Topic 3: Segmentation, Targeting and Positioning + Research Flashcards
1
Q
What is the segmentation, targeting and positioning process.
A
- Strategy or objectives.
- Segmentation methods.
- Evaluate segment attractiveness.
- Select target market.
- Identify and develop positioning strategy.
2
Q
What kind of segmentation methods?
A
- Geographic.
- Demographic.
- Psychographic.
3
Q
What are psychographic segmentation methods?
A
About how consumers describe themselves.
4
Q
What are some other segmentation methods?
A
- Benefit segmentation groups consumers on the basis of benefits they derive from products.
- Behavioral segmentation divides consumers into groups on the basis of how they use the product, including occasion and loyalty.
5
Q
What are the factors of segment attractiveness?
A
- Identifiable.
- Substantial.
- Reachable; know product exists and know how to buy it.
- Responsive; must accept firms position and buy.
- Profitable.
6
Q
What are the segmentation strategies?
A
- Differentiated.
- Undifferentiated or Mass Marketing.
- Concentrated.
- Micromarketing or One-to-One.
7
Q
What are the positioning steps?
A
- Determine consumers perception and evaluations in relation to competitors.
- Identify the market’s ideal points and size.
- Identify competitors’ positions.
- Determine consumer preferences.
- Select the position.
- Monitor the positioning strategy.
8
Q
What is the marketing research process?
A
- Define objectives and research needs.
- Design the research.
- Collect data.
- Analyse and develop data.
- Action plan and implementation.
9
Q
What are the elements of an action plan?
A
- Executive summary.
- Body.
- Conclusions.
- Limitations.
- Supplements inc. tables figures and appendicies.
10
Q
What is primary data?
A
Collected to address specific research needs.
11
Q
What is secondary data?
A
Secondary data comprises information that has been previously collected.
