3

Question 1

market segmentation

Answer 1

geographic
demographic
psychographic
behavioural

Question 2

geographic

Answer 2

Dividing a market into different
geographical units, such as nations,
states, regions, counties, cities, or even
neighborhoods.

Question 3

demographic

Answer 3

Dividing the market into segments based
on variables such as age, life-cycle stage,
gender, income, occupation, education,
religion, ethnicity, and generation.

Question 4

psychographic

Answer 4

Dividing a market into different segments
based on lifestyle or personality
characteristics.

Question 5

behavioural

Answer 5

Dividing a market into segments based
on consumer knowledge, attitudes, uses
of a product, or responses to a product.

Question 6

positioning statement

Answer 6

A statement that summarizes company
or brand positioning using this form: To
(target segment and need) our (brand) is
(concept) that (point of difference).

Question 7

requirements for effective segmentation

Answer 7

1.measurable
2.substantial
3.accessible
4.differentiable
5.actionable

Question 8

selecting customers to serve

Answer 8

-targeting
-market segmentation

Question 9

deciding on value proposition

Answer 9

-differentiation
-positioning

Question 10

positoning

Answer 10

positioning the market offering to have a clear distinct value in the minds of the target consumer

Question 11

differentiation

Answer 11

differentiating the product to exhibit superior value to competitors

Question 12

targeting

Answer 12

identifying the target consumer

Question 13

segmentation

Answer 13

dividing consumers into segments based on characteristics and who might require different market strategies

Question 14

measurable

Answer 14

The size, purchasing power, and profiles of the segments can be measured.

Question 15

accessible

Answer 15

The market segments can be effectively reached and served.

Question 16

substantial

Answer 16

The market segments are large or profitable enough to serve. A segment
should be the largest possible homogeneous group worth pursuing with a tailored
marketing program. It would not pay, for example, for an automobile manufacturer to
develop cars especially for people whose height is greater than seven feet

Question 17

differentiable

Answer 17

The segments are conceptually distinguishable and respond differently
to different marketing mix elements and programs

Question 18

actionable

Answer 18

Effective programs can be designed for attracting and serving the segments

Question 19

target market

Answer 19

A set of buyers who share common
needs or characteristics that a company
decides to serve.

Question 20

different levels of market targeting

Answer 20

1. undifferentiated
2. differentiated
3. niche/concentrated
4. micromarketing

Question 21

undifferentiated marketing

Answer 21

A market-coverage strategy in which a
firm decides to ignore market segment
differences and go after the whole
market with one offer.

Question 22

differentiated

Answer 22

A market-coverage strategy in which a
firm targets several market segments
and designs separate offers for each
eg. marriot: ritz carlton, st regis, courtyard luxury or economical

Question 23

niche/concentrated

Answer 23

A market-coverage strategy in which a
firm goes after a large share of one or a
few segments or niches

Question 24

micromarketing

Answer 24

tailoring marketing to local marketing segments and specific individuals hyper customizable

Question 25

how should a firm choose its marketing strategy

Answer 25

Which targeting strategy is best depends on company resources, product variability, product life-cycle stage (mature stage - differentiated works best in early stage concentrated and undifferentiated works best), market variability, and competitive marketing strategies.

Question 26

If most buyers have the same tastes, buy the same amounts, and react the same way to marketing efforts what is the best marketing strategy

Answer 26

there's low market variability so an undifferentiated marketing strategy would be best in this case

Question 27

Competitive advantage

Answer 27

An advantage over competitors gained by offering greater customer value either by having lower prices or providing more benefits that justify higher prices.

Question 28

Which Differences to Promote? name 5

Answer 28

important distinctive preemptive affordable superior

Question 29

value proposition

Answer 29

The full positioning of a brand—the full mix of benefits on which it is positioned.

Question 30

Discuss how companies differentiate and position their products for maximum competitive advantage.

Answer 30

As the company is deciding which segments to enter, it must also decide on its differentiation and positioning strategy. The differentiation and positioning task consists of three steps: identifying a set of possible differentiations that create competitive advantage, choosing advantages on which to build a position, and selecting an overall positioning strategy. The brand’s full positioning is called its value proposition—the full mix of benefits on which the brand is positioned. In general, companies can choose from one of five winning value propositions on which to position their products: more for more, more for the same, the same for less, less for much less, or more for less. Company and brand positioning are summarized in positioning statements that state the target segment and need, the positioning concept, and specific points of difference. The company must then effectively communicate and deliver the chosen position to the market.

Question 31

Micheal porters 4 basic compeittive positioning strats

Answer 31

-overall cost leadership -middle of the road - differentiation -focus

Question 32

what 3 things do customers want in superior value

Answer 32

1. Operational excellence 2. Customer intimacy 3. Product leadership

Question 33

product leadership

Answer 33

-research and development is dominant -product innovation -flexible production

Question 34

-customer intimacy

Answer 34

-customer relationship management is important -loyal customers

Question 35

operational excellence

Answer 35

-ease of use -cost/price ratio -reliable product

Question 36

4 competitive positions that market strategy decision depends on

Answer 36

-market follower -market leader -market nicher -market challenger