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Segmenting Targeting and Positioning Concepts
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Segmenting Targeting and Positioning Concepts
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What are the learning objectives of Lecture 4 on Segmenting, Targeting, and Positioning?
1. Describe what type of segmentation strategy a firm should use. 2. Determine the best method of segmenting a market. 3. Determine whether a segment is attractive to a firm and therefore worth pursuing. 4. Understand positioning and how firms use it.
What are the components of the situation analysis in marketing?
Customers, Company, Competitors, External Market Environment.
What are the elements of the marketing mix in relation to segmentation and targeting?
Product, Place, Promotion, Price.
What does market segmentation involve?
The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups.
What is a market segment?
A group of present or potential customers with some common characteristic which is relevant in explaining and predicting their response.
What are the geographic segmentation methods?
Location, Language, Cultural preference, Market size, Population density, Climate.
What demographic factors are considered in demographic segmentation?
Age, Income, Gender, Education, Occupation, Race, Ethnicity and/or religion, Family life cycle, Children Age, Marital Status.
What are the psychographic segmentation methods?
Personality, Motives, Lifestyles, Geodemographics, VALS, Resources, Self-orientation.
What are the behavioral segmentation methods?
1. Benefit - Groups customers based on the benefits they derive from the product (e.g., convenience, economy, prestige). 2. Occasion - Based on when a product is purchased or consumed (e.g., everyday vs special event). 3. Usage - Based on the level of usage (e.g., light vs. heavy user). 4. Loyalty - Based on level of customer commitment (e.g., not loyal vs. completely loyal).
What is the principle of the 80/20 rule in market segmentation?
A principle holding that 20 percent of all customers generate 80 percent of the demand.
What criteria should be used to evaluate segment attractiveness?
Accessible, Differentiable, Actionable, Measurable, Substantial.
What factors are considered when selecting target markets?
Segment size, Segment adoption percentage, Purchase behavior, Purchase price, Frequency of purchase, Profit margin percentage, Fixed costs.
What do the segment attractiveness categories High, Medium, and Low indicate?
They indicate the level of attractiveness of a market segment to a firm.
What are the advantages of targeting strategies?
Potential savings on production/marketing costs, Greater financial success, Economies of scale in production/marketing.
What are the disadvantages of a mass undifferentiated marketing strategy?
Unimaginative product offerings, Company more susceptible to competition, Cannibalization, High costs in product design, production, and promotion.
What is concentrated niche marketing?
A strategy that allows smaller firms to better compete with larger firms and better meet the needs of a narrowly defined segment.
What is positioning in marketing?
Developing a specific marketing mix to influence potential customers' overall perception of a brand.
What are the components of a positioning strategy?
Salient Attribute, Imagery, Emotion, Competition, Value, User, Competitor Benefits, Firm Benefits, Customer Needs.
What does perceptual mapping represent in marketing?
A means of displaying, in two or more dimensions, the location of products or brands in customers' minds.
What dimensions are often used in perceptual mapping?
Price and Style.
Based on the provided text, what is the positioning of Tide detergent?
Tough cleaning, color protection.
What is the positioning of Dreft detergent?
Fabric and skin safety on baby clothes.
What does the term 'firm competency' refer to in targeting strategy?
The ability of a firm to effectively compete and succeed in a particular market segment.
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Learn key concepts of segmenting, targeting, and positioning in marketing strategies.
Marketing
Targeting
Segmentation
Business Strategy
Positioning
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