Brands, Segmentation, Targeting, Positioning, Setting Marketing Objectives, Marketing Planning

Madeline Briscoe
Flashcards by Madeline Briscoe, updated more than 1 year ago
Madeline Briscoe
Created by Madeline Briscoe about 4 years ago


Masters Degree Marketing (Strategic) Flashcards on Brands, Segmentation, Targeting, Positioning, Setting Marketing Objectives, Marketing Planning, created by Madeline Briscoe on 12/28/2015.

Resource summary

Question Answer
what are the 4 key attributes of superior brands? quality superior service first to market differentiation
what is a brand? -a set of attributes that have a MEANING, and an IMAGE and PRODUCES ASSOCIATIONS with the product -it is about the VALUES generated in the minds of people as a consequence of the marketing communications effort
what is brand equity the VALUE of the brands' name, symbols, associations and reputation
how do you create a brand image? 11f2da9a-2749-4916-b031-d8c8625ddc3c.png (image/png)
what is segmentation? dividing a market into distinct groups of buyers with different needs, characteristics, or behaviour, who might require seperate products or marketing mixes - KOTLER
what is segment marketing? adapting a co's offerings so that they more closely match the needs of one or more SEGMENTS
what is niche marketing? adapting a co's offerings so that they more closely match the needs of one or more SUB-SEGMENTS. Often little competition e.g. people who want to use a camera underwater
what is micromarketing? companies tailor marketing programs to the wants and needs of a NARROWLY DEFINED demographic, psychographic or behavioural segment e.g. people who want to use a camera in deep sea
on what basis can people be segmented? geographic, demographic (age, race, income), psycographic (lifestyle, values), behavioural (occaisional purchase, loyalty)
what are the benefits of segmentation? -profitable if right resources to target different markets -defines the market -strengthens management capbilities -allocates marketing resources -sets marketing objectives
5 key requirements of segments 1. measurable 2. accessable 3. substantial 4. differentiable 5. actionable
what is targeting? the process of evaluating each market segment's attractiveness and selecting one or more segments to enter - AKBH
3 types of marketing UNDIFFERENTIATED (single mass market, one approach for all) DIFFERENTIATED (several markets, diff. approach for all) CONCENTRATED (single well-defined market, one approach, create niche segments within your segment)
what is product positioning? attempt to make a product occupy a clear, distinctive and desirable place (relative to competing products) in the minds of target consumers - AKHB
what are the different positioning strategies? attribute positioning positioning on benefits user positioning application positioning competitor positioning category positioning quality/proce positioning
what are the strategic marketing objectives? build, hold, harvest, divest
if building a company, how do you determine which growth strategy to use? ANSOFF MATRIX existing market, existing product - MARKET PENETRATION existing market, new product - PRODUCT DEVELOPMENT existing product, new market - MARKET DEVELOPMENT new product, new market - DIVERSIFICATION
what are the non-growth strategies? MAINTENENCE (sustain revenues/market share, squeeze short term profits, prepare for future growth) RETRENCHMENT (exit markets, drop products, downsize marketing, close in orderly fashion)
what is a marketing planning? the process by which businesses analyse the environment and their capabilities and decide upon courses of action to implement decisions
a marketing plan must be... relevant to the direction of the co. specific + measurable time defined consistent with mission, goals, SWOT consistent with each other
3 types of marketing plan objectives financial marketing societal
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