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3rd Year Midterm > SM Chapter 3 > Flashcards

SM Chapter 3 Flashcards

1
Q

Typically done first including an examination of overall market characteristics, followed by an in-depth exploration of customer needs and related customer characteristics and behavior

A

Customer Analysis

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2
Q

is a combination of qualitative and quantitative research collected on your customers with the purpose of better understanding them in order to draw meaningful conclusions that will aid you in your marketing and outreach efforts.

A

Customer Analysis

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3
Q

allows you to determine the needs of your customers, the types of messaging they respond well to, and why they are or aren’t purchasing your product.

A

Customer Analysis

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4
Q

Armed with this information, you can make the changes necessary to increase growth.

A

Customer Analysis

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5
Q

Customer Analysis is consisting of:

A

MARKET ANALYSIS
CUSTOMER ANALYSIS

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6
Q

tries to establish the attractiveness of the overall market and potential segments within.

A

Market Analysis

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7
Q

involves answering a few questions.

A

CUSTOMER NEED ANALYSIS

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8
Q

IMPORTANCE OF CUSTOMER ANALYSIS

A
  1. Understand customer needs and preferences
  2. Better Customer Segmentation
  3. Identify customer behavior patterns
  4. Improve customer retention
  5. Enhance marketing strategies
  6. Optimize Product Development
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9
Q

Competitive analysis, also referred to as

A

Competitive Analysis

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10
Q

Is the process of identifying competitors in your industry and researching their different marketing strategies.

A

Competitor Analysis

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11
Q

You can use this information as a point of comparison to identify your company’s strengths and weaknesses relative to each competitor.

A

Competitor Analysis

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12
Q

Examines the competitors’ current positioning, strengths and weaknesses to spot opportunities for the firm

A

Competitor Analysis

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13
Q

HOW TO DO A COMPETITOR ANALYSIS

A
  1. Identify your competitors
  2. Create a competitor matrix
  3. Gather Background information
  4. Profile your competition’s target customers
  5. Focus on the 4 P’s
  6. Analyze the strengths and weaknesses – yours and your competitors’
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14
Q

What can you learn from competitor?

A

Identify your business’s strengths and weaknesses
Understand your market
Spot industry trends
Set benchmarks for future growth

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15
Q

It also examines the organization’s limitations or constraints, and how its values shape the way it does business.

A

Company Analysis

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16
Q

In an internal corporate analysis, the objective is to identify the organization’s strengths in terms of its current brand positioning and image, and the resources
the organization has (financial, human labor and know-how, and physical assets).

A

Company Analysis

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17
Q

How to Conduct a Company Analysis

A
  1. Set your objective
  2. Choose a framework
  3. Conduct Research
  4. Follow the framework
  5. Set your priorities
  6. Apply the findings
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18
Q

Establish goal or reason for conducting internal analysis

A

Set your objective

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19
Q

helps business leaders identify ways in which they can improve company function.

A

Internal Analysis

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20
Q

most important reasons to conduct internal an
analysis include identifying

A
  1. Company Strengths
  2. Structural Weakness
  3. Business Opportunities
  4. Possible Threats
  5. Viability in the marketplace
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21
Q

process is a three-step approach to marketing that helps businesses understand their target
market, develop a unique value proposition, and position their products or services in a way that is relevant to that market.

A

STP [SEGMENTATION, TARGETING, AND POSITIONING]

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22
Q

dividing the population of possible customers into groups.

A

Segmentation

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23
Q

Composed of a group of buyers who share common characteristics, needs, purchasing behavior, and/or consumption patterns.

A

Market Segment

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24
Q

WAYS TO SEGMENT A MARKET

A
  1. Geographic segmentation
  2. Demographic segmentation
  3. Psychographic segmentation
  4. Behavioral segmentation
  5. Needs-based segmentation
  6. Firmographic segmentation
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25
Q

Focus on Organization’s characteristics such as industry size and location

A

Firmographic segmentation

26
Q

Is the process of segmenting your customers into groups based on their experience of a particular problem or need

A

Needs-based segmentation

27
Q

Allows business to better understand the unique needs and preferences of different groups of customers, and tailor their products and marketing strategies accordingly.

A

Needs-based segmentation

28
Q

This involves dividing the market into groups based on location.

A

Geographic Segmentation

29
Q

example, a business might segment its market by country, region, or city.

A

Geographic Segmentation

30
Q

This involves dividing the market into groups based on factors such as age, gender, income, and education.

A

Demographic segmentation

31
Q

This involves dividing the market into groups based on factors such as personality, lifestyle, and values.

A

Psychographic Segmentation

32
Q

This involves dividing the market into groups based on factors such as purchase behavior, usage rate, and loyalty status.

A

Behavioral Segmentation

33
Q

are important to the consumer, but may not be
important for the buying decisions

A

Important attributes

34
Q

often are further down on the list of service
characteristics important to customers.

A

Determinant Attributes

35
Q

Differences between customers regarding
determinant attributes are therefore crucial for segmentation. (TRUE OR FALSE)

A

t

36
Q

is the practice of narrowing
down a target market into specific
segments of consumers with common
attributes and directing more
personalized marketing efforts toward
them.

A

Targeting

37
Q

means providing a relatively narrow product mix for a particular target segment.

A

FOCUS

38
Q

They identify the
strategically important elements in them
service operations and concentrate them
resources on them.

A

FOCUS

39
Q

The extent of a company’s focus can be described along two dimensions

A

Market Focus
Service Focus

40
Q

is the extent to which a firm
serves few or many markets,

A

Market Focus

41
Q

Describes the extent to which a firm offers few or many services.

A

Service Focus

42
Q

ACHIEVE COMPETITIVE
ADVANTAGE THROUGH FOCUS

A
  1. Fully-Focused
  2. Market-Focused
  3. Service-Focused
  4. Unfocused
43
Q

provides a limited range of
services (perhaps just a single core product)
to a narrow and specific market segment.

A

Fully-focused

44
Q

In a market-focused
strategy, a company offers a wide range
of services to a narrowly defined target
segment.

A

Market-Focused

45
Q

offer a narrow range of services
to a fairly broad market. Values and
delivers high quality, professional,
responsive and innovative service to
all customer

A

Service-Focused

46
Q

they try to
serve broad markets and provide a wide range
of services. The danger with this strategy is
that unfocused firms often are “jacks of all
trades and masters of none”.

A

Unfocused

47
Q

the unique place that
the firm and/or its service offerings
occupy in the minds of its consumers.

A

POSITIONING

48
Q

is concerned with creating, communicating, and maintaining
distinctive differences that will be noticed and valued by those customers the firm would
most like to develop a long-term relationship with .

A

Positioning Strategy

49
Q

Positioning strategy also known as a

A

market or brand positioning strategy

50
Q

FOUR TYPES OF POSITIONING STRATEGIES

A

Product Price
Unique Value Proposition
Product Quality
Competitive Positioning

51
Q

A reliable differentiation strategy is to link your product with a
competitive price point.

A

Product Price

52
Q

Highlight the features and benefits of your product as uniquely equipped to meet the
specific needs of your customer base.

A

Unique Value Proposition

53
Q

Customers are accustomed to paying more for higher product
quality, whether real or perceived.

A

Product Quality

54
Q

This strategy involves directly comparing your product
with your competitors’ to show how yours is better or unique.

A

Competitive Positioning

55
Q

PRINCIPLES OF POSITIONING

A
  1. A company must establish a position in the minds of its targeted customers.
  2. The position should be singular, providing one simple and consistent message.
  3. The position must set a company apart from its competitors
  4. A company cannot be all things to all people — it must focus its efforts.
56
Q

Four basic elements to writing a good positioning statement

A

Target Audience
Frame of reference
Point of difference
Reason to believe

57
Q

the specific group(s) of people that the brand wants to sell to
and serve

A

Target Audience

58
Q

the category in which the brand is competing

A

Frame of reference

59
Q

the most compelling benefit offered by the brand that stands
out from its competition

A

Point of difference

60
Q

proof that the brand can deliver the benefits that are
promised.

A

Reason to believe

61
Q

IMPORTANCE OF POSITIONING

A
  1. Helps businesses to standout
  2. Target specific customer segments
  3. Increases profitability and enhances brand reputation
  4. Drives competitive advantage

3rd Year Midterm (3 decks)

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