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IMC Lec#3
| Question | Answer |
|---|---|
| a three-step model that examines your products or services as well as the way you communicate their benefits to specific customer segments | (STP) Segmentation, Targeting, and Positioning |
| It means you segment your market, target select customer segments with marketing campaigns tailored to their preferences, and adjust your positioning according to their desires and expectations. | STP marketing model |
| Divide market into distinct groups of customers using segmentation practices | Segmentation |
| Determine which customer group to focus your marketing efforts on. | Targeting |
| Create product positioning and marketing mix that is most likely to appeal to the selected audience. | Positioning |
| a group of consumers who have very similar needs, wants and consumption behaviors | Market segment |
| Product-related needs reflect the fact that many products satisfy more than one need. For example, many branded products such as clothing, meet consumers’ functional needs as well as their symbolic needs | 1. Separate all consumers in the general market with similar product and service-related needs |
| Identifying customer needs is mission-critical for businesses looking to create a product that truly speaks to their customers’ problems | 2. Identify those consumers with similar needs and wants |
| Marketers cannot communicate with potential customers if they do not understand the reasons for consumers’ attitudes towards the product, why these consumers purchase the product and their media habits | 3. Group those consumers according to their demographics, values and lifestyles, and behavioral characteristics so that marketers can communicate with each group |
| The last key steps in market segmentation | 4. From those groups, select those consumer groups that are large enough to support customized marketing communication strategies |
| These groups should represent a substantial portion of the target market, ensuring that there is a sufficient number of potential customers to justify the investment in tailored marketing efforts. | Have a significant market size |
| The group should have identifiable characteristics, needs, and wants that differentiate them from other consumers. This allows for the development of marketing messages that resonate specifically with their unique attributes. | Exhibit distinct preferences and behaviors |
| The group should be accessible through various marketing channels, such as social media, email, traditional advertising, and public relations. It's important to be able to effectively deliver customized messages to these consumers. | Are reachable and addressable |
| The group should have the potential to generate significant revenue over time, making it worthwhile to invest in long-term relationships and customized marketing strategies | Have a high lifetime value |
| Examples of consumer groups that often meet these criteria include: | • Age groups: Millennials, Generation Z, Baby Boomers • Gender: Women, men • Income: High-income, middle-income, low-income • Education: College-educated, high school education • Location: Urban, suburban, rural |
| a market segmentation strategy that divides customers based on their actions, behaviors, and interactions with a brand or product. It's a valuable tool for businesses to tailor their marketing efforts and offerings to specific customer segments. | Behavioral segmentation |
| Key Behavioral Factors Considered: | • Purchase history: Frequency, recency, and monetary value of purchases. • Usage behavior: How often customers use a product or service. • Engagement: Interaction with a brand through social media, email, • Loyalty • Website behavior |
| (Benefits of Behavioral Segmentation) Tailoring messages and offers to specific customer segments | Targeted marketing |
| (Benefits of Behavioral Segmentation) Providing products and services that align with customer needs. | Increased customer satisfaction |
| (Benefits of Behavioral Segmentation) Building stronger relationships with loyal customers | Improved customer loyalty |
| (Benefits of Behavioral Segmentation) Converting more potential customers into paying customers. | Higher conversion rates |
| (Benefits of Behavioral Segmentation) Maximizing the value of each customer over time | Enhanced customer lifetime value |
| a digital marketing technique that uses data collected about a user's online activities to deliver personalized advertisements. This data can include browsing history, search queries, social media interactions, and even purchase history. | Online behavioral targeting |
| How online behavioral targeting works: | 1. Data Collection: Websites and apps track user behavior through cookies 2. Profiling: Collected data is analyzed to create a detailed profile of the user's interests 3. Targeting: Based on the profile |
| Benefits of Online Behavioral Targeting: | -Increased relevance -Improved ROI -Enhanced customer experience |
| Online Behavioral Targeting concerns and challenges: | -Privacy concerns -Ad fatigue -Lack of transparency |
| a marketing strategy that divides a market into smaller groups based on specific characteristics like age, gender, income, education, occupation, family status, religion, nationality, and more. | Demographic segmentation |
| a marketing strategy that divides a market into smaller groups based on geographic location and demographic characteristics. By combining these two factors, businesses can identify specific customer segments with similar needs. | Geodemographic segmentation |
| Benefits of Geodemographic Segmentation: | -Targeted Marketing -Improved Customer Experience -Increased Sales -Better Resource Allocation |
| Examples of Geodemographic Segmentation: | -Retail -Financial Services -Restaurants -Healthcare |
| the process of creating a unique image or identity for a product or service in the minds of consumers. It's about how your brand is perceived and differentiated from competitors | Brand positioning |
| Key Components of Brand Positioning: | -Target Market -Unique Selling Proposition -Brand Personality -Brand Promise -Brand Positioning Statement |
| Benefits of Strong Brand Positioning: | -Increased brand loyalty -Enhanced brand recognition -Improved brand equity -Greater market share -Effective marketing campaigns |
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