STP Learning Modules
______ are goals for life, not just goals one wants to accomplish in a day. They are the overriding desires that drive how a person lives his or her life
Self-Values
Breakfast cereal manufacturers have separated the market into many segments. Kellog's makes several different types of breakfast cereal to __________________- several very diverse segments.
appeal to
The third step of the market segmentation process is to evaluate segment ____________________________, which is based on such criteria as its profitability, responsiveness, and reachability.
attractiveness
Firms using a(n) _______________ targeting strategy direct their efforts to several market segments with distinct brands and products offerings for each segment.
differentiated
Ease of developing distribution channels and brand familiarity is also known as market _______.
market access
Another term for self-concept is _______________.
self-image
Market positioning involves a process of defining the marketing mix variables so that the target customers ________________.
have a clear, distincitve understanding of the product
What are the marketing segmentation approaches
- geographic - demographic - psychographic - benefits - behavioral
- sugar, milk, packaged ic - proctor and gamble offers pantene, head and shoulders, dove, aussie - an infomercial firm sells a gadget to better fry and flip eggs in cooking - a florist designs the bride's and five attendants bouquets
- undifferentiated - differentiated - concentrated - micromarketing
Age, Gender, and income are all examples of __________________ segmentation variables
Demographic
Market differences across continents create opportunities for __________________
Geographic Segmentation
After establishing overall objectives, why do marketers then use a particular method or combination thereof to develop and describe segments?
Helps firms better understand the profile of each segment
True or false: a firm assesses attractiveness of a target market and its own competencies using a SWOT analysis.
TRUE
The ________________________ communicates the customer benefits to be received from a product or service --in other words, why a customer should purchase the product.
Value Proposition
_______________________ segmentation forms market segments based on the way consumers use a product, such as more frequently or with great loyalty
behavioral
A perceptual map is used in developing a positioning strategy in order to display the position of the products or brands in the ___________ mind.
consumer's
Benefit segmentation is often effective because it is relatively easy to portray a product's or service's benefits in the firms __________________ strategies.
coomunication
VALS shows __________________ between psychology and lifestyle choices.
correlations
When Kellogg's introduced Special K, the marketing communications about the product were meant to primarily appeal to women. this is an example of _______________ segmentation.
demographic
it is important to ensure that segments are distinct from one another because too much overlap between segments means that ___________________________________.
distinct marketing strategies are unnecessary to meet segment members' needs
Demographic segmentation is the most common segmentation strategy because these segments are ___________________
easy to identify
When a firm adapts a product or service to meet an individual customer's wants or needs, it is undertaking an extreme targeting strategy called ______________>
micromarketing
segmentation strategy
must be consistent with and derived from the firm's mission and objectives as well as its current situation—its strengths, weaknesses, opportunities, and threats (SWOT).
One of the benefits of a differentiated targeting strategy is that it allows the firm to ___________________.
obtain a bigger share of the market.
Strategic Business Insights called VALS is the most widely used ________________________ segmentation tool.
psychographic
While some segmentation methods rely on external descriptions and factors to break down the market, ______________ segmentation relies on consumers' descriptions of themselves.
psychographic segmentation
When everyone is considered a potential user of its product, a firm should use a(n) ________________________ targeting strategy.
undifferentiated