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9 Cards in this Set
- Front
- Back
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What are the various segmentation methods? |
- Geographic segmentation - Demographic segmentation - Psychographic segmentation - Benefit segmentation - Behavioral segmentation |
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What is a perceptual map? |
Displays in two or more dimensions, the position of products or brands in the consumers mind. |
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Identify the six positioning steps. |
- Determine consumer's perceptions and evaluations of the product or service in relation to competitors' - Identify the market's ideal points and size - Identify competitors' positions Determine consumer preferences - Select the position - Monitoring the position strategy |
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Examples of Geographic, Demographic, Psychographic, Benefits, and Behavioral segmentation. |
- Geograghic- Continents like North America and Asia. - Demographic- age, gender, income, education - Psychographic- lifestyle, self-concept, self-values. -Benefits- convenience, economy, prestige -Behavioral- occasion, loyalty |
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Geodemographic Segmentation |
Grouping of consumers on the basis of a combination of geographic, demographic, and lifestyle characteristics. |
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Describe how firms determine whether a segment is attractive and therefore worth pursuing. |
They evaluate whether they are: - Substantial - Reachable - Responsive -Profitable -Identifiable |
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The difference between targeting strategies: undifferentiated, differentiated, concentrated, or micromarketing. |
- Undifferentiated- firm uses this strategy when the product provides the same benefits to everyone -Differentiated- when a firm targets different markets because they offer something different. -Concentrated- when one market is selected, and all of their energies are focused on providing a product fitting their needs - Micromarketing- when a product is personalized to fit an individuals needs and wants. |
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Targeting Strategies |
- differentiated - concentrated - micromarketing - undiffertiated |
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STP Process |
- establish strategy or objectives - use segmentation methods - evaluate segment attractiveness - select target market - identify and develop positioning strategy |
