WK10 - Segmentation and Positioning

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12 Terms

1

What is Marketing?

Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.

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2

Functions of Marketing

The 7 functions include distribution, financing, marketing information management, pricing, product/service management, promotion, and selling.

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3

The Marketing Mix

The marketing mix describes the factors that organisations consider when marketing a product or service, influencing customer purchase decisions.

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4

Market Segmentation

Market segmentation refers to categorising prospective buyers into particular groups based on common needs, which respond similarly to marketing actions.

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5

Key Pillars of Segmentation

The key pillars include geographics, demographics, psychographics, and behavioral factors.

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6

Market Targeting

Market targeting identifies people or organisations in a product-market toward which a firm directs its positioning strategy.

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7

Positioning

Positioning is the act of designing a company’s offering to occupy a distinctive place in the mind of the target audience.

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8

Factors Influencing Customer Behaviour

Factors include culture, social factors (like family), personal factors (age, lifestyle), and psychological factors (motivation).

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9

Competitive Positioning

Competitive positioning involves deciding the competitive stance an organization wishes to establish in relation to the target customer.

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10

Marketing Trends

Key trends include digital marketing, innovative technology-driven products, mass customisation, and relationship marketing.

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11

Market Target Positioning Effectiveness

The effectiveness of a positioning strategy is measured by how well management’s positioning objectives are achieved for the market target.

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12

Measurable Segmentation Criteria

Segmentation must be measurable, substantial, accessible, differentiated, and actionable.

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