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
NEW REALTIES AND TRENDS IN MARKETING
______________ is one aspect of marketing that would not change regardless of the year. Marketing before and after digital transformation revolves around how customers see the business.
Visibility
______________________
Visibility is one aspect of marketing that would not change regardless of the year. Marketing before and after digital transformation revolves around how customers see the business.
NEW REALTIES AND TRENDS IN MARKETING
Customer experience is the heart of marketing for every industry. While it has always been a marketing focus, today’s businesses at least the successful ones have embraced customer-centric philosophies to create effective marketing strategies and positive digital transformation.
Increased focus on customer experience
Talk of measuring marketing has been on an endless loop lately.
Engaged and effective measuring analytics 2.0
With confessions from Facebook and others about how their data does not tell a complete story, then it is less than stellar. Expect business objectives to tie back profit, revenue, customer retention, and satisfaction
Engaged and effective measuring analytics 2.0
To make the first two trends on the list work, executives must be data-driven. As companies aim to connect email, social media, and paid, owned, and earned marketing strategies (among others), they must incorporate technology needed to implement and support it.
Marketing technologists & data scientists as the new marketing lieutenants
Expect Chief Marketing Technologists to lead this initiative. Studies show that four out of five enterprises do this already.
Marketing technologists & data scientists as the new marketing lieutenants
As companies work to individualize everything from Coca-Cola cans to shoes, mass customization has transitioned into personalization. For some businesses, this will mean ensuring touch points are specific and individual. For others, it’s simply streamlining the purchasing process and making it more responsive.
Personalized everything
Content is still king, but the kind of content that rules the web is changing. Social content, reviews, blogs, papers, and eBooks are all still crucial aspects of marketing, but the video will be the rage moving forward.
Better video content
Considering the success of games like Pokémon Go, except virtual and augmented reality to take us into the future. Brands that fail to incorporate visuals and videos will be left by the wayside.
Better video content
_____________ is still king, but the kind of content that rules the web is changing. Social content, reviews, blogs, papers, and eBooks are all still crucial aspects of marketing, but the video will be the rage moving forward.
Content
Companies need to change the way that they think about social media. _________________________ should market less and sell more. Often, brands use social media to blast highly generic content. Content that people are ignoring.
Social media strategies
More social media marketing
________________________ should be personalized too, and it is not too hard to accomplish. Use ___________________ for the frontline marketing of sales and services. Use it to engage with consumers, not blast messages
Social media
More social media marketing
The ____________________ has been in its infancy. In 2017, expect companies to leverage the power of billions of connected devices. A marketer’s dream. Collecting and making that data useful, though, will be the key.
Internet of Things
Embrace the IoT
Beacons, sensors, edge devices, TVs, clothes, fitness brands, and more are all producing useful data, meaning more opportunities to get closer to the customer. Expect the _________ to transform how companies leverage tech and data.
Embrace the IoT
Providing positive customer experience and service means leveraging the power of technology. Asking locals for advice on where to eat is good, but they do not know whether they like spicy food or have a gluten intolerance.
Chatbots & AI go mainstream
Imagine a ___________ who knows people’s likes, dislikes, and needs and can guide on where to eat, how to travel, or where to shop. _____________ can use AI, deep learning, and data crumbs from across the web to understand and guide consumer behavior.
chatbots
Chatbots & AI go mainstream
__________________ with eyes out for opportunities to market and score has been hot the last few years.
Real-time marketing
Right-time marketing instead of real-time marketing
Think of Oreo’s “Dunking in the Dark” campaign. As people now use data to isolate the best moment to connect with consumers, ___________ should switch to ____________.
- real-time
- right-time
Right-time marketing instead of real-time marketing
Many are suggesting that CMOs own digital transformation. What CMOs should actually own is the digital transformation “campaign”. It is the process of showing the market and teams that a company is trsnsforming.
Prepare for marketing to own digital transformation campaign
Do this by clearly explaining how these trends, along with digital initiatives, affect consumer experience and how the company is executing it.
Prepare for marketing to own digital transformation campaign
