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COMM 223 > session 5: segmentation, targeting, and positioning > Flashcards

session 5: segmentation, targeting, and positioning Flashcards

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1
Q

what is segmentation

A

dividing the total market into segments

based on needs, traits, or behaviours

might require separate marketing strategies or mixes

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2
Q

what is targeting

A

the process of evaluating each market segment’s attractiveness

selecting either a segment, or various segments to enter

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3
Q

what is differentiation

A

being different than what the rest of the market offers to generate greater customer value

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4
Q

what is product positioning

A

position your product in the mind of customers in a positive way

they Gotta think of you constantly

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5
Q

how do you create value for targeted customers

A

with the following:

segmentation

positioning

targeting

differentiation

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6
Q

is there a single way to do segmentation?

A

nah boy

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7
Q

what are the key bases for segmentation?

A

Geographic

Demographic

Psychographic

Behavioural

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8
Q

what is geographic segmentation (what does it involve)

A

Global regions

Countries

Region of country

Provinces

Cities

Neighbourhoods

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9
Q

what is the most popular base for segmenting customer groups?

why?

A

demographic segmentation

Easier to measure than most other types of variables

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10
Q

how so you do demographic segmentation

what are the aspects studied

A

Age and Life-Cycle

Gender

Household Income

Ethnic or Cultural Group

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11
Q

what is psychographics segmentation

A

Social class

Lifestyle

Personality characteristics

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12
Q

what is behavioral segmentation?

A

Dividing buyers into groups based on consumer knowledge, attitudes, uses, or responses to a product

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13
Q

what are the types of segments in behavioral segmentation?

A

Occasion-based purchases like Halloween or Christmas

Benefits sought:
Different segments desire different benefits from products
e.g. dirt bike vs city bike

User status:
Non-users, ex-users, potential users, first-time users, regular users

Usage rate:
Light, medium, heavy

Loyalty status: Divide into groups by degree of loyalty. e.g. Apple fan boys

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14
Q

what is multiple segmentation

A

Start with a single base and then expand to other bases

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15
Q

why should you use combined segmentation bases?

A

to identify better-defined target groups

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16
Q

do consumer and business markets use many if the same variables for segmentation, or are they completely different?

A

Consumer and business markets use many of the same variables for segmentation

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17
Q

what are the additional bases of segmentation that businesses use?

A

Operating characteristics

Purchasing approaches

Situational factors

Personal characteristics

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18
Q

how do you segment international markets?

A

Geographic location

Economic factors

Political and legal factors

Cultural factors

Intermarket Segmentation (cross- market segmentation)

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19
Q

Intermarket Segmentation (cross-market segmentation)

A

Segmenting consumers who have similar needs and buying behaviour even though they are located in different countries

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20
Q

what are the requirements for effective segmentation?

A

Measurable

Accessible

Substantial

Differentiable

Actionable

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21
Q

what does it mean for a market segment to be measurable?

A

the size

purchasing power

profile of the segment

can all be measured

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22
Q

what does it mean for a market segment to be accessible?

A

the segment can be effectively reached and served

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23
Q

what does it mean for a market segment to be substantial?

A

the segment is large and profitable enough to serve

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24
Q

what does it mean for a market segment to be differentiable?

A

the segments are distinguishable

they respond differently to different marketing programs

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25
what does it mean for a market segment to be actionable?
effective marketing programs can be designed for attracting and serving the segment
26
In evaluating different market segments, marketers must look at which three factors?
Segment size and growth Segment must match company objectives and resources Segment structural attractiveness
27
how do you evaluate a segment's size and growth?
collect and analyze data on segment sales, growth rates, and expected profitability
28
which target market segment should you choose when you think about size and growth?
Choose target market segment by figuring out which ones have the “right” size and growth characteristics
29
which target market segment should you choose when you think about size and growth?
# Choose target market segment by figuring out which ones have the “right” size and growth characteristics Small company can’t handle large growth/competitive segment
30
what does it mean for a segment to match company objectives and resources
your company should not change its target market if the other markets do not match the same objectives if economy is not doing well and cheaper cars are more popular, BMW will still not make a low-end car
31
what are the 5 forces that affect long-run segment attractiveness?
1. Competitors 2. New Entrants 3. Substitute products 4. Power of buyers 5. Power of suppliers
32
what are the characteristics of undifferentiated marketing (mass marketing)
Firm ignores market segment differences/opportunities and targets the whole market with one offer Focuses on what is common in the needs of consumers rather than on what is different The company designs a product and a marketing program that will appeal to the largest number of buyers
33
what are the characteristics of segmented marketing (differentiated marketing)
Firm targets several market segments and designs separate offers for each ex: Toyota produces different brands of cars, from Yaris to Lexus, each targeting a different group of car buyers
34
what are the characteristics of concentrated marketing (niche marketing)
Firm goes after a large share of one or a few segments or niches
35
what are the characteristics of micro marketing
Firm tailors products and marketing programs to the needs of specific segments includes local and individual marketing
36
what is local marketing?
tailoring brands and promotions to the needs and wants of a small group of people they live in the same city or neighbourhood or who shop at the same store
37
what is individual marketing?
tailoring products and marketing programs to the needs and preferences of individual customers mass customization
38
convenience stores practice which type of marketing?
micro marketing in this branch, they do local marketing stock their shelves with the items they know the people in their neighbourhood are likely to want
39
what are the factors in choosing a targeting strategy
company resources product variability Product’s life-cycle stage Market variability Competitors’ marketing strategies
40
which type of marketing makes the most sense when company resources are limited?
concentrated marketing makes the most sense
41
which type of marketing is better suited for uniform products such as grapefruit or steel?
undifferentiated marketing
42
Products that can vary in design, such as cameras and cars, are more suited to which types of marketing?
differentiation or concentration marketing
43
In the mature stage of the product life cycle, which type of marketing makes more sense to stick out of the crowd?
differentiated marketing
44
If buyers have the same tastes, buy the same amounts, and react the same way to marketing efforts, which type of marketing is the most appropriate?
undifferentiated marketing
45
if competitors use differentiated or concentrated marketing,, which type of marketing should definitely not be used?
undifferentiated marketing
46
when competitors use undifferentiated marketing, which type of marketing can competitors use to gain an advantage?
differentiated or concentrated marketing focusing on the needs of buyers in specific segments
47
what are the impacts of social responsible marketing? why?
Socially responsible marketing serves the interests of the company and consumers Social responsibility trumps profitability if marketing efforts are seen as exploitative or irresponsible
48
what is, the majority of the time, a product's positioning based on?
on the product’s brand name
49
what do a differentiation and positioning strategy involve?
1. Identifying differentiating competitive advantages 2. Selecting competitive advantage(s) on which to create position 3. Developing a value proposition and positioning strategy
50
1. Identifying differentiating competitive advantages
Understand customer needs better than competitors, then deliver more value Points of differentiation can occur anywhere in the entire customer experience
51
what defines the product in the customer experience?
Features performance style design
52
what defines services in the customer experience?
Expedient convenient careful delivery
53
what defines channels in the customer experience?
Coverage expertise performance
54
what defines people in the customer experience?
Well trained employees culture morale
55
what defines image in the customer experience?
convey distinctive benefits and positioning
56
2. Selecting competitive advantage(s) on which to create position
Can be one unique selling proposition (USP) (e.g. head and shoulders, gets rid of dandruff) can be multiple differences
57
which are the differences that should be promoted as competitive advantage
Important Distinctive Superior Communicable Preemptive Affordable Profitable
58
what does it mean for a competitive difference to be important?
the difference delivers a highly valued benefit to target buyers
59
what does it mean for a competitive difference to be distinctive?
Competitors do not offer the difference
60
what does it mean for a competitive difference to be superior?
The difference is superior to other ways that customers might obtain the same benefit
61
what does it mean for a competitive difference to be communicable?
The difference is communicable and visible to buyers
62
what does it mean for a competitive difference to be preemptive?
Competitors cannot easily copy the difference
63
what does it mean for a competitive difference to be affordable?
Buyers can afford to pay for the difference
64
what does it mean for a competitive difference to be profitable?
The company can introduce the difference profitably
65
3. the value proposition
the Value proposition is the full mix of benefits on which the brand is differentiated and positioned the square thingy which represents the possible value propositions
66
what are the possible value propositions
More for more More for same More for less Same for less Less for much less
67
which value proposition is harder to do in the long run?
more for less
68
what is an example of same for less proposition?
Walmart vs department store
69
what is the less for much less value proposition?
Fewer benefits for a much lower price
70
true or nah Marketing-mix efforts (4 Ps) must support the positioning strategy
truuuue
71
sometimes, position must be monitored, and sometimes adapted, but to what?
consumer needs values attitudes competitive fluctuations

COMM 223 (13 decks)

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