W3&4 CHAP 2 Flashcards
CHAPTER 2
______________________________is a marketing concept that breaks down into segments the customers based on similarity. Even though no two consumers are exactly similar to each other, there may be some commonality between them.
___________________________
Market segmentation
CONCEPT OF SEGMENTATION
:Such commonality parameter can be used to divide the market into relatively homogeneous groups. This is the essence of segmentation. Once such groups are made, it is easier to put concentrated effort on specific groups, popularly called targeting in marketing terminology.
MARKET SEGMENTATION
CONCEPT OF SEGMENTATION
____________________ is an increasingly important part of a strong marketing strategy and can make all the difference for companies in competitive market landscapes, such as e commerce.
___________________________
Market segmentation
CONCEPT OF SEGMENTATION
all consumers are treated as the same, with companies not making any specific efforts to satisfy particular groups. Eg. rice, sugar, rice
Undifferentiated Strategy
company chooses to focus, specialize and target only one segment of the market while leaving other segments to competitors. Eg. beauty parlor, Cebu Pacific
Concentrated Strategy
Company is trying to sell two or more specific segments’ consumers that are treated in different ways.
Differentiated Strategy
Once the market is divided into various homogeneous groups, the next task is to decide “whether to focus on all of them or any one”.
CONCEPT OF TARGETING
_________________________
Companies use _________________ to learn more about their consumers, this strategy is much more effective than mass marketing, as it targets the consumers most likely to interact with the brand or product, based on a buyer persona.
target marketing
CONCEPT OF TARGETING
is an approach whereby a company selects the whole market as one big market with no individual segments.
Undifferentiated Target Marketing
is an approach in which the company selects two or more segments to go after.
Multiple Segment Targeting
focuses on one or few segments or niches in a market.
Concentrated Targeting/Niche
__________________ is the space a brand occupies in the brains of customers.
Positioning
/POSITIONING STRATEGIES
_________________ involves an attempt to transform the consumer perceptions of a brand, generally the current
position that the brand holds has turned into less attractive.
Repositioning
REPOSITIONING COULD HAVE THE FOLLOWING:
_________________________- to enhance the brand’s perceived positioned comparative to competition.
Stronger Competitive Position
REPOSITIONING COULD HAVE THE FOLLOWING:
________________________- to produce added sales through a more appropriate offering, which must be communicated well to a different target market.
Enhanced Sales
REPOSITIONING COULD HAVE THE FOLLOWING:
___________________- done to simplify or to modify the brand’s target market.
Clearer Target Market
REPOSITIONING COULD HAVE THE FOLLOWING:
________________________ - repositioning allows the company to communicate effectively the important benefits and the present benefits of a product.
Better aligned to present market needs
REPOSITIONING COULD HAVE THE FOLLOWING:
___________________- products/brands will get a sound amount of _________________ which will help be in touch and strengthen the product’s repositioning goals
Possible media attention
___________________ means tailoring the marketing programs and products to suit the needs and wants of specific locations of specific individuals.
Micromarketing
______________ can take the form of local marketing and individual marketing.
Micromarketing
The _____________________ is the essence of a company’s strategy. It determines what it will do differently or better than the competition to achieve its obejectives.
Competitive Advantage
DEVELOPING COMPETITIVE ADVANTAGE & STRATEGIC FOCUS
Strategy intends to achieve cost leadership. Focus on automating Manufacturing processes and work procedures to make more efficient operations and trim down cost.
Operational Excellence
DEVELOPING COMPETITIVE ADVANTAGE & STRATEGIC FOCUS
Strategy intends to make a culture that continuously brings better-quality products to market. ___________________ reach premium to market prices due to the experience they produce for their customers.
Product Leadership
DEVELOPING COMPETITIVE ADVANTAGE & STRATEGIC FOCUS
Strategy centers on offering a distinctive range of customer services that consents to a personalized service and customized products to meet varying customer needs. Focus on the needs of the individual customer.
Customer Intimacy
