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Marketing Lesson 6
Market Segments, Target Markets and Product Positioning
| Question | Answer |
|---|---|
| Marketing Concept | we should identify consumer needs and create a marketing mix to meet those needs better than our competitors. |
| Marketing Segmentation | two choices. Market to everyone or segment the market or markets whose needs we meet or are not currently being met by our competitors |
| Segment Marketing 3 steps | market segmentation targeting product positioning |
| Niche Marketing | one specific target market often best for small companies in large market risky niche could be too small to be profitable |
| Differentiated Marketing | using several different marketing mixes to several target markets targets a large # can lead to large market share can be difficult to maintain cost efficiancy with multiple marketing mixes |
| Individual Marketing | customize to meet individuals needs ideal because the needs of individual customers are being met requires detailed info on each customer can be difficult/expensive |
| Demographic Segmentation | gender, age, race, ethnicity, income level, occupation, education level, household size or composition |
| Psychographic Segmentation | Based on social class, lifestyles, personality and beliefs Often generalized from activities, interests and opinions Can be difficult to categorize consumers but categorizations are likely to be more accurate than simple demographic segmentation |
| Benefits Desired Segmentation | Marketing based on which benefits are important to which customers requires extensive research |
| Purchase Rate Segmentation | Usage rate, brand loyalty, current or past user status Often results in reward-based or loyalty-building programs Can be used to stimulate individual marketing |
| Criteria for a "good" segment | consumers within a segment are homogenous consumers between segments are heterogenous the segment is profitable the segment is reachable |
| targeting | evaluating each market segment’s attractiveness and selecting one or more segments to enter |
| Two steps involved in targeting | 1.Developing measures of segment attractiveness 2.Selecting the target market |
| Segment Attractiveness | size expected cost expected growth competition company objectives and resources |
| Product Positioning | arranging for a product to occupy a clear, distinctive and desirable place relative competing products in the mind of target consumers |
| Two keys to product positioning | 1. Develop positioning for each target 2. Develop a market mix for each target |
| Brand Equity | The value of a brand to an organization brand loyalty,brand name awareness, perceived quality, brand associations |
| Brand Position | The perception of your brand in relation to competitor’s bands |
| Brand Image | how your brand is actually perceived by consumers. You CANNOT control this. |
| Brand Position | is how you want to be perceived by customers |
| Positioning | the process of communicating your brand position to consumers to try to make their brand image match your brand position |
| Positioning statement goal | Show consumers that your brand can offer them more value than the competition can |
| Position statement types | position by competitiors position by attribute position by use/application position by user position by class |
| perceptual map | chocolate milk kids adults high/low nutrition |
| lost horse forecast | making a forecast using the last known value |
| direct forecast | estimating the value to be forecast without any intervening steps |
| trend extrapolation | involves extending a pattern observed in past data into the future when described with a straight line it is linear trend extrapolation |
Created by:
lfowler322
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