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Makerting Management > STP > Flashcards

STP Flashcards

1
Q

What’s marketing most important insight?

A

Not all customers are the same

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2
Q

Different groups of customer desire…

A

different groups of benefits

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3
Q

Mass market strategy:

A

Very efficient, but not effective

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4
Q

Customized strategy:

A

Very effective but not always efficient

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5
Q

Segmentation:

A

Balance between effectiveness and efficiency

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6
Q

Why segment?

A

Competing Organizations
Difficult to satisfy with one product
Aggregation
Limited Resources

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7
Q

What is Customization Long Tail

A

Long range of products but in small quantity that is eventually as profitable than other selling a specified product in large quantity.

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8
Q

Vertical Segmentation?

A

By quality

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9
Q

Horizontal Segmentation

A

By taste

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10
Q

Both Horizontal and Vertical

A

Steve jobs with personal and professional for vertical and desktop or portable for horizontal.

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11
Q

Ideal segmentation is…

A

mutually exclusive and collective exhaustive

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12
Q

What are the typical segmentation criteria?

A

Geographic
Demographic
Purchasing
Situational
Beliefs, Attitudes…
Needs

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13
Q

Geographic example of segmentation?

A

KitKat

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14
Q

Demographic example of segmentation?

A

Coca-Cola

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15
Q

When should we segment?

A

when incremental value for customizing outweighs costs of developing separate offerings for each segment

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16
Q

What is targeting?

A

The process of evaluating one or more segments the focus of marketing mix offerings.

17
Q

The “Importance-Performance” Model

A

Should target people who (may) want to buy your product

18
Q

Targeting Strategies?

A

Undifferentiated Marketing Strategies
Differentiated Marketing Strategies
Customized Marketing

19
Q

Determine Segments Attractiveness

A

Get rid of all segments for which your ability to satisfy benefits score is lower than the competition (or change your 4Ps to improve your score)
Determine general attractiveness of remaining segments in terms of factor not (implicitly) already covered earlier in our model

20
Q

How to minimize cannibalization?

A

Multiple Target Approach

21
Q

Targeting Takeaways

A

Can’t market to all customer
How do we select the most appealing segments to target?
Do they want us?
Importance Performance Model
Do we want them?
Think about segment attractiveness
Consider impact on other segments, cannibalization and synergy

22
Q

Positioning?

A

The act of designing the company’s offering so it occupies a meaningful and distinct position in the target consumer mind.
Effective positioning is the act of linking products and services to the solutions that consumers seek.

23
Q

What is Developing a Positioning Strategy

A

It’s Deciding What position to occupy

24
Q

(Positioning)The Customers

A

What attributes matter to them?

25
Q

(Positioning) The Company

A

Unique and sustainable attributes

26
Q

(Positioning) The Competitors

A

A differential advantage that ideally cannot be easily matched.

27
Q

Some current beliefs/feelings that we might want to address?

A

Confusion about what category we are in
Doubts about the quality of our goods
The main/dynamic variable we dominate is not important

28
Q

How to Position?

A

Through the marketing mix: 4Ps

29
Q

What is the most useful tool to position a company on the market?

A

The Perceptual Map
Multiple Attributes Perceptual Map

30
Q

Traditional Positioning Statement Structure?

A

To (target audience), our (brand) is (the concept) that provides (what the main/dynamic variable is or does) because (reason). (Brand Character)

31
Q

Positioning Statements =/=…

A

Taglines

32
Q

Hard to move beliefs

A

Held beliefs are difficult to change, even when you provide the evidence that the belief is false.
Once you know something, hard to un-know it.
Related phenomena
Belief Perseverance
Curse of knowledge

33
Q

STP Recap

A

Segmentation Involves identifying and understanding different groups of consumers
Mutually exclusive and collectively exhaustive segments
Targeting involves selecting segments to pursue and considering targeted consumers’ perspective
Positioning: What do we need to say to induce the desired beliefs among our target audience?

Makerting Management (3 decks)

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