Module 6: Segmentation, Targeting and Positioning

Question 1

marketing concept that works together to create and reinforce a product’s image to consumers

Answer 1

segmentation, targeting and positioning

Question 2

marketers include these 3 things in their strategic plans to guide marketers as they create programs to strengthen brands and ensure products stay fresh, relevant, and focused

Answer 2

target market profiles
personas
positioning statements

Question 3

target market profiles, personas, and positioning statements are used to guide marketers as they strengthen their brands and to ensure products stay… (3)

Answer 3

fresh
relevant
focused

Question 4

marketers need to have clear consumer insights on their target markets in terms of: (4)

Answer 4

product needs
price expectations
purchase habits
communication tools most used

Question 5

helps marketers to group the market by similar characteristics and behaviours

Answer 5

segmentation

Question 6

marketers choose a specific customer group/groups to target with their marketing strategy

Answer 6

targeting

Question 7

helps us to understand how we compare to competitors who are offering similar g/s and what strategies we can use to be distinctive in minds of customers

Answer 7

positioning

Question 8

aggregating prospective buyers into groups that have common needs and who respond similarly to marketing programs

Answer 8

marketing segmentation

Question 9

putting buyers into groups that have similar consumption behaviour, attitudes, and target market profiles

Answer 9

marketing segmentation

Question 10

marketers need to carefully consider who the potential ______ is for their marketing strategy

Answer 10

audience

Question 11

help us group individual or business customers based on their similarities

Answer 11

segmentation strategies

Question 12

companies have ________ and must be strategic in how they allocate time and money

Answer 12

limited resources

Question 13

marketers develop this strategy to position their product as distinct as possible

Answer 13

product differentiation

Question 14

key to successful product differentiation and market segmentation is finding the right balance between

Answer 14

satisfying customer’s individual wants and doing so profitably

Question 15

based on the idea that not everyone wants the same thing

Answer 15

differentiation

Question 16

a piece of the market

Answer 16

market segment

Question 17

market can be divided into 2 segments

Answer 17

1. consumer market

2. business market

Question 18

aggregate group of individual consumers who purchase products for personal use

Answer 18

consumer market

Question 19

aggregate group of companies and orgs who purchase products for business use

Answer 19

business market

Question 20

4 forms of market segmentation strategies

Answer 20

mass marketing
segment marketing
niche marketing
individualized marketing

Question 21

when a product with broad appeal is widely marketed to entire market with NO product or market differentiation

Answer 21

mass marketing

Question 22

most common form of segmentation

Answer 22

segment marketing

Question 23

involves the marketing of wide range of different products and brands to meet needs of an org’s varied target market

Answer 23

segment marketing

Question 24

a segment market strategy is followed by companies in the

Answer 24

business-to-business market

Question 25

each product is catered to specific product needs of distinct target market

Answer 25

segment marketing

Question 26

where company restricts its efforts of marketing a limited product line

Answer 26

niche marketing

Question 27

where company aims its marketing efforts to a narrow but profitable single-segment of the market that is of marginal interest to major competitors

Answer 27

niche marketing

Question 28

individualized marketing can also be called

Answer 28

one-to-one marketing

Question 29

involves customizing products to fit individual needs

Answer 29

individualized marketing

Question 30

marketing strategy that targets a market segment that is less commonly pursued

Answer 30

niche marketing

Question 31

products and service offerings are also customized to meet individual needs

Answer 31

individualized market segmentation

Question 32

a specific group of existing and/or potential consumers to which marketers direct their marketing efforts

Answer 32

target market

Question 33

important that marketers chose a target market that is: (6)

Answer 33

``` accessible/actionable measurable profitable responsive stable unique/differentiable ```

Question 34

a target market profile can be developed using the 4 key segmentation variables

Answer 34

geographics demographics psychographics behaviouristics

Question 35

descriptor of a target market looks at where a target market lives

Answer 35

geographics

Question 36

is found through a company's market research info and other secondary data sources

Answer 36

demographics

Question 37

focuses on understanding consumer attitudes to life, their values, personalities, general interest, opinions and activities

Answer 37

psychographics

Question 38

psychographic info is based on

Answer 38

primary research

Question 39

Pepsi and Coke may vary slightly in taste but their target markets differ in attitudes, interests and opinions

Answer 39

psychographics

Question 40

concerned with how and why consumers use a product, why its purchased, desired benefits, how often purchased and used, and degree of brand loyalty

Answer 40

behaviouristics

Question 41

helps us get in the minds of consumers and understand them on a deeper level

Answer 41

target market profile

Question 42

also known as consumer profiles

Answer 42

personas

Question 43

take target market data and simplify and synthesize it so that human traits and characteristics become more memorable for marketers

Answer 43

personas

Question 44

personas add fictional details like: (2)

Answer 44

names | images

Question 45

bring target market data alive in one paragraph descriptions or snapshots of a typical consumer

Answer 45

personas

Question 46

can provide data needed to help us tailor messages and products to meet consumer's needs

Answer 46

research companies

Question 47

research companies and segmentation analytics companies include: (3)

Answer 47

environics Pitney Bowes SuperDemographics

Question 48

helps Canadian companies turn demographic, lifestyle, and behavioural data into customer insights, strategy, and results

Answer 48

environics

Question 49

provides granular segmentation data through its segmentation system, which results in 57 unique lifestyle clusters

Answer 49

Pitney Bowes PSYTE HD

Question 50

helps marketing campaigns, launch new products in appropriate markets, design cost-effective mailing and sampling products, streamline new offerings, and select profitable locations for new stores

Answer 50

postal code details

Question 51

it too provides data down to the postal code level

Answer 51

SuperDemographics

Question 52

all 3 research companies detail ______, ________, and _________ consumer info by postal code and provide software for detailed analyses

Answer 52

demographic psychographic behavioural

Question 53

all 3 research companies (environics, pitney bowes, superdemographics) detail demographic, psychographic, and behavioural consumer info by

Answer 53

postal code

Question 54

identifying consumer needs and common characteristics in the market should be done from a ________ perspective

Answer 54

customer/consumer

Question 55

when identifying consumer needs in the market you should be looking at what drives the category and what

Answer 55

future trends are evolving

Question 56

marketers should be able to easily identify common interests and trends by analyzing

Answer 56

- what products currently exist | - what areas of the market are expanding or shirnking

Question 57

marketers need to look for _________ and _____ in the market that point to common consumer/customer interests, usage patterns, and prevailing attitudes

Answer 57

clusters of products and gaps

Question 58

will identify the segments that exist in the market

Answer 58

cluster of products

Question 59

can provide marketers with data on market clusters which can help reveal profitable approaches and opportunities

Answer 59

segmentation analytics companies

Question 60

used to rate customers on how recent products were purchased, how often, and the dollar value of the transaction

Answer 60

RFM analysis

Question 61

RFM analysis stands for

Answer 61

recency frequency monetary value

Question 62

important to review the market from a _______ and NOT from a product perspective in step 2 of the marketing segmentation process

Answer 62

customer/consumer perspective

Question 63

marketers should use the following criteria to select a target market (5)

Answer 63

- market size - expected growth - competitive position - compatibility with orgs objectives - cost

Question 64

when taking action with marketing programs to reach segments, a ________ is implemented and developed

Answer 64

marketing plan

Question 65

marketers ___________ in the market to appeal to certain target groups

Answer 65

position products

Question 66

marketers position products in the market to present a particular

Answer 66

image relative to competition

Question 67

the impression of a branded product in the consumer's minds relative to their needs and in contrast to the competition

Answer 67

product positioning

Question 68

marketers create these to outline the position of the product

Answer 68

positioning statements

Question 69

marketers create positioning statements, then manage the _______ to meet this image

Answer 69

marketing mix

Question 70

when long-term consumer attitudes and interests change, companies

Answer 70

reposition products

Question 71

3 basic factors that surface in product positioning

Answer 71

image product attributes price

Question 72

products are often positioned as ______, ______, or ______ in the market

Answer 72

leaders contenders rebels

Question 73

products often take roles such as ______, _____, and _____ in product positioning

Answer 73

trusted prestigious thrifty

Question 74

products with features that differentiate them from the comp are often positioned on this platform bringing their product claims to the forefront

Answer 74

product attributes

Question 75

products with similar brand power and little differentiation, position themselves on a

Answer 75

price platform

Question 76

formalized statement that identifies the image a branded product represents in the market and what sets it apart from the comp

Answer 76

positioning statement

Question 77

are simple, clear, and focused

Answer 77

positioning statement

Question 78

positioning statement is structured as a

Answer 78

short paragraph

Question 79

visual representation of how products/ product groups/ categories are positioned in the market

Answer 79

positioning map

Question 80

visual representation of how a product compares to competitor's products in the eyes of consumers

Answer 80

positioning map

Question 81

used by marketers to identify gaps in the market and to review the competitive nature of the market

Answer 81

positioning map

Question 82

position maps illustrate where there are gaps in offerings and where there may be _____ for a company to ________ their product to satisfy new customer segment or meet an unmet need

Answer 82

space | reposition

Question 83

is created using market research to determine 2 product attributes in a particular category that are important to consumers

Answer 83

positioning map

Question 84

positioning maps map out products as perceived by consumers on attributes and illustrates

Answer 84

how you compare to the competition