Segmentation, Targeting & Positioning Flashcards

1
Q

Steps used to Select Customers to Serve

A

Segmentation & Targeting

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2
Q

Steps used to decide on a Value Proposition

A

Differentiation & Positioning

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3
Q

Targeting

A

Select which segment(s) to serve.

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4
Q

What does Positioning do?

A

Build and improve brand equity to chosen target (4ps).

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5
Q

What is Differentiation?

A

Differentiate the market offering to create superior customer value.

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6
Q

Homogeneous Market

A

A large proportion of customers have similar needs or wants.

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7
Q

Heterogeneous Market

A

Made up of individuals or organisations with diverse needs for products within a specific product class.

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8
Q

Consumer Market

A

Purchasers who intend to consume or benefit from the product and not to make profit.

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9
Q

Business Market

A

Individuals or groups that purchase a specific product for resale, direct use in producing other products or use in general daily operations.

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10
Q

Market Segmentation

A

Dividing a total heterogeneous market into homogeneous markets in order to design a marketing mix that matches the different needs.

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11
Q

Benefits of Market Segmentation

A

Improved customer retention, growth opportunities, Profitability, Effective communications, Segment dominance.

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12
Q

What does Demographic Segmentation do?

A

Often influences purchasing behaviour and preferences.

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13
Q

Geographic Segmentation

A

Putting people in postcode areas and small neighbourhoods based on lifestyle and demographic information.

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14
Q

Psychographic Segmentaion

A

Segments based on motives, lifestyle or personality traits.

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15
Q

Define Behavioural Segmentation

A

Segments based on consumer knowledge, attitudes, uses or responses to a product.

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16
Q

Benefits of Psychographic Segmentation

A

Deeper connection - personal and emotional level.

Differentiation - personalised marketing messages.

17
Q

When using Behavioural Segmentation…

A

it must be Identifiable, Recognisable and Accessible.

18
Q

Factors Affecting International Market Segmentation?

A

Geographic Location; Economic Factors; Political and Legal Factors; Cultural Factors.

19
Q

Must be taken into account when doing Business Market Segmentation

A

Geographic Location; Product Use; Type of Organisation; Customer Base Size.

20
Q

To be useful, Market Segments must be…

A

Measurable, Accessible, Substantial, Differentiable, Actionable.

21
Q

Undifferentiated Marketing

A

A firm ignores market segment differences and goes after the whole market with one product.

22
Q

Differentiated Marketing

A

A firm decides to target several market segments with seperate offers fro each.

23
Q

Niche Marketing

A

A frim goes after a large share of one or a few segments or niches.

24
Q

Mircromarketing

A

Tailoring products and market programs to need and wants of specific individuals and local customer segments.

25
Q

3 Steps of Differentiation and Positioning

A
  1. Identifying advantages.
  2. Choosing the right advantages.
  3. Selecting a positioning strategy.
26
Q

Competitive Advantage

A

Any advantage over competitors gained by offering greater customer value.

27
Q

What to look for when choosing a Competitive Advantage

A

Importance; Distictive; Superior; Communicable; Pre-emptive; Profitable.

28
Q

5 Winning Value Propositions

A
  1. More for more
  2. More for the same
  3. The same for less
  4. Less for much less
  5. More for less
29
Q

Position Statement

A

A statement that summarises company or brand positioning.

30
Q

Product Repositioning

A

May be required to strengthen market share and profitability.