels of product

A
  • Core customer value
  • Actual product
  • Augmented product
33
Q

What is core customer value?

A
  • What is the customer really buying?
  • What problems do we solve?
34
Q

What is the actual product in the levels of product

A
  • Design
  • packaging
  • quality
  • features
  • brand name
    etc.
35
Q

What is augmented product?

A
  • Warranty
  • Repair services
  • Accessories
  • Contact possibilities
  • FAQ on website
36
Q

What are the marketing considerations for consumer products?

A
  • Customer buyer behaviour
  • Price
  • Distribution
  • Promotion
37
Q

What are the 4 kinds of products?

A
  • Convenience
  • Shopping
  • Specialty
  • Unsought
38
Q

What are the marketing considerations for convenience products?

A
  • Customer buyer behaviour: frequent purchase, little planning, little comparison or shopping effort, low customer involvement
  • Price: low price
  • Distribution: widespread distribution, convenient locations
  • Promotion: mass promotion by producer
39
Q

What are examples of convenience products?

A

Toothpaste, magazines, laundry detergent

40
Q

What are marketing considerations for shopping products?

A
  • Customer buyer behaviour: less frequent purchase, a lot of planning & shopping effort, comparison of brands on price quality and style
  • Price: higher price
  • Distribution: selective distribution in fewer outlets
  • Promotion: advertising & personal selling by both producers & resellers
41
Q

Examples of shopping products?

A

Major appliences, television, furniture and clothing

42
Q

What are marketing considerations for specialty products?

A
  • Customer buyer behaviour: strong brand preference and loyalty, special purchase effort, little comparison of brands, low price sensitivity
  • Price: high price
  • Distribution: exclusive distribution in only one or a few outlets per market area
  • Promotion
43
Q

What are examples of specialty products?

A

Luxury goods like Rolex watches or diamonds

44
Q

What are marketing considerations for unsought products?

A
  • Customer buyer behaviour: little products awareness, or little interest
  • Price: varies
  • Distribution: varies
  • Promotion: aggressive advertising & personal selling by producer & resellers
45
Q

What are examples of unsought products

A

life insurance & red cross blood donations

Marketing CH6+7 (1 decks)

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