Segmentation, Target Markets and Positioning Flashcards
Benefits to Market Segmentation
Better Match Customer Needs
Increase Profit
Provide the Opportunity for Growth
Position the Organisation for Better Customer Retention
Focus on Target Market
Increase Market Share
Types of Market Segmentation
Geographic Segmentation
Psycho-graphic Segmentation
Demographic Segmentation
Behavioral Segmentation
Influences of Customer Behavior
Culture
Social
Personal
Influences of Customer Psychological Behavior
Motivation
Perception
Learning
Memory
Questions for Setting Market Positioning
What market segment should be covered
What value is offered to the market segment
What are the benefits of the product or service offered
Why do the benefits add value
What qualities create a competitive advantage
Elements of Market Positioning
Pricing
Quality
Service
Distribution
Packaging
Essentials to Formulate a Positioning Strategy
Analyse the Current Position of the Organisation
Discuss the Desired Position of the Organisation
Identify Competitors Selling the Same Brands
Identify Resources that Will Sustain the Positioning Strategy
Identify the Type of Positioning Strategy
Match the Creative Approach with the Positioning Strategy
Types of Positioning Strategies
Leveraging Against Existing Brands Strategy
Corporate Brand Positioning
Product Features and Benefits Positioning Strategy
Price-Quality Positioning Strategy
Competitive Positioning Strategy
Product Category Positioning Strategy
User Positioning Strategy
Marketing Stimuli
Products and Serivces
Price
Distribution
Communications
Other Stimuli
Econimic
Technological
Political
Cultural
Buying Decision Process (Buying Behavior Model)
Problem Recognition
Information Search
Evaluation of Alternitaves
Purchase Decision
Post-Purchase Behavior
Purchase Decision
Product Choice
Brand Choice
Dealer Choice
Purchase Amount
Purchase Timing
Payment Method
Culture
The fundamental determinant of a persons wants and behaviors.
Social
The result of interaction with the environment. Formal and Informal Reference groups and familly.
Personal
Influences the overall decision making process. Factors include Personality and Self Image.
Motivation
Process that causes customers to behave as they do when need is aroused. Drive.
Perception
Process by which customer selects, organises and interprets information to form a meaningful view of the product/service
Learning
Change in behavior comes from direct and indirect experiance.
Memory
Process of acquireing and storing information. Brand Association.
