Marketing an Introduction - Chap. 6

Value proposition

The brand's full positioning is called its _______ _______; the full mix of benefits on which the brand is positioned.

True

The effectiveness of the segmentation analysis depends on finding segments that are measurable, accessible, differentiable, and actionable. (true/false)

Positioning

______ is the market offerings in the minds of target customers.

Market targeting

_______ _______ evaluates each market segment's attractiveness and selects one or more segments to serve.

Local Marketing

Tailoring brands and promotions to the needs and wants of local customer segments-cities, neighborhoods, and even specific stores.

Differentiation

involves actually differentiateng the market offering to create superior customer value.

Market Segmentation

is the act of dividing a market into distinct segments of buyers with different needs.

differentiation and positioning

The _______ and _______ task consists of three steps: "Indentifying a set of possible differentiations that create competitive advantage", "choosing advantages on which to build a position", and "selecting an overall positioning strategy".

Competitive Advantage

An advantage over competitors gained by offering gerater customer value, either by having lower prices or providing more benefits that justify higher prices.

5 winning propositions

"More for more" - "more for the same" - "The same for less" - "Less for much less" - "more for less".

micro marketing

( or local or individual marketing) A market-coverage strategy where companies market very narrowly and taylor products and marketing programs to suit the tastes of specific individuals and locations.

Undifferentiated marketing

( or mass marketing) A market-coverage strategy where companies market very boradly.

Intermarket segmentation

(or cross-market segmentation)Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries.

Concentrated marketing

(or niche marketing) is a strategy where instead of going after a small share of a large market, a firm goes after a large share of one or a few smaller segments or niches.

Differenciated marketing

(or segmented marketing) is a strategy where a firm dicides to target several market segments and designs separate offers for each.

Customer-Driven Marketing Strategy

A _____-______ ______ ______ begins with selection of which customers to service and determining a value proposition that best serves the targeted customers. Consists of (4) steps: Market segmentation; market targeting; differentiation and positioning.

Right relationships, right customers

A customer-driven marketing strategy seeks to build the ______ with the ________.

Positioning Statement

A statement that summarizes company or brand positioning using this form: To (target segment and need) our (brand) is (concept) that (point of difference).

True

Business markets also can be segmented by business demographics )Industry, company size), operative characteristics, purchasing approaches, situational factors and personal characteristics. (true/false)

True

Company and brand positioning are summarized in positioning statements that state the target segments and need, the positioning concept, and specific points of difference. (true/false)

Age and Life-cycle segmentation

Dividing a market into different age and life-cycle groups.

Income segmentation

Dividing a market into different income segments.

Gender segmentation

Dividing a market into different segments based on gender.

Occasion segmentation

Dividing a market into segments according to occations when buyers get the idea to buy, actually make their purchase, or use the purchased item.

Benefit segmentation

Dividing the market into segments according to the different benefits that consumers seek from the product.

Major segmentation variables

Geographic, demographic, psychographic, and behavioral.

Phychographic segmentation

In _____ _____ , the market is divided into different groups based on social class, lifestyle, or personality characteristics.

Demographic segmentation

In _____ _____ the market is divided into groups based on demograhic variables, including age, life-cycle state, gender, income, occupation, education, relegion, ethnicity and generation.

Behavioral segmentation

In _____ _____, the market is divided into groups based on consumers' knowledge, attitudes, uses, or responses to a product.

Geographic segmentation

In ______ _____ the market is divided into different geographical untis. such as nations, regions, states, countries, cities or even neighborhoods.

Product position

The way a product is defined by consumers on important attributes-the place the product occupies in consumers' minds relative to competing products.

True

There is no single way to segment a market. (true/false)

Size and growth Characteristics, structural attractiveness, and compatibility with company objectives and resources

To tarket the best market segments, the company first evaluates each segment's _________, ___________ and ___________.