Module 6: Segmentation, Targeting and Positioning Flashcards Preview

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Flashcards in Module 6: Segmentation, Targeting and Positioning Deck (84)
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1

marketing concept that works together to create and reinforce a product's image to consumers

segmentation, targeting and positioning

2

marketers include these 3 things in their strategic plans to guide marketers as they create programs to strengthen brands and ensure products stay fresh, relevant, and focused

target market profiles
personas
positioning statements

3

target market profiles, personas, and positioning statements are used to guide marketers as they strengthen their brands and to ensure products stay... (3)

fresh
relevant
focused

4

marketers need to have clear consumer insights on their target markets in terms of: (4)

product needs
price expectations
purchase habits
communication tools most used

5

helps marketers to group the market by similar characteristics and behaviours

segmentation

6

marketers choose a specific customer group/groups to target with their marketing strategy

targeting

7

helps us to understand how we compare to competitors who are offering similar g/s and what strategies we can use to be distinctive in minds of customers

positioning

8

aggregating prospective buyers into groups that have common needs and who respond similarly to marketing programs

marketing segmentation

9

putting buyers into groups that have similar consumption behaviour, attitudes, and target market profiles

marketing segmentation

10

marketers need to carefully consider who the potential ______ is for their marketing strategy

audience

11

help us group individual or business customers based on their similarities

segmentation strategies

12

companies have ________ and must be strategic in how they allocate time and money

limited resources

13

marketers develop this strategy to position their product as distinct as possible

product differentiation

14

key to successful product differentiation and market segmentation is finding the right balance between

satisfying customer's individual wants and doing so profitably

15

based on the idea that not everyone wants the same thing

differentiation

16

a piece of the market

market segment

17

market can be divided into 2 segments

1. consumer market
2. business market

18

aggregate group of individual consumers who purchase products for personal use

consumer market

19

aggregate group of companies and orgs who purchase products for business use

business market

20

4 forms of market segmentation strategies

mass marketing
segment marketing
niche marketing
individualized marketing

21

when a product with broad appeal is widely marketed to entire market with NO product or market differentiation

mass marketing

22

most common form of segmentation

segment marketing

23

involves the marketing of wide range of different products and brands to meet needs of an org's varied target market

segment marketing

24

a segment market strategy is followed by companies in the

business-to-business market

25

each product is catered to specific product needs of distinct target market

segment marketing

26

where company restricts its efforts of marketing a limited product line

niche marketing

27

where company aims its marketing efforts to a narrow but profitable single-segment of the market that is of marginal interest to major competitors

niche marketing

28

individualized marketing can also be called

one-to-one marketing

29

involves customizing products to fit individual needs

individualized marketing

30

marketing strategy that targets a market segment that is less commonly pursued

niche marketing