SEGMENTATION + TARGETING + POSITIONING Flashcards

1
Q

What is a market segment?

A

A sub group of consumers with simmilar characteristics in a given market

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2
Q

What is market segmentation?

A

The process of dividing the market into smaller or distinct groups of consumers in order to meet their needs and wants

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3
Q

Ways to segment the market

A
  • Demographic: According to the varying characteristics of the population. (Age, Gender, Religion etc)
  • Geographic: According to deifferent geographical sectors (different countries or rural/urban)
  • Phsychographic segmentation: Accoridng to lifestyle or personality (socioeconomic status or values)
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4
Q

Advanatges of Segmentation

A
  • Helps identify existing gaps and new opportunities
  • Designing for a specific group increases sales and profitability
  • Minimizes the waste of resources through identifying the right customers
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5
Q

Limitation of segmentation

A

It can be expensive, speciallly if the firm is studying a large segment

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6
Q

What is a target market?

A

A group of consumers with common needs or wants that a business sells or serves to.

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7
Q

What is targeting?

A

The process of marketing to a specific market segment

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8
Q

Mass Marketing

A
  • Firm ignores the specific market segments and targets the entire market
  • Business considers the common needs and wants
  • Aims to sell to many customers to maximize their sales
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9
Q

Segmented Marketing

A
  • Tragets several segments + develops appropriate marketing mixes for each of these segments
  • Firms can gain a stringer position in each segment. This increases sales and market share.
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10
Q

Niche Marketing

A
  • Appeals to smaller and more specific market segments
  • Good startegy for smaller firms that have limited resources
  • Few competitors
  • Take advantage of opportunities that have been overlooked by larger firms
  • Enables businesses to make their products more efficiently and effectively
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11
Q

Consumer Profile

A

Understanding consume profile is key to effective targeting.
Consumer profile is the characteristics of consumers of a particular product in different markets based on their gender, age, income level among other characteristics.

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12
Q

Positioning

A

Product positioning involves analyzing how consumers define or percieve a product compared to other products in the market.
Marketers have to plan positions that will give them competitive advatages.

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13
Q

Importance of a position map

A
  • Helps establish competitors or threats
  • Identify important gaps or opportunities
  • Simple and quick way of representing data
  • Helps firms target specific segments
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