Study guide of marketing midterm 2
Chapter 6
List and briefly describe the four major steps in designing a customer-driven marketing strategy?
Marketing segmentation: Dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. Market targeting: The process of evaluating each market segments attractiveness and selecting one or more segments to enter.
Differentiation: Differentiating the market offering to create superior customer value
Positioning: Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Market segmentation: involves dividing a market into smaller groups of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
There is no single way to segment a market. A marketer must try different segmentation variables, alone and in combination, to find the best way to view the market structure.
Geographic segmentation: calls for dividing the market into different geographic units such as nations, regions, states, counties, cities, or even neighborhoods. A company may decide to operate in one or a few geographical areas or operate in all areas but pay attention to different geographical needs. Wal-Mart does this.
Demographic segmentation: divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality. JELL-O makes jello for children and for adults. Demographic factors are the most popular bases for segmenting customer groups.
Psychographic segmentation: dividing a market into different segments based on social class, lifestyle, or personality. Zipcar does this.
Behavior segmentation: dividing a market in to segments based on consumer knowledge, attitudes, uses, or responses to a product. M and Ms makes special m and ms for
List and briefly describe the four major steps in designing a customer-driven marketing strategy?
Marketing segmentation: Dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. Market targeting: The process of evaluating each market segments attractiveness and selecting one or more segments to enter.
Differentiation: Differentiating the market offering to create superior customer value
Positioning: Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Market segmentation: involves dividing a market into smaller groups of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
There is no single way to segment a market. A marketer must try different segmentation variables, alone and in combination, to find the best way to view the market structure.
Geographic segmentation: calls for dividing the market into different geographic units such as nations, regions, states, counties, cities, or even neighborhoods. A company may decide to operate in one or a few geographical areas or operate in all areas but pay attention to different geographical needs. Wal-Mart does this.
Demographic segmentation: divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality. JELL-O makes jello for children and for adults. Demographic factors are the most popular bases for segmenting customer groups.
Psychographic segmentation: dividing a market into different segments based on social class, lifestyle, or personality. Zipcar does this.
Behavior segmentation: dividing a market in to segments based on consumer knowledge, attitudes, uses, or responses to a product. M and Ms makes special m and ms for