Marketing Strategy Test 2 – Flashcards
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Market Segmentation
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divides market into well-defined slices. groups customers who share similar set of needs and wants.
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Measurable Substantial Accessible Differentiable Actionable
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Effective Segmentation Criteria
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Brand
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name, term, design, symbol or any other feature that identifies one seller's good or service as distinct from those of other sellers.
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Brands' Role for Consumers
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- Set and fulfill expectations - Reduce risk - Simplify decision making - Take on personal meaning - Become part of identity
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Brands' Role for Firms
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- Simplify product handling - Organize inventory and accounting - Offer legal protection - Create brand loyalty - Secure competitive advantage
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Branding
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- Process of endowing products and services w the power of a brand - Creating differences between products - Creates mental structures that help consumers organize their knowledge about products and services in a way that clarifies their decision and, in the process, provides value to the firm.
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Brand Equity
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- Value of a brand, from a consumer perspective - May be reflected in the way consumers think, feel and act with respect to the brand, as well as in the prices and market share.
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BrandAsset Valuator Brandz Brand Resonance Model
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Brand Equity Models
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Brand Asset Valuator
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- Energized differentiation - Relevance - Esteem - Knowledge
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Brandz
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- Meaningful, different and salient associations - Power, premium & potential outcomes
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- Brand element or identity choices - Product and accompanying marketing - Other Associations
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Brand Equity Drivers
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Memorable Meaningful Likable Transferable Adaptable Protectable
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Brand Element Choice Criteria
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Brand Audit Brand-Tracking Studies Brand Valuation
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Measuring Brand Equity
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1. Identify relevant set of competitive products serving a target market. 2. Identify the set of determinant attributes that define the "product space" in which positions of current offerings are located 3. Collect information from a sample of customers and potential customers about perceptions of each product on the determinant attributes 4. Determine brand's current location (positioning) in the product space and intensity 5. Determine customer's most preferred combination of determinant attributes 6. Examine the fit between preferences of market segments and current position of brands.
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Steps in the Positioning Process
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Market Positioning Analysis
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Measuring customers' preferences and locating them in the product space along with their perceptions of the positions of existing brands
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- Identifies the target market - States unique benefit of the product
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Positioning Statement
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- Similar to positioning statement - Includes information about pricing relative to competitors
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Value Proposition
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Incremental Improvements of Existing Product
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- kitchen aid food processor w dicing attachment - Samsung refrigerator w automatic sparking water dispenser
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Expansion of existing product line
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- diet coke (1982), coke zero (2004), caffeine free coke zero (2013) - marc by marc jabobs (in less expensive direction
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New product to firm, but not to world
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- zantac (after tagamet for ulcers) - cialis (after viagra for erectile dysfunction)
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New-to-World product/radical innovation
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- Tagament - Viagra
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- Relative Advantage - Compatibility - Complexity - Trialability - Observability
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Key Innovation Attributes
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Skimming
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Enter the market with no competition
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Share Maintenance
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primary objective of the early share leader in a growth market
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Share - Growth
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strategies that market challengers use under different conditions
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Competitive Strategies for Market Leaders
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Expanding total market demand - new customers - more usage Protecting Market Share - responsive anticipation - creative anticipation Increasing Market Share - buying higher market share
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Market-Follower Strategies
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- cloner - imitator - adapter
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Market-Nicher Strategies
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to be a leader in a small market - firms with low shares of the total market can become highly profitable through smart niching.
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Marketing Strategies: Maturity Stage
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Market Modification Product Modification Marketing Program Modification
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Market Modification
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brand new users and usage rate per customer
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Product Modification
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"new and improved" product. Feature improvement or style improvement.
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Marketing Program Modification
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modifying non-product elements as price, distribution and communications in particular.
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Marketing Strategies: Decline Stage
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Eliminating weak products harvesting and divesting
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Market Segment
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Question: Consists of a group of customers who share a similar set of needs and wants
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BrandDynamics Pyramid
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Quesiton: Aromas Inc. introduced a new line of shower gels. To analyze consumer reaction, the company interviewed people who bought them. When Sarah was asked why she had chosen the new shower gel, she said she bought it because a friend recommended it. Sarah is at "presence" level of the?
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Innnovators
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Question: In the category of adopters, the ______ read journals and magazines extensively, are more frequently exposed to innovative ideas, and are the "techies" of the marketplace, being willing to experiment with anything new. They have a high degree of self-confidence and are turned on by new widgets representing the latest technology. If your product turns them on, they are sold. If they are resellers, they can readily develop their own program to sell to their own customers. They may influence other buyers in their same group, but their purchases do not lead to a widespread trend. They are also the smallest group of potential buyers, representing only 2.5 percent of your market
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Early Majority
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Question: ________ are deliberate pragmatists who adopt a new technology when its benefits have been proven and a lot of adoption has already taken place. They make up the mainstream market.
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Flank Attack
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Question _____ strategy is appropriate when the market can be broken into two or more large segments, when the leader and/or other major competitors hold a strong position in the primary segment, and when no existing brand fully satisfies the needs of customers in at least one other segment.
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Crowdsourcing =
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Legos
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iPods were what because many people were able to switch with other products?
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compatible
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Google =
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Smash Hit
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Dvorak =
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Sure Failure
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Gillette =
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Easy sells
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Brand Strength Future Growth Value
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Energized Differentiation Relevance
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Brand Stature Current Operating Value
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Esteem Knowledge
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Step 1 of the Positioning Process
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identify relevant set of competitive products serving a target market.
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Segmenting by neighborhood
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geographical
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pampers use what to target newborns?
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life cycle
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outdoor oriented =
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psychographic segmentation
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User Status & Usage Rate?
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behavioral segmentation
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turkey on thanksgiving?
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occasion
