Week 5 - Customer driven marketing strategy Flashcards

1
Q

define market segmentation

A

Dividing a market into distinct groups of users who have different needs, characteristics or behaviours and who might require seperate products or marketing programs

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2
Q

define target marketing

A

process of evaluating each target markets attractiveness and selecting one or more segments to enter

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3
Q

define differentiation

A

differencing the market offering to creator superior customer value

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4
Q

define positioning

A

Arranging for a market offering to occupy a clear, distinct and desirable place relative to competing products in the mind of consumers

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5
Q

Market segmentation can be divided into

A

geographic segment:
region
city size
density

Demographic segment:
age
income
sex
occupation

Physiographic segment:
values/attitudes
personality
socioeconomic

Behavioural segment:
purchase occasion
benefits sought user status
loyalty status

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6
Q

define geographic segment

A

dividing the market into different geographical units such as nations states local and neighbourhoods

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7
Q

define demographic segmentation

A

dividing the market into segments based on ages, gender, income, occupation, education

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8
Q

Define psychgraphic segmentation

A

dividing a market into different segments based on social classes, lifestyle or personality characteristics

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9
Q

define behavioural segment

A

dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase or use the purchased item

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10
Q

define intermarket segmentation

A

forming segments of consumer who have similar needs and buying behaviour even though they are located in different countries

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11
Q

requirements for effective segmentation

A

SAAD

Accessible - able to be reached and severed

Sustainable - segment size is profitable (viable)

differentiable - segments are conceptually different and respond differently to different marketing mix

actionable - effective programs can be designed to serve segments

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12
Q

explain different market targeting strategies:

A

undifferentiated (mass) marketing - market coverage strategy in which firms decide to ignore market segment differences and produce one product
e.g. water

differentiated marketing - market coverage strategy in which firms decide to target several market segments and design different offer for each
e.g. nike

Concentrated marketing - Market coverage strategy in which firms goes after a large share of one few segments
e.g. rolex

Micro marketing - practice of tailoring products and marketing programs to needs and wants of specific individuals and local consumer

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13
Q

explain the common stages of differentiation and positioning

A

Identifying a set of differentiating competitive advantages

choosing the right competitive advantages

select overall position strategy

develop a position statement

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14
Q

define competitive advantage

A

advantage over competitors gained through lower prices, or more benefits

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15
Q

define value proposition

A

full positioning of brand - the full ix of benefits upon which it is positioned
e.g. more for more..

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16
Q

types of value propositions

A

more for more
same for less
less for less
more for less

17
Q

define positioning statement

A

A statement that summarises company or brand positioning - To (target segment) desiring (need) our (brand) is (concept) the (point of difference)

communicating the positioning statement:
All the company’s marketing mix efforts must support the positioning strategy