Segmentation, targeting and positioning Flashcards
1
Q
What is market segmentation?
A
Identifying individuals or organizations with similar characteristics
2
Q
What does market segmentation allow you to do?
A
Meet the specific product-related needs of different groups
3
Q
How can you segment consumers?
A
- Behavoural
- Psychographic
- Profile
4
Q
What does behavoural segmentation involve?
A
- Benefits sought
- Purchase occassion
- Usage
5
Q
What does Psychographic segmentation involve?
A
- Lifestyle
- Personality
6
Q
What does profile segmentation involve?
A
- Demographic
- Socio economic
- Geographic
7
Q
What is targeting?
A
The choice of which market segment to serve with a tailored marketing mix
8
Q
What are issues when selecting segments to target?
A
- Is the segment attractive profit wise?
- Can my firm compete in the segment?
9
Q
What are four marketing types?
A
- Undifferentiated
- Differentiated
- Focused
- Customized
10
Q
What are some benefits of customization?
A
- Better targeting of customers needs and wants
- Higher levels of customer value
- Higher sales/profits
