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Marketing > Segmentation, targeting and positioning > Flashcards

Segmentation, targeting and positioning Flashcards

1
Q

Customer driven marketing strategy

A

Segmentation, targeting, differentiation, positioning

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2
Q

Segmentation

A

grouping people meaningfully depending on product needs to be reached efficiently and effectively

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3
Q

Targeting

A

choosing segments to serve based on what you are offering. done through effective segmentation, evaluating segments and choosing the level of targeting

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4
Q

Positioning

A

improving brand equity in the mind of customers, relative to competitors through UVPs. 4 P’s

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5
Q

Differentiation

A

making the market offering superior than competitors with hard to replicate features

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6
Q

Types of markets

A

heterogeneous - diverse needs
homogeneous - similar needs
consumer - purchasers/households
business - resale/manufacture/orgs.

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7
Q

How to create demand

A

creating a market need by showing consumers they need this product

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8
Q

Types of segmenting

A

geographic
psychographic
demographic
behavioural

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9
Q

Geographic segmentation

A

based on where people live and how many people live there. Often can’t assume areas next to one another have the same needs

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10
Q

Psychographic

A

socioeconomic, personality, motives, lifestyle. Different values are used together eg lifestyle and personality

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11
Q

Demographic

A

primary and secondary dimensions (age, gender, race, income, education, life cycle…)

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12
Q

Behavioural

A

consumer knowledge, attitudes, uses/responses to products

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13
Q

Segmenting business units

A

Same as consumers but require additional considerations: operating characteristics, purchasing approach, situationals (product use), personal (geographic, customer base)

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14
Q

International markets

A

Additional characteristics considered: culture, economy, politics. Technology helps combine like-minded consumers from different countries

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15
Q

Effective segmentation

A

measurable, accessible, substantial, differentiable, actionable.

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16
Q

Segmentation evaluation

A

size and growth, structural attractiveness, relative to company objectives

17
Q

Levels of target marketing

A

undifferentiated (mass)
differentiated (segmented)
concentrated (niche)
micromarketing (local/individual)

18
Q

Undifferentiated targeting

A

ignoring segment differences, targeting a whole market with one offer. market is looked at with common needs. Can’t satisfy all customers

19
Q

Differentiated targeting

A

different products for different segments based on different needs. Strong product positioning, more expensive

20
Q

Niche targeting

A

large share in one or few segments with large knowledge of customer needs and specialised products. less competitors

21
Q

Micromarketing

A

tailored products for specific individuals or local segments. Mass customisation

22
Q

Factors to consider when choosing a targeting strategy

A

company resources
product variability
product life cycle stage
market variability
competitor’s strategies

23
Q

Product life cycle

A

Intro - 1 product, undifferentiated/niche strategies
Growth/mature - product variations, differentiated strategy
Decline - divest, reposition or revive

24
Q

Socially responsible target marketing

A

company’s responsibility to not market harmful products to disadvantaged consumers. Serve interests of consumers and company

25
Q

Product position

A

complex perceptions and attitudes consumers have towards products relative to competitors

26
Q

Perceptual maps

A

compare features and benefits of products and competitors in minds of customers

27
Q

Positioning maps

A

How you intend to position products in mind of customers

28
Q

How to position and differentiate

A
  1. identity differentiating competitive advantages
  2. choose USP
  3. select positioning strategy
29
Q

Factors for choosing competitive advantage

A

Important (for targeted segment), distinctive, superior, communicable, pre-emptive (hard to copy), affordable, profitable

30
Q

Value proposition

A

full positioning of a brand - mix of benefits and features

31
Q

Winning value proposition

A

More for more
more for same
more for less
same for less
less for less

32
Q

Positioning statement

A

to (target segment and need) our (brand) of all (product type) delivers (UVP) because (brand) is (reason to believe)

33
Q

Communicating position

A

marketing mix works out tactical details of positioning strategy. positioning must match deliverables. consistency and believability. adapt and change with market needs and competitors

34
Q

Repositioning

A

regularly evaluating the positioning strategy to move with changing needs of consumers and competitors

35
Q

How to reposition

A

change physical product
revisit price or distribution
change product image
target new segment

Marketing (6 decks)

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