week 6

Question 1

how to segment market

Answer 1

• Segmentation is about market as whole and want to segment based off diff characteristic and strategy
  o Once segment the market then find the target market to find customer that fall in love with product or service
  o Do this by finding position in segment

Question 2

5 steps STP an d phases

Answer 2

1 startegy 2 segment bases –segment
3 eval 4-select - target
5 ID and dev postion strat- positioning

Question 3

commmon segment bases

Answer 3

geo, demo, pyschographic, behavioural or multi like geodemo

Question 4

what is done in segment

Answer 4

• Segmentation is about market as whole and want to segment based off diff characteristic and strategy
  o Once segment the market then find the target market to find customer that fall in love with product or service
  o Do this by finding position in segment

Question 5

geo, demo, pyscho and beahvioural answers

Answer 5

where they live, who they are, how they live, why do they buy

Question 6

• Geographic segmentation

Answer 6

(where they live)
o Organize to different groups depending where they live
o Continent country, urban, rural, climate
o Useful for product where need vary per region

Question 7

demogrpahic

Answer 7

• Demographic (who are they)
  o Age, gender, income, religion, education
  o Sort according to who they are with objective charerterstics
  o Easy to gather varibles
  o Good when combined with other not a purchase driver just describer

Question 8

pyschographic

Answer 8

• Psychographic is about how people describe themselves
  o Self-Values/personality: goals

Question 9

• Big 5 personality traits is and answers

Answer 9

openess, conscienscouss, extroversion, agreeablness, neurotiscm
Life goals and desires that dirve them
 Respect, belonging and fulfillment

Question 10

VALS explores

Answer 10

intersection from pyschology, demographic and lifestyle

Question 10

what is self concept and lifestyle

Answer 10

o Self-Concept: the way we see ourselves
o Lifestyles: how do we live our lives

Question 11

vertical axis shows

Answer 11

level of resources

Question 12

horizontal axis vals shows

Answer 12

self image

Question 13

VALS types high resources/ inovtion and low

Answer 13

innovators high, suvirors low

Question 14

VALS Primary motivations ideals high low

Answer 14

thinker, believer

Question 15

VALS primary motivation achievment high low

Answer 15

achievers, strivers

Question 16

VALS primary motivation self express high low

Answer 16

experience, makers

Question 17

what are behavioural segment

Answer 17

• Behavioral is why they buy and how to use
  o Occasional segmentation
   Specific service during occasion like Christmas
  o Benefit segmentation
   Sales
  o Loyalty usage rate segmentation
   Reward cards

Question 18

eval segment attractivness answers

Answer 18

is it worth it to pursue

Question 19

4 charectersitics of segemtn are

Answer 19

be identifiable, reachable, responsive, substantial and profitable

Question 20

why segment must be able to ID

Answer 20

distinct too much overlap = strategy not meet needs

Question 21

why segment must be reachable

Answer 21

may need thing like license, reach through persausove communications if cant = no impact

Question 22

why segment must be responsice

Answer 22

market responds to our strategy

Question 23

why segment must be substaintial and how check

Answer 23

big enough and give profits
check with CLV

Question 24

in selecting target market 4 startegy

Answer 24

undifferentiated, differentiated, concentrated, micro market

Question 25

undifferentiated startegy in target market

Answer 25

o Undifferentiated targeting strategy- everyone is potential market

Question 26

differentiated target start

Answer 26

market as whole and have different target segments and for each one create different product to satisfy need  Like Marriott with different brands and lines for markets  Diversify ro lower risk but costly

Question 27

concentrated target start

Answer 27

niche target strategy  Benefit start up

Question 28

what is micro marketing

Answer 28

personalized one to one tailor product or needs according to preference of consumers

Question 29

socially responsible target market

Answer 29

* Socially responsible target market  deliver value by respecting environment and promote ethical practice

Question 30

eth9ical consideration in target market

Answer 30

o Ethical considerations  e transparent on actions performing  Take care of consumer welfare health security safety and financial

Question 31

what is positioning

Answer 31

target market + differentiation  Differentiation usually a statement on how to solve the need

Question 32

type of postiioning

Answer 32

value, attribute, beneifts, competiion, market leader

Question 33

what is value pos start

Answer 33

price to quantity

Question 34

what is attributes pos start

Answer 34

attribute important to target market, leadership innovation and quality

Question 35

what is beenfit pos start

Answer 35

menaing created by brand

Question 36

what is compeition pos start

Answer 36

face competition head to head on similar product, can try to differentiate in less competitive market good for consumers bad for business

Question 37

what is leadership start

Answer 37

leader in industry

Question 38

deriv perceptual map by

Answer 38

1- eval frims product in relation to compeitiors * 2- ideal point and size * 3- id competitor pos * Determine cons8mer prefrences * Select pos to dev new product and market needs * 6- monitor pos strategy

Question 39

what is perceptual map

Answer 39

 Choose two attributes and ask the consumer how do I position myself and how my competitors position themselves

Question 40

* Everything sum up with positioning statement what is it

Answer 40

o We start with what problem am I solving important for the consumer they care about how to solve there problems o Then our brand is a concept that (point of difference) o “To (target segment and need) our (brand) is (a concept) that (point of difference).”