Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
7 Cards in this Set
- Front
- Back
|
DEFINITION: SEGMENTATION |
Segmentation is the process of dividing homogeneous populations into distinct sections which has different needs or wants. Segmentation can be based on a lot of things including, geography, behaviour, psychographics, and demographics. Good segments are accessible (can be reached and served), sustainable (large enough), differentiable (respond to different marketing efforts) and actionable(programs can be designed to serve them). |
|
|
DEFINITION: MARKET TARGETING |
Targeting occurs after segmentation, and is where an organisation chooses which markets it will service. Four key targeting strategies include mass-marketing, differentiated marketing, niche marketing and micromarketing. Organisations should consider the organisation resources, their products variability, products life-cyclestage, market variability, and competitors marketing strategies. |
|
|
DEFINITION: POSITIONING |
Positioning is arranging the organisations efforts to secure a clear, distinct, and defensible place in the market and in the minds of consumers. The organisation position and differentiation needs to be important to consumers, distinctive, superior,communicable to consumers, affordable and profitable. |
|
|
DEFINITION: COMPETITIVE ADVANTAGE |
An advantage a company has over its competitors by offering more customer value. This can be through lower prices, but can also be by providing a much better product at a higher price. |
|
|
DEFINITION: PSYCHOGRAPHIC SEGMENTATION |
Psychographic segmentation is segmentation based on the lifestyle, social class or personality characteristics. For example, a sky diving company segments the market based on those with a lifestyle that fits with extreme sports, and market in a way that attempts to attract this segment. |
|
|
Discuss the requirements for effectivesegmentation. Provide examples for each characteristics. |
MASDA Measurable:Able to measure the size, purchasing power and profiles of the segment. Accessible:Able to access or “get to” the segment. Sustainable:Large enough to be profitable in the longer term. Differentiable: Unique enough to respond to different marketing efforts. Actionable: Able to develop a program that targets the segment specifically. |
|
|
How do companies identify possible value differences andcompetitive advantages? Provide examples for each factor. |
Companies can identify value differences and competitive advantage by analysing how it delivers its product to consumers and the step along the way. This can include looking at differences in product, service,people, image, and channel. Apple provides superior product design, McDonald's offers faster service, Hog’s Breath has outgoing and personable staff, Coke hasa distinct image, and Amazon offers superior product distribution channels. |
