W5 - Segmentation targeting and positioning Flashcards
How do you develop a marketing plan?
- Situational analysis
- Marketing objectives
- Marketing mix
- Implementation and control
How should you conduct situational analysis?
Identify the target market segment, propose value positioning based on the needs of the consumer segment. Build brand image accordingly
What does market segmentation mean in practise?
The process of dividing a market into groups of consumers with common needs for the purpose of selecting one or more segments to target with a distinct marketing strategy
What does targeting mean?
Evaluation of each potential segment and selecting the segment or segments to invest marketing resources/enter
What does positioning mean?
Position the market offering in the minds of consumers.
The process by which marketers develop a marketing strategy to influence how a particular market segment perceives a good or service in comparison to the competition
What four factors go into creating value for targeted customers?
- Segmentation
- Targeting
- Differentiate
- Positioning
What are you aiming to do with positioning?
Want to embed into the mind of consumers your value proposition
What are the three Ms in that influence a consumers purchasing decisions?
Memory, Me, Motivation
How do you carry out market segmentation?
Split the overall market into smaller groups with similar needs behaviours or characteristics. And then a design a marketing mix to meet their needs with a better fit than competitors.
How do we normally divide markets into segments (4)?
- Geographic
- Demographic
- Psychographic
- Behavioural
Which two methods of segmenting give the richest description of our target audience?
- Psychographic
- Behavioural
What is covered by the term pschographic?
Activities, interests, opinions, attitudes, values, lifestyle
What are geodemographics?
Geodemographics target in particular demographics in particular places
What is demgraphy?
It refers to the identifiable and measurable characteristics of a population
What is psychographic research also referred to as?
Lifestyle analysis
What are the key points of psychographic segmentation?
Strong level of understanding of the person but need to connect to purchases
What are a consumer’s AIO’s?
Activities, interests and opinions
What is considered under behavioural segmentation?
- Usage occasion
- Loyalty
- Usage rate
- Usage status
- Benefits sought
What are the 4 different types of marketing?
- Undifferentiated (mass)
- Differentiated (segmented)
- Concentrated (niche)
- Micromarketing (customisation)
What are the 5 segment criteria for targeting?
Measurable
Accesible
Substantial
Differentiable
Actionable
Or DAAMS
What is positioning?
Positioning is the process by which marketers develop a marketing strategy to influence how a particular market segment perceives a good or service in comparison to the competition
What is positioning in more detail?
An expression of the brands core promise that creates differentiation. It is reinforced by the marketing mix and occupies a place in customers minds relative to their needs
What are the steps in a positioning decision?
- Analyse competitors positions
- Define your competitive advantage
- Finalise the marketing mix
- Evaluate responses and modify as needed
What sentence should you use for a positioning statement?
For (target audience), Brand X is the (competitive frame of reference) that (unique benefit offered), because (reason to believe)
What is the ladder you should use to develop the positioning statement?
Attribute or feature
Functional benefit
Experiential benefit
Symbolic benefit
How do you chose a positioning statement
You identify the one that has the core benefit most motivating to customers and most differentiated from the competition
What is repositioning?
Repositioning establishes a new position in response to market changes
When may repositioning be required?
- If your positioning is no longer relevant to your target audience
- Competition shares your positioning
- Changes in the external environment erode your competitive advantage
What is Marketing Myopia?
Marketing Myopia, which is the phenomenon of a company paying more attention to the specific products it offers than to the benefits and experiences produced by those products.
What is a market?
A market is the set of actual and potential buyers of a product. These buyers share a particular need or want that can be satisfied through exchange relationships.
What is the logical step after determining your market?
After determining the market, the next logical step is to determine how to differentiate and position the product.
What is the aim of marketing management?
Marketing management is the art and science of choosing target markets and building profitable relationships with them.
What is the process of reducing demand known as?
In this and other cases of excess demand, the needed marketing task, called demarketing, is to reduce demand temporarily or permanently.
What does the product concept say?
The product concept holds that consumers will favour products that offer the most quality, performance and innovative features
What is customer lifetime value?
The value of the entire stream of purchases that a customer makes over a lifetime of patronage.
What is a company’s value chain?
A company’s value chain consists of the internal departments of a company, and cooperation between these departments is crucial to a company’s success.
What is marketing strategy?
Marketing strategy is the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.
