MKT CH 9 – Flashcards
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STP
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segmentation, targeting, positioning
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market segmentation
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dividing a total market into groups of consumers who have similar needs and who respond similarly to marketing actions.
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why segment
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diversity in needs and behaviors, improve effectiveness and efficiency of marketing actions
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steps in segmentation
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group buyers group products develop market product grid select target markets marketing actions
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geographic and demographic segmentation
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area and age etc does not predict consumer sales
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psychographic segmentation
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Personality, lifestyle, social class (upper middle, middle, working class) Activities, interests, opinions, attitudes, values
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behavioral segmentation
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Usage pattern (heavy, moderate, light), usage occasions Channels (online, store, catalog) User status (regular, potential, non) Benefits sought (For example: Bicycle market - exercise vs. adventure sport vs. transportation) or (Detergent market - cleaning, softness, pureness)
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market product grid
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A framework to relate the market segments of potential buyers to products offered or potential marketing actions
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Market segmentation involves aggregating prospective buyers into groups that have common needs and will
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respond similarly to a marketing action
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market-product grid is a framework to relate
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the market segments of potential buyers to products offered or potential marketing actions by an organization
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A business firm goes to the trouble and expense of segmenting its markets when
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it expects that this will increase its sales, profit, and return on investment.
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Which marketing program strategy does a firm use to sell a single product or service to multiple market segments?
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developing separate promotional campaigns for each market
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targeting strategies
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single target market approach one product, multiple target approach multiple products, multiple targets approach mass customization
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positioning
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place that a product occupies in consumers minds relative to competitors products
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head to head positioning
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compete on similar product in same target market
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differentiation positioning
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positioning brand away from others
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Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as
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market segmentation
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Alka-Seltzer was made originally as a hangover remedy that cured the headache and settled the stomach. Today you can buy Original Alka-Seltzer, Extra Strength Alka-Seltzer, Alka-Seltzer Morning Relief (for morning headaches and fatigue), and Alka-Seltzer Heartburn Relief. Each Alka-Seltzer product has a different formulation to relieve the specific malady for the specific targeted market segment. The maker of Alka-Seltzer is using
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product differentiation
