Resources, Preferences, Segmentation, Targeting and Positioning Flashcards
What do resources consist of in marketing?
Financial, Competence, Infrastructure, Time, Information
Competence consist of
Behavioral, Cognitive, Emotional
Infrastructure consist of
Social and Physical
Customers and firm
- Resource Surplus can be given up for exchange
2. Resource deficit are often the that people want to top off which lays the foundation for needs and goals
Preference Space
The dimensions of product experience on which consumers have preference that change over time
Preference Point
Where each customer is located on the preference space. (varying on certainty, flexibility, and awareness)
Preference Clouds
How difference customer preferences are distributed in the preference space.
Pizza illustration in class gave an example of what?
Preferences in the market.
Marketers aim for average ideal points in segment
How do we segment?
Look at the transaction (who, how, why, what, where, when)
1. Identify groups of customers that reveal distinct patters on the transaction characteristics.
How do we segment on Business Markets?
- Size
- Use
- Service Level
- Buyer Behavior
Targeting is
Picking the groups you want to serve (select segments that will provide max value gap for you over time)
How do you know which segment to go after?
Segment Must Be
- Measurable
- Substantial
- Accessible
- Differentiable
- Actionable
- Defensible
- Max Long term Vale Gap
Positioning
What is the core identity of the brand in terms of whose needs it serves, and how it is different from competition. i.e. Quality in Tanishq case
What must a marketer to do to properly be positioned in the market?
-Manage customer perceptions
What do the 4Ps do?
4Ps follow the segmentation strategy
