10 - Marketing Strategy Flashcards
(27 cards)
What is a company’s marketing strategy?
A comprehensive plan designed to achieve specific marketing objectives, focused on increasing sales, market share, or brand recognition.
What is the long-term goal of a marketing strategy?
To achieve sustainable competitive advantage by understanding and responding to customer needs and market dynamics.
What does STP stand for in the STP marketing concept?
Segmentation, Targeting, Positioning.
What is the first step in the STP concept?
Segmentation (dividing a broad market into sub-groups).
What is the second step in the STP concept?
Targeting (evaluating and selecting attractive market segments to serve).
What is the third step in the STP concept?
Positioning (creating a unique and desirable image for the product/brand in the minds of target customers).
In the STP concept, what is the purpose of “Positioning”?
To occupy a clear, distinctive, and desirable place in the target consumers’ minds relative to competitors.
Why is market segmentation important for businesses?
More effective marketing; better resource allocation; improved product development; enhanced customer satisfaction; competitive advantage; identification of new opportunities.
What are the five key criteria for useful market segments? (MASDA)
Measurable, Accessible, Substantial, Differentiable, Actionable.
What does “Measurable” mean as a segmentation criterion?
The size, purchasing power, and characteristics of the segments must be quantifiable or estimable.
What does “Accessible” mean as a segmentation criterion?
Segments must be reachable and serviceable through marketing channels.
What does “Substantial” mean as a segmentation criterion?
Segments must be large enough and profitable enough to serve.
What does “Differentiable” mean as a segmentation criterion?
Segments must be conceptually distinguishable and respond differently to marketing mix elements.
What does “Actionable” mean as a segmentation criterion?
Effective programs can be formulated for attracting and serving the segments.
Name three common bases for market segmentation.
Geographic, Demographic, Psychographic, Behavioral.
Which marketing mix model represents the traditional marketer’s/seller’s perspective?
The 4 P’s Model.
What are the four elements of the 4 P’s Model?
Product, Price, Place, Promotion.
Which marketing mix model represents the customer’s perspective?
The 4 C’s Model.
What are the four elements of the 4 C’s Model?
Customer, Cost, Convenience, Communication.
In the 4 C’s, what is the customer-centric equivalent of “Product” from the 4 P’s?
Customer
In the 4 C’s, what is the customer-centric equivalent of “Promotion” from the 4 P’s?
Communication.
Which marketing mix model is particularly relevant for the digital and experience-driven economy?
The 4 E’s Model.
What are the four elements of the 4 E’s Model?
Experience, Exchange, Everywhere, Engagement.
In the 4 E’s, what concept replaces “Place” and “Convenience”?
Everywhere (reflecting omnichannel presence).
