Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

3rd Year Midterm > SM Chapter 3 > Flashcards

SM Chapter 3 Flashcards

1
Q

Typically done first including an examination of overall market characteristics, followed by an in-depth exploration of customer needs and related customer characteristics and behavior

A

Customer Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

is a combination of qualitative and quantitative research collected on your customers with the purpose of better understanding them in order to draw meaningful conclusions that will aid you in your marketing and outreach efforts.

A

Customer Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

allows you to determine the needs of your customers, the types of messaging they respond well to, and why they are or aren’t purchasing your product.

A

Customer Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Armed with this information, you can make the changes necessary to increase growth.

A

Customer Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Customer Analysis is consisting of:

A

MARKET ANALYSIS
CUSTOMER ANALYSIS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

tries to establish the attractiveness of the overall market and potential segments within.

A

Market Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

involves answering a few questions.

A

CUSTOMER NEED ANALYSIS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

IMPORTANCE OF CUSTOMER ANALYSIS

A
  1. Understand customer needs and preferences
  2. Better Customer Segmentation
  3. Identify customer behavior patterns
  4. Improve customer retention
  5. Enhance marketing strategies
  6. Optimize Product Development
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Competitive analysis, also referred to as

A

Competitive Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Is the process of identifying competitors in your industry and researching their different marketing strategies.

A

Competitor Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

You can use this information as a point of comparison to identify your company’s strengths and weaknesses relative to each competitor.

A

Competitor Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Examines the competitors’ current positioning, strengths and weaknesses to spot opportunities for the firm

A

Competitor Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

HOW TO DO A COMPETITOR ANALYSIS

A
  1. Identify your competitors
  2. Create a competitor matrix
  3. Gather Background information
  4. Profile your competition’s target customers
  5. Focus on the 4 P’s
  6. Analyze the strengths and weaknesses – yours and your competitors’
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What can you learn from competitor?

A

Identify your business’s strengths and weaknesses
Understand your market
Spot industry trends
Set benchmarks for future growth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

It also examines the organization’s limitations or constraints, and how its values shape the way it does business.

A

Company Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

In an internal corporate analysis, the objective is to identify the organization’s strengths in terms of its current brand positioning and image, and the resources
the organization has (financial, human labor and know-how, and physical assets).

A

Company Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

How to Conduct a Company Analysis

A
  1. Set your objective
  2. Choose a framework
  3. Conduct Research
  4. Follow the framework
  5. Set your priorities
  6. Apply the findings
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Establish goal or reason for conducting internal analysis

A

Set your objective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

helps business leaders identify ways in which they can improve company function.

A

Internal Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

most important reasons to conduct internal an
analysis include identifying

A
  1. Company Strengths
  2. Structural Weakness
  3. Business Opportunities
  4. Possible Threats
  5. Viability in the marketplace
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

process is a three-step approach to marketing that helps businesses understand their target
market, develop a unique value proposition, and position their products or services in a way that is relevant to that market.

A

STP [SEGMENTATION, TARGETING, AND POSITIONING]

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

dividing the population of possible customers into groups.

A

Segmentation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Composed of a group of buyers who share common characteristics, needs, purchasing behavior, and/or consumption patterns.

A

Market Segment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

WAYS TO SEGMENT A MARKET

A
  1. Geographic segmentation
  2. Demographic segmentation
  3. Psychographic segmentation
  4. Behavioral segmentation
  5. Needs-based segmentation
  6. Firmographic segmentation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Focus on Organization's characteristics such as industry size and location
Firmographic segmentation
26
Is the process of segmenting your customers into groups based on their experience of a particular problem or need
Needs-based segmentation
27
Allows business to better understand the unique needs and preferences of different groups of customers, and tailor their products and marketing strategies accordingly.
Needs-based segmentation
28
This involves dividing the market into groups based on location.
Geographic Segmentation
29
example, a business might segment its market by country, region, or city.
Geographic Segmentation
30
This involves dividing the market into groups based on factors such as age, gender, income, and education.
Demographic segmentation
31
This involves dividing the market into groups based on factors such as personality, lifestyle, and values.
Psychographic Segmentation
32
This involves dividing the market into groups based on factors such as purchase behavior, usage rate, and loyalty status.
Behavioral Segmentation
33
are important to the consumer, but may not be important for the buying decisions
Important attributes
34
often are further down on the list of service characteristics important to customers.
Determinant Attributes
35
Differences between customers regarding determinant attributes are therefore crucial for segmentation. (TRUE OR FALSE)
t
36
is the practice of narrowing down a target market into specific segments of consumers with common attributes and directing more personalized marketing efforts toward them.
Targeting
37
means providing a relatively narrow product mix for a particular target segment.
FOCUS
38
They identify the strategically important elements in them service operations and concentrate them resources on them.
FOCUS
39
The extent of a company's focus can be described along two dimensions
Market Focus Service Focus
40
is the extent to which a firm serves few or many markets,
Market Focus
41
Describes the extent to which a firm offers few or many services.
Service Focus
42
ACHIEVE COMPETITIVE ADVANTAGE THROUGH FOCUS
1. Fully-Focused 2. Market-Focused 3. Service-Focused 4. Unfocused
43
provides a limited range of services (perhaps just a single core product) to a narrow and specific market segment.
Fully-focused
44
In a market-focused strategy, a company offers a wide range of services to a narrowly defined target segment.
Market-Focused
45
offer a narrow range of services to a fairly broad market. Values and delivers high quality, professional, responsive and innovative service to all customer
Service-Focused
46
they try to serve broad markets and provide a wide range of services. The danger with this strategy is that unfocused firms often are “jacks of all trades and masters of none”.
Unfocused
47
the unique place that the firm and/or its service offerings occupy in the minds of its consumers.
POSITIONING
48
is concerned with creating, communicating, and maintaining distinctive differences that will be noticed and valued by those customers the firm would most like to develop a long-term relationship with .
Positioning Strategy
49
Positioning strategy also known as a
market or brand positioning strategy
50
FOUR TYPES OF POSITIONING STRATEGIES
Product Price Unique Value Proposition Product Quality Competitive Positioning
51
A reliable differentiation strategy is to link your product with a competitive price point.
Product Price
52
Highlight the features and benefits of your product as uniquely equipped to meet the specific needs of your customer base.
Unique Value Proposition
53
Customers are accustomed to paying more for higher product quality, whether real or perceived.
Product Quality
54
This strategy involves directly comparing your product with your competitors’ to show how yours is better or unique.
Competitive Positioning
55
PRINCIPLES OF POSITIONING
1. A company must establish a position in the minds of its targeted customers. 2. The position should be singular, providing one simple and consistent message. 3. The position must set a company apart from its competitors 4. A company cannot be all things to all people — it must focus its efforts.
56
Four basic elements to writing a good positioning statement
Target Audience Frame of reference Point of difference Reason to believe
57
the specific group(s) of people that the brand wants to sell to and serve
Target Audience
58
the category in which the brand is competing
Frame of reference
59
the most compelling benefit offered by the brand that stands out from its competition
Point of difference
60
proof that the brand can deliver the benefits that are promised.
Reason to believe
61
IMPORTANCE OF POSITIONING
1. Helps businesses to standout 2. Target specific customer segments 3. Increases profitability and enhances brand reputation 4. Drives competitive advantage

3rd Year Midterm (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions