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PoM Ch9

Principles of Marketing Chapter 9

QuestionAnswer
Psychographic segmentation Segmentation method that delves into how consumers actually describe themselves
To determining psychographics Must involve in knowing and understanding self-concept and lifestyles
4 different targeting strategies Undifferentiated/mass marketing, differentiated, concentrated, micromarketing/one-to-one marketing
Undifferentiated targeting strategy (mass marketing) When everyone might be considered a potential user of its product
Differentiated targeting strategy To target serveral market segments with different offering for each
Concentrated targeting strategy When organization selects a single, primary target market and focuses all on providing a product to fit that market's needs
Micromarketing (one-to-one marketing) When firm tailors a product or service to suit an individual customer's wants or needs
Perceptual mapping step 1 Determine consumers' perceptions and evaluations in relation to competitors'
STP (Segmentation, Targeting, Positioning) process step 1 (Segmentation) Establish strategy or objectives
STP (Segmentation, Targeting, Positioning) process step 2 (Segmentation) Use segmentation methods
STP (Segmentation, Targeting, Positioning) process step 3 (Targeting) Evaluate segment attractiveness
STP (Segmentation, Targeting, Positioning) process step 4 (Targeting) Select target market
STP (Segmentation, Targeting, Positioning) process step 5 (Positioning) Identify and develop positioning strategy
Perceptual mapping step 2 Identify the market's ideal points and size
Perceptual mapping step 3 Identify competitors' positions
Perceptual mapping step 4 Determine consumer preferences
Perceptual mapping step 5 Select the position
Perceptual mapping step 6 Monitor the positioning strategy
Created by: ltt
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