W5 - Segmentation targeting and positioning

Question 1

How do you develop a marketing plan?

Answer 1

1. Situational analysis
2. Marketing objectives
3. Marketing mix
4. Implementation and control

Question 2

How should you conduct situational analysis?

Answer 2

Identify the target market segment, propose value positioning based on the needs of the consumer segment. Build brand image accordingly

Question 3

What does market segmentation mean in practise?

Answer 3

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

Question 4

What does targeting mean?

Answer 4

Evaluation of each potential segment and selecting the segment or segments to invest marketing resources/enter

Question 5

What does positioning mean?

Answer 5

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

Question 6

What four factors go into creating value for targeted customers?

Answer 6

• Segmentation
• Targeting
• Differentiate
• Positioning

Question 7

What are you aiming to do with positioning?

Answer 7

Want to embed into the mind of consumers your value proposition

Question 8

What are the three Ms in that influence a consumers purchasing decisions?

Answer 8

Memory, Me, Motivation

Question 9

How do you carry out market segmentation?

Answer 9

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.

Question 10

How do we normally divide markets into segments (4)?

Answer 10

• Geographic
• Demographic
• Psychographic
• Behavioural

Question 11

Which two methods of segmenting give the richest description of our target audience?

Answer 11

• Psychographic
• Behavioural

Question 11

What is covered by the term pschographic?

Answer 11

Activities, interests, opinions, attitudes, values, lifestyle

Question 12

What are geodemographics?

Answer 12

Geodemographics target in particular demographics in particular places

Question 13

What is demgraphy?

Answer 13

It refers to the identifiable and measurable characteristics of a population

Question 14

What is psychographic research also referred to as?

Answer 14

Lifestyle analysis

Question 15

What are the key points of psychographic segmentation?

Answer 15

Strong level of understanding of the person but need to connect to purchases

Question 16

What are a consumer’s AIO’s?

Answer 16

Activities, interests and opinions

Question 17

What is considered under behavioural segmentation?

Answer 17

• Usage occasion
• Loyalty
• Usage rate
• Usage status
• Benefits sought

Question 18

What are the 4 different types of marketing?

Answer 18

• Undifferentiated (mass)
• Differentiated (segmented)
• Concentrated (niche)
• Micromarketing (customisation)

Question 19

What are the 5 segment criteria for targeting?

Answer 19

Measurable
Accesible
Substantial
Differentiable
Actionable

Or DAAMS

Question 20

What is positioning?

Answer 20

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

Question 21

What is positioning in more detail?

Answer 21

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

Question 22

What are the steps in a positioning decision?

Answer 22

1. Analyse competitors positions
2. Define your competitive advantage
3. Finalise the marketing mix
4. Evaluate responses and modify as needed

Question 23

What sentence should you use for a positioning statement?

Answer 23

For (target audience), Brand X is the (competitive frame of reference) that (unique benefit offered), because (reason to believe)

Question 24

What is the ladder you should use to develop the positioning statement?

Answer 24

Attribute or feature
Functional benefit
Experiential benefit
Symbolic benefit

Question 25

How do you chose a positioning statement

Answer 25

You identify the one that has the core benefit most motivating to customers and most differentiated from the competition

Question 26

What is repositioning?

Answer 26

Repositioning establishes a new position in response to market changes

Question 27

When may repositioning be required?

Answer 27

• If your positioning is no longer relevant to your target audience
• Competition shares your positioning
• Changes in the external environment erode your competitive advantage

Question 28

What is Marketing Myopia?

Answer 28

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.

Question 29

What is a market?

Answer 29

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.

Question 30

What is the logical step after determining your market?

Answer 30

After determining the market, the next logical step is to determine how to differentiate and position the product.

Question 31

What is the aim of marketing management?

Answer 31

Marketing management is the art and science of choosing target markets and building profitable relationships with them.

Question 32

What is the process of reducing demand known as?

Answer 32

In this and other cases of excess demand, the needed marketing task, called demarketing, is to reduce demand temporarily or permanently.

Question 33

What does the product concept say?

Answer 33

The product concept holds that consumers will favour products that offer the most quality, performance and innovative features

Question 34

What is customer lifetime value?

Answer 34

The value of the entire stream of purchases that a customer makes over a lifetime of patronage.

Question 35

What is a company’s value chain?

Answer 35

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.

Question 36

What is marketing strategy?

Answer 36

Marketing strategy is the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.