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STP
Marketing Exam #2
| Term | Definition |
|---|---|
| Defining a Market | - have a need/desire for a product - consumers must be able to purchase the product - consumers must be willing to use buying power - consumers must have authority to buy |
| Basis for Segmentation | 1. What / How We Buy 2. Who We Are |
| Defining What / How We Buy | Criteria... - BENEFITS SOUGHT BY CONSUMERS - Usage Rates - Brand Loyalty - Sensitivity |
| Defining Who We Are | Demographics, Psychographics, Geography |
| Demographics | organized by measurable + objective characteristic - age, income, race, gender, etc |
| Psychographics | involves knowing and understanding how consumers describe themselves - ex: personality, motive, lifestyle 3 Concepts --> Self-Value, Self-Concept, Lifestyles |
| Targeting | criteria for target markets... - Substantial; is market big enough? - Reachable; can we distribute there? - Identifiable; can we narrow the market down? - Responsive; will we get a positive response? - Profitable |
| Segmentation Strategies | Undifferentiated, Differentiated, Concentrated, Micromarketing |
| Undifferentiated Strategy | target everyone; used for basic commodities |
| Differentiated Strategy | target several market segments w/ a different marketing mix for each - higher market share, lower risk of failing because of diversification, efficient, higher return on investment - costly |
| Concentrated Strategy | selecting a single target market and focus all energy on providing a product to fit those needs; very specific + defined positioning |
| Micromarketing | firm tailors a good / service to suit an individual's wants and needs; provides a one to one marketing - uses past data from purchases to offer individualized g/s |
| Positioning | process of defining the marketing mix variables so consumers understand the product - helps communicate value proposition |
| Value Proposition | value = benefit / cost relation of price to quality is important to consumers |
| Positioning Methods | 1. Value Proposition 2. Salient Attributes; focuses product attributes 3. Symbols 4. Competition |
| Repositioning | trying to rebrand and change the perception surrounding the product |
| Cannibalization | occurs when sales of a new product cut into sales of a firm's existing products - be careful because line extensions can cause cannibalization |
Created by:
Zetiris
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