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CH4 Flashcards

(13 cards)

1
Q

What is market segmentation

A

Dividing a market into smaller consumer groups with distinct needs or characteristics and consumption pattern

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2
Q

Methods of segmenting a market

A
  1. Geographic segmentation
    - by region, country etc
  2. Psychographic segmentation
    - social class, lifestyle, personality, characteristics
  3. Behavioral segmentation
    - by occasion, by usage rate, by benefit, by degree of customer loyalty
  4. Demographic segmentation
    - age, gender, income level
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3
Q

What is target marketing

A

It is the process of evaluating the attractiveness of different markets and selecting one or a few to another

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4
Q

Factors considered when evalutating market segment for it’s attractiveness

A
  1. The size and growth of market
  2. The operating characteristic of the market
    - the no. of subsitutes of product
    - power of supplier and power of connsumer
    - pressence of aggressive and powerful competitors
  3. The objectives and resources of company
    - e.g not attractive when payback period is long
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5
Q

3 strategies used to select target markets

A
  1. Differenciated marketing
  2. Undifferenciated marketing
  3. Concentrated marketing
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6
Q

What is undifferenciated marketing and its advantages and disadvantges

A

It is when the marketer ignores the segment differences and target the entire market with one product

+ offering one product to the entire market is efficient in terms of production and marketing

  • may not satisfy the different needs and wants of the market
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7
Q

What is differenciated marketing and it’s advantage and disadvantage

A

The marketer chooses several market as his target markets and tailor products to each of them

+ can better satisfy the needs and wants of more customers by offering more products
+ increase total sales revenue

  • company needs to separate production and marketing effort to serve different segments, high operating costs may be incurred
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8
Q

What is concentrated marketing and it’s +/-

A

It is when marketer focuses the resources on one or a few small market segments ( market niches) \

+ Resources are pooled, thus a more efficient use of resources
+ giving satisfaction can give company better reputation and increase sales
+ can better understand customer requirements and tailor & satisfy more effectively

  • If the niche segment grows, it may attract large companies
  • higher risk because sales and profit drops if operating conditions becomes poor
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9
Q

What is positioning

A

Process by which a company creates an image for it’s product, then project it’s image in it’s target consumer’s mind

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10
Q

3 steps involved in positioning

A
  1. identifying competitive advantage
  2. selecting the right competitive advantage
  3. designing a positioning statement and communicating to target markets
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11
Q

How can companies identify and acquire competitive advantage

A
  • product differenciation
  • people differenciation
  • service differenciation
  • channel differenciation
  • image differenciation
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12
Q

2 issues to be conidered when selecting the right competitive advantage

A
  • how many should be selected
  • which should be selected
    • distinctive, profitable, affordable, important, communicatable, superior etc
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13
Q

3 areas to be covered when designing a positioning statement

A
  1. Product/ brand
  2. Benefit
  3. Targer comsumers
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