week 6 Flashcards

1
Q

how to segment market

A
  • Segmentation is about market as whole and want to segment based off diff characteristic and strategy
    o Once segment the market then find the target market to find customer that fall in love with product or service
    o Do this by finding position in segment
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2
Q

5 steps STP an d phases

A

1 startegy 2 segment bases –segment
3 eval 4-select - target
5 ID and dev postion strat- positioning

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3
Q

commmon segment bases

A

geo, demo, pyschographic, behavioural or multi like geodemo

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4
Q

what is done in segment

A
  • Segmentation is about market as whole and want to segment based off diff characteristic and strategy
    o Once segment the market then find the target market to find customer that fall in love with product or service
    o Do this by finding position in segment
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5
Q

geo, demo, pyscho and beahvioural answers

A

where they live, who they are, how they live, why do they buy

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6
Q
  • Geographic segmentation
A

(where they live)
o Organize to different groups depending where they live
o Continent country, urban, rural, climate
o Useful for product where need vary per region

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7
Q

demogrpahic

A
  • Demographic (who are they)
    o Age, gender, income, religion, education
    o Sort according to who they are with objective charerterstics
    o Easy to gather varibles
    o Good when combined with other not a purchase driver just describer
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8
Q

pyschographic

A
  • Psychographic is about how people describe themselves
    o Self-Values/personality: goals
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9
Q
  • Big 5 personality traits is and answers
A

openess, conscienscouss, extroversion, agreeablness, neurotiscm
Life goals and desires that dirve them
 Respect, belonging and fulfillment

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10
Q

VALS explores

A

intersection from pyschology, demographic and lifestyle

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10
Q

what is self concept and lifestyle

A

o Self-Concept: the way we see ourselves
o Lifestyles: how do we live our lives

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11
Q

vertical axis shows

A

level of resources

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12
Q

horizontal axis vals shows

A

self image

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13
Q

VALS types high resources/ inovtion and low

A

innovators high, suvirors low

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14
Q

VALS Primary motivations ideals high low

A

thinker, believer

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15
Q

VALS primary motivation achievment high low

A

achievers, strivers

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16
Q

VALS primary motivation self express high low

A

experience, makers

17
Q

what are behavioural segment

A
  • Behavioral is why they buy and how to use
    o Occasional segmentation
     Specific service during occasion like Christmas
    o Benefit segmentation
     Sales
    o Loyalty usage rate segmentation
     Reward cards
18
Q

eval segment attractivness answers

A

is it worth it to pursue

19
Q

4 charectersitics of segemtn are

A

be identifiable, reachable, responsive, substantial and profitable

20
Q

why segment must be able to ID

A

distinct too much overlap = strategy not meet needs

21
Q

why segment must be reachable

A

may need thing like license, reach through persausove communications if cant = no impact

22
Q

why segment must be responsice

A

market responds to our strategy

23
Q

why segment must be substaintial and how check

A

big enough and give profits
check with CLV

24
Q

in selecting target market 4 startegy

A

undifferentiated, differentiated, concentrated, micro market

25
Q

undifferentiated startegy in target market

A

o Undifferentiated targeting strategy- everyone is potential market

26
Q

differentiated target start

A

market as whole and have different target segments and for each one create different product to satisfy need
 Like Marriott with different brands and lines for markets
 Diversify ro lower risk but costly

27
Q

concentrated target start

A

niche target strategy
 Benefit start up

28
Q

what is micro marketing

A

personalized one to one tailor product or needs according to preference of consumers

29
Q

socially responsible target market

A
  • Socially responsible target market  deliver value by respecting environment and promote ethical practice
30
Q

eth9ical consideration in target market

A

o Ethical considerations  e transparent on actions performing
 Take care of consumer welfare health security safety and financial

31
Q

what is positioning

A

target market + differentiation
 Differentiation usually a statement on how to solve the need

32
Q

type of postiioning

A

value, attribute, beneifts, competiion, market leader

33
Q

what is value pos start

A

price to quantity

34
Q

what is attributes pos start

A

attribute important to target market, leadership innovation and quality

35
Q

what is beenfit pos start

A

menaing created by brand

36
Q

what is compeition pos start

A

face competition head to head on similar product, can try to differentiate in less competitive market good for consumers bad for business

37
Q

what is leadership start

A

leader in industry

38
Q

deriv perceptual map by

A

1- eval frims product in relation to compeitiors
* 2- ideal point and size
* 3- id competitor pos
* Determine cons8mer prefrences
* Select pos to dev new product and market needs
* 6- monitor pos strategy

39
Q

what is perceptual map

A

 Choose two attributes and ask the consumer how do I position myself and how my competitors position themselves

40
Q
  • Everything sum up with positioning statement what is it
A

o We start with what problem am I solving important for the consumer they care about how to solve there problems
o Then our brand is a concept that (point of difference)
o “To (target segment and need) our (brand) is (a concept) that (point of difference).”