Midterm Prep

Question 1

4 ways to create value for targeted customers (SegTarDifPos)

Answer 1

Segmentation
Targeting
Differentiation
Positioning

Question 2

What variables make up demographic segmentation (5)

Answer 2

Age gender family size
Family life cycle
Income
Occupation
Race, Nationaltiy

Question 3

What variables make up geographic segmentation

Answer 3

Nations, regions, cities, climate, population density

Question 4

What variables make up psychographic segmentation

Answer 4

Social class, lifestyle, personality

Question 5

What variables make up behaviour segmentation

Answer 5

Occasion
Usage rate
Benefits

Think cigarettes

Question 6

What is the relationship and recommendation for hetero/homogeneous consumer segments

Answer 6

Two similar heterogeneous markets should be combined to create one homogeneous market to save costs.

Question 7

True or false: B2b markets use many of the same segmentation variables as b2c

Answer 7

True

Question 8

What is intermarket/ cross market segmentation

Answer 8

Ignoring segmentation based on the principle that international/ many markets have the shared need for your product; ex, Coke

Question 9

“Measurable, Accessible, Substantial, Differentiable, Actionable” are the qualities that determine whether you are ______ effectively or not?

Answer 9

Segmenting markets

Question 10

4 types of Target Marketing, and what they are (not segs)

Answer 10

1. Undifferentiated(mass): targets 1 whole market with 1 offer

2.DIFFERENTIATED: targeting several market segments with separate offers

3.CONCENTRATED (niche): targeting a large share of a sub market

4. MICROMARKETING: targeting
   Specific individuals/groups

Question 11

What are the 5 considerations of CHOOSING a TARGET MARKET STRATEGY (cr pv mv plc cms)

Answer 11

Company resources
Product variability
Market variability
Product life cycle
Competitors marketing strategies

Question 12

Positioning vs segmentation

Answer 12

Positioning: consumers view of company
Segmentation: company’s view of consumer

Question 13

Differentiation of PRODUCTS, SERVICES, CHANNELS, PEOPLE,and IMAGE are outlets for what kind of strategy

Answer 13

Competitive advantage

Question 14

What is the criteria of differences to promote in positioning strategy (7)

Answer 14

Affordable
Important
Distinctive
Superior
Communicable
Preemptive
Profitable

Question 15

What term is used to describe the Big Picture positioning strategy?
What are some examples of said term?
Do they fall into benefit or price advantage

Answer 15

VALUE PROPOSITION
more for more
More for less
More for the same
The same for less
Less for much less

Question 16

What is a positioning statement

Answer 16

A sort of slogan for consumers to recognize the value proposition of the brand
Ex: Walmart; save money live better

Question 17

T or F: The marketing mix efforts must not support the positioning strategy

Answer 17

False

Question 18

T or F: Positions must be monitored and adapted over time to match changes in consumer needs and competitor’s strategies

Answer 18

True

Question 19

What is head to head positioning?

Answer 19

Competing directly with competitors on similar attributes in the same target market
Ex: Lincoln and Cadillac

Question 20

What is away/ differentiation positioning

Answer 20

Relate to existing mental structures in consumers mind and positioning against something the consumers already know

Ex: Buicks new sports v8 car

Question 21

What is repositioning

Answer 21

changing the place an offering occupies in a consumer’s mind relative to
competitive offerings.

Hyundai genesis going from shitty foreign to affordable luxury