Segmentation, Targeting, and Positioning

Question 1

The target marketing strategy

Answer 1

what marketers use to divide the market into segments

Question 2

Heterogeneous Markets

Answer 2

Consumers seek different products and will respond differently to marketing strategies

Question 3

Segmentation

Answer 3

the process of dividing a larger market into smaller pieces basedon one or more meaningful, shared characteristics

Question 4

Benefits of Segmentation

Answer 4

Enhances understanding of customers to build loyalty

It enables you to position your products closely to the target segment.

Enables you to identify new product and service opportunities

Question 5

Segmentation Variables

Answer 5

Demographic, Psychographic, Geographic, Behavioral

Question 6

Demographic Segmentation

Answer 6

Adds measurable and descriptive information like age, gender, ethnicity, income, social-class, family life cycle, religion

Question 7

Family Life Cycle

Answer 7

A means of characterizingconsumers within a family structureon the basis ofdifferent stages through which people pass as they grow older.

Question 8

Geographic Segmentation

Answer 8

tailoring different offerings to specific geographic areas because people’s preferences often vary depending on where they live.

Question 9

micromarketing

Answer 9

to identify and target very small geographic segment

Question 10

Psychographic Segmentation

Answer 10

Using psychological and lifestyle factors to construct market segments.

Question 11

Behavioral Segmentation

Answer 11

Based on how consumers feel about the product

• Benefits sought
• Usage rate
• Usage staus
• Usage occasions

Question 12

Behavioral vs Psychographic

Answer 12

Benefits and feelings vs lifetyle choices

Question 13

Dangers of Segmentation

Answer 13

Segmenting too niche or over fragmenting the segment

Segment to generally

Question 14

Targeting

Answer 14

Evaluate segments and decide which ones to go after

Question 15

Concentrated strategy

Answer 15

Focused on one or more products to a single segment (Senior travel, young travel, solo travel etc)

Question 16

Differentiated strategy

Answer 16

Developing one or more products for each of several distinct customer groups (Estee Lauder)

Question 17

Customized strategy

Answer 17

tailoring specific products and messages about them to individual consumers (Doctor, haircut)

Question 18

Mass Marketing

Answer 18

On a product that will appeal to a broad spectrum of people

Question 19

Positioning

Answer 19

Developing a marketing strategy that aims to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer

Question 20

Keys to Positioning

Answer 20

Brand personality and creating a distinguishing image

Question 21

Step 1 of Positioning

Answer 21

Analyse competitor’s position

Question 22

Step 2 of Positioning

Answer 22

Define your competitive advantage

Question 23

Step 3 of Positioning

Answer 23

Finalise marketing mix

Question 24

Step 4 of Positioning

Answer 24

Evaluate and modify

Question 25

Perceptual mapping

Answer 25

A technique to visually describe where brands are located consumers' minds relative to competing brands