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MARK 201 > Chapter 6 > Flashcards

Chapter 6 Flashcards

1
Q

What are the 4 steps needed to have a customer value-driven marketing strategy?

A

Market segmentation
Market targeting
Differentiation
Positioning

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2
Q

What is market segmentation?

A

Dividing the market into smaller groups of buyers with different needs, characteristics and behaviours and who might require separate marketing strategies/mixes.

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3
Q

What is market targeting?

A

Evaluating the market segments and selecting which ones to serve

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4
Q

What is differentiation?

A

Differentiating the market offering to create superior customer value

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5
Q

What is positioning?

A

Positioning the market offering in the minds of target customers

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6
Q

What is the goal of a customer value-driven marketing strategy?

A

To build the right relationships with the right customers.

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7
Q

What are the different variables used to segment a market?

A

Geographic
Demographic
Psychographic
Behavioural

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8
Q

What does geographic segmentation consist of?

A

Diving into different geographical units, like nations, regions, provinces, cities or neighbourhoods.

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9
Q

What does demographic segmentation consist of?

A

Dividing into groups based on age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.

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10
Q

What does psychographic segmentation consist of?

A

Dividing into groups based on social class, lifestyle, or personality characteristics

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11
Q

What does behavioural segmentation consist of?

A

Dividing into groups based on consumer’s knowledge, attitudes, uses, or responses concerning a product

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12
Q

What variables do business marketers use to segment?

A

Demographics (industry, company size)
Operating characteristics
Purchasing approaches
Situational factors
Personal characteristics

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13
Q

What does the effectiveness of the segmentation analysis depend on?

A

Finding segments that are measurable, accessible, substantial, differentiable, and actionable (MASDA)

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14
Q

What are the factors used to evaluate which is the best market segment?

A

size and growth characteristics
structural attractiveness
compatibility with company objectives and resources

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15
Q

What are the 4 market-targeting strategies?

A

Undifferentiated/mass marketing
Differentiated marketing
Concentrated/niche marketing
Micromarketing

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16
Q

What’s mass marketing?

A

Mass production, mass distribution, and same marketing for all customers

17
Q

What’s differentiated marketing?

A

Developing different market offers for several segments

18
Q

What’s niche marketing?

A

Focusing on one or a few market segments only

19
Q

What’s micromarketing?

A

Tailoring products/marketing programs to specific tastes of individuals and locations.

20
Q

What are the two subcategories of micromarketing?

A

Local marketing
Individual marketing

21
Q

What is local marketing?

A
22
Q

What is individual marketing?

A
23
Q

What are the factors to consider when choosing which market-targeting technique to use?

A

company resources
product variability
product life-cycle stage
market variability
competitive marketing strategies.

24
Q

What are the 3 steps of the differentiation and positioning process?

A

identifying a set of possible differentiations that create competitive advantage
choosing advantages on which to build a position
selecting an overall positioning strategy.

25
Q

What is the value proposition?

A

The brand’s full positioning, the mix of benefits on which the brand is positioned.

26
Q

What are the 5 winning value propositions?

A

More for more
More for the sasme
The same for less
Less for much less
More for less

27
Q

What’s more for more?

A
28
Q

What’s more for the same?

A
29
Q

What’s same for less?

A
30
Q

What’s less for much less

A
31
Q

What’s more for less?

A
32
Q

What does the positioning statement include?

A

the target segment and need
the positioning concept
specific points of difference

MARK 201 (16 decks)

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