Quiz 2 Flashcards
Value proposition
company will create differentiated value
Positioning maps
show consumer perceptions of their brands versus competing products
Requirements for Effective Segmentation
Measurable: The size, purchasing power, and profiles of the segments can be measured.
Accessible: The market segments can be effectively reached and served.
Substantial: The market segments are large or profitable enough to serve.
Differentiable: The segments are conceptually distinguishable and respond differently to different marketing mix elements and programs.
Actionable: Effective programs can be designed for attracting and serving the segments.
Explain the roles of market segmentation, market targeting, differentiation, and positioning in implementing an effective marketing strategy.
market segmentation:
The process of dividing a market into distinct groups of buyers
Market targeting :
evaluating each market segment’s attractiveness and selecting one or more segments to enter
Positioning:
arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
differentiation:
communicate that position to target consumers. The company’s entire marketing program should support the chosen positioning strategy.
Why would an organization produce a single good or service and then attempt to sell it to two or more market segments
to avoid the added cost of developing additional versions of the product,
- Internal data
data the company has, and collects, on a regular basis
- Marketing intelligence
publicly available information about competitors
- Marketing research
formal study into an aspect of the market,
The steps in the marketing research process are
objectives
research plan
Implementing the research plan
Interpreting
major types of marketing research are
- Exploratory- preliminary info
- Descriptive research- describe marketing problem
- Causal research - test hypothesis
What is a marketing information system, and how is it used to create customer insights?
1.assess information needs
2.develop needed information through internal company databases,
3.analyze and use the information to develop customer insights
Explain how marketing intelligence differs from marketing research
Competitive marketing intelligence is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketplace
Marketing research marketing situation facing an organization,help them to assess market potential and market share
What is ethnographic research and how is it conducted online
Ethnographic research involves sending observers to watch and interact with consumers in their “natural environments
What is neuromarketing, and how is it useful in marketing research? Why is this research approach usually combined with other approaches
Neuromarketing is a way to measure brain activity to learn how consumers feel and respond. Marketing scientists using MRI scans and EEG devices have learned that tracking brain electrical activity and blood flow can provide companies with insights into what turns consumers on and off regarding their brands and marketing
What are the similarities and differences when conducting research in another country versus the domestic market?
same steps as domestic researchers, from defining the research problem and developing a research plan to interpreting and reporting the results.
