Unit 5- Segmenting, Targeting & Positioning

Question 0

what is segmentation

Answer 0

identify and describe market segments

process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics.

Question 1

what is target marketing strategy

Answer 1

dividing the total market into different segments based on customer characteristics, selecting one or more segments, and developing offerings to meet those segments needs.

Question 2

what is targeting?

Answer 2

evaluate segments and decide which to go after
Marketers evaluate the attractiveness of each potential segment n decide in which they will invest resources to try to turn them into customers
(which customers will we serve)

Question 3

what is positioning

Answer 3

design a good or service to meet a segments needs and develop a marketing mix that will create a competitive advantage in the minds of the selected target market
(how will we serve them?

Question 4

what are the segmentation variables?

Answer 4

demographic
geography
psychographic
behavioral

Question 5

what is target market?

Answer 5

set of buyers who share common needs or characteristics that the company decides to serve

Question 6

what should a viable target segment be?

Answer 6

homogeneous
measurable
substantial
actionable
accessible

Question 7

what is homogenous (viable target segment)

Answer 7

members with similar product needs/wants

Question 8

what is measurable (viable target)

Answer 8

in size and purchasing power

Question 9

what is substantial (viable target)

Answer 9

large enough to be profitable

Question 10

what is actionable (viable target)

Answer 10

staff/production capacity need to be big enough to serve the segments

Question 11

what is accessible (viable target)

Answer 11

reachable by marketing communications

Question 12

what is a undifferentiated targeting strategy?

Answer 12

(mass marketing) appealing to a broad spectrum of people

Question 13

what is differentiated targeting

Answer 13

target several market segments and designs separate offers for each

Question 14

what is concentrated targeting (niche mk)

Answer 14

offering one or more products to a single segment

Question 15

what is customized marketing?

Answer 15

tailoring specific products to individual customers

Question 16

what is mass customization

Answer 16

modifying a basic good or service to meet the needs of an individual

Question 17

what are perceptual maps?

Answer 17

a picture of where products/brands are located in consumers minds

Question 18

when segmenting by demographics?

Answer 18

age
gender (male vs female)
family structure (DINK-dual income w no kids) (DINKWAD-dual income w no kids with a dog) (DEWKS- dually employed with kids)
income
race n ethnicity

Question 19

when segmenting by geography?

Answer 19

world region or country
country region
city or metro size
density (urban, suburban, rural)
climate

Question 20

what is geocoding?

Answer 20

offline: “selective binding” technology allows to place specific ads in a subscribers copy based on their geographic target
online: customizes web ad so people who log on in different places see ad banners for local businesses (microtargeting)

Question 21

what is segmenting by pyschographics?

Answer 21

use of psychological, sociological and anthropological factors to construct market segments
(social class, lifestyle, personality)

Question 22

what is VALS

Answer 22

values, attitudes, and lifestyle

Question 23

what were the VALS results for my own test?

Answer 23

experiencer (primary)– motivated by self expression (“cool stuff”)
striver (secondary) trendy and fun loving (concerned about the opinions and approval of others)

Question 24

how many types of VALS are there?

Answer 24

8 types (thinkers, believers, achievers, strivers, experiencers, makers, innovators, survivors)

Question 25

what is the primary motivation?

Answer 25

ideals, achievement or self expression

Question 26

what are the high vs low resources:

Answer 26

energy, self-confidence, intellectualism, novelty seeking, innovativeness, impulsiveness, leadership, and vanity.

Question 27

what is segmenting by behavior ?

Answer 27

segments consumers based on how they act towar, feel about, or use a product (occasions, user status, usage rate)

Question 28

what is the 80/20 rule

Answer 28

20 percent of purchasers account for 80 percent of a products sales

Question 29

what is geodemography?

Answer 29

``` combines geography, demographics, and behavior and lifestyles ex PRIZM (divides the US consumer into different groups and segments) ```

Question 30

what is mass marketing

Answer 30

selling the same product to all consumers 1.came first 2.evolved with mass production 3 a shotgun approach

Question 31

what is targeted marketing

Answer 31

selecting a groups of consumers for marketing 1. new phenomena 2. rifle approach

Question 32

what is one to one marketing

Answer 32

process that outlines the steps companies take to target their best customers, form close, personal relationships with them and give them what they want

Question 33

what are benefits (behavior)

Answer 33

segmenting buyers by the benefits that they seek from the product

Question 34

what is usage

Answer 34

segmenting buyers by the frequency that they use/buy products

Question 35

what is application

Answer 35

segmenting buyers by the way in which they use products

Question 36

what is proximity marketing

Answer 36

new technology firms are using to segment and target buyers geographically within a few hundred feet of their businesses using wireless technology

Question 37

what is positioning

Answer 37

how consumers perceive a product relative to the competition

Question 38

what is tagline

Answer 38

a catchphrase designed to sum up the essence of a product

Question 39

what is repositioning

Answer 39

an effort to move a product to a different place in the minds of consumers

Question 40

what segments are needed in B2B markets?

Answer 40

price-focused segment, quality/brand focused segment, service focused, partnership-focused