Flashcards
Market Selection
Cards in this deck (15)
- 1How does Keegan and Green define market segmentation?The process of identifying specific segments of potential customers with the same attributes who are likely to exhibit similar responses to the company's marketing mix
- 2What is the reason and purpose of segmentation?To identify and satisfy customer needs more precisely
- 3What are the general characteristics of market segmentation? and what are the advantages?- Geographic
- Language
- Political Factors
- Demography
- Economy
All provide a high degree of measurability - 4What are the specific characteristics of market segmentation? and what are the disadvantages?- Culture
- Lifestyle
- Personality
- Attitudes and tastes
All have a low degree of measurability, accessibility and actionability, but are very relevant - 5What are the common mistakes by companies in international market segmentation?- think that going abroad means geographic segmentation
- Try to capture the market all at once - 6What are the four criteria to make a feasible segmentation strategy?1. Measureability
2. Size
3. Accessibility
4. Responsiveness - 7Define Demographic Segmentationbased on measurable characteristics of populations i.e. income, population
- 8What is Psychographic Segmentation?Where people are grouped according to attitudes, values and beliefs i.e. Porshe realized that age wasn't a factor, but the value of showing off or rewarding hard work
- 9What is behaviour segmentation?Focus on how much as customer buys a product and how often they use it
- 10Define Benefit SegementationFocuses on the value equation - value= benefits/ price
Based on the understanding of the problem a product solves - 11Define Ethnic SegmentationBased on ethnicity, however marketers must recognize that today's populations are diverse
- 12Define TargetingFocus on the segments that can be reached most effectively, efficiently, and profitably
- 13What are the 4 International Targeting Strategies?Undifferentiated strategy - mass market
Focused/Concentrated strategy - niche
Differentiated strategy - targeting two distinct market segments i.e. focus on developed and low income
Customized strategy - - 14Define positioningis the process of designing a offer and image of the enterprise so that it occupies a distinct and valued place in the mind of the consumer. The objective of positioning a product or a service, is to make sure that it occupies a certain place in the mind of the consumer (importer), differentiating it from the competition.
- 15What are the 2 product positioning strategies?Functional - Product features, Price equality, use
Expressive - User, benefit, heritage
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- Marketing Flashcards on Market Selection, created by bobby_coles on 07/05/2015.
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- bobby_coles
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