MKTG week 5

Question 1

what makes up the marketing strategy

Answer 1

select the customers to serve through segmentation and targeting. Then decide on a value proposition through differentiation and positioning

Question 2

explain the key aspects of market segmentation

Answer 2

Demographic-Objective
Psychographic-Subjective
Behavioural-Observable
Geographic-where customers live or work

Question 3

explain what should be evaluate to target the best market and what market-targeting strategies can be used

Answer 3

1) each segments size & growth
2) structural attrativness
3) compatibility with company objectives & resources

micromarketing - mass customization - concentrated - differentiated - undifferentiated

Question 4

explain the key aspects of differentiation

Answer 4

establish a competitive advantage through a product that is profitable , affordable, superior, communicable, important, pre-emptive, distinctive

Question 5

explain the key aspects of positioning

Answer 5

there are 5 winning value propositions companies can position their products
1) more for more
2) more for the same
3) same for less
4) less for much less
5) more for less