Unit 3 Marketing- STDP – Flashcards
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Segmentation
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Dividing a market into smaller groups of buyers w/ distinct needs/ behaviors that might require separate marketing strategies or mixes
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Targeting
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Process of evaluating each market segments attractiveness and selecting one or more segments to enter
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Differentiation
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differentiating the market offering to create suuperior customer value
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Positioning
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arranging for a marketing offering to occupy a clear and desirable place relative to competing products in mind of the customers
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Undifferentiated Marketing
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firm decides to ignore market segment and go after whole market
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Differentiated Marketing
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a firm decides to target several segments and designs separate offerings for each
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Concentrated Marketing
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firm goes after a large share of one or a few segments or niches
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Micro marketing
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tailoring products to match needs and wants of peoples
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Benefit Segmentation
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Dividing segments according to benefit that customers seek from product
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Geographic Segmentation
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dividing a market into locations such as nations, regions, cities or neighborhoods
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Demographic Segmentation
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Segments based on age, gender, income, occupation, education, religion ethnicity
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Psychographic Segmentation
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segments based on social class, lifestyle, or personality characteristics
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Value Proposition
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full positioning of a brand- full mix of benefits
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Positioning Statement
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summarizes company or brand positioning
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Requirements for Effective Segmentation
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Measurable- Size, Profiles can be measured Accessible- Effectively reached and served Substantial- Large or profitable enough to serve Differentiable- segments conceptually distinguishable Actionable- Will it work
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Tools to Segment?
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Personal Segment, Psychographic Segment, Behavioral Segment(Benefit), Demographic Segment, Geographic Segmentation
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How to select a target market segment?
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Differentiated, undifferentiated, concentrated, micro-marketing
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Cross Marketing Segmentation
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Segmenting one whole to different types of ethnicities
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Position
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The market offering will will occupy in the minds of consumers
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How do companies differentiate?
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Marketing Mix
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Brands
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Nouns that w/ time and or money represent a market offering
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Unique Selling Proposition
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Boils down to the most valuable aspect of the brand
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Value Proposition Matrix
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More for More, More for the same, more for less, the same for less, less for much less
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How to differentiate: Look at competitors 5 areas
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1) Ability to conceive/design 2) Ability to Produce 3) Ability to Market 4) Ability to Finance 5) Ability to Manage/ Execute **Take info to matrix, include firm itself and competitors. Use a 10 point scale to rank all of the categories of each competitor.
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Positioning
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Marketers effort to identify a unique selling proposition Answers 3 questions: 1)Who are the customers 2)What is the set of needs that the product fulfills 3) Why is the product the best option Solving positioning is solving the marketing mix problem.
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Differentiation
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Should be clearly differentiated from other competitive product offerings.
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Vertically differentiated
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If all buyers agree that product A is better than product B. Therefore if they are the same price, no one will buy Product A
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Horizontally Differentiated
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If products A and B differ elsewhere than quality. If sold at same price, some will buy A and some will buy B
