Marketing Strategy: Target Marketing, Segmentation, and Opportunity Analysis

Vocabulary flashcards covering key concepts from the lecture notes on target marketing, segmentation, and opportunity analysis.

Target marketing

The process of selecting one or more market segments to serve with tailored offerings and messaging, based on identified needs and segment characteristics.

Market segmentation

Dividing a market into distinct groups with common needs that respond similarly to marketing efforts.

Market opportunity

Favorable demand trends where customer needs are not fully met by current offerings, creating a potential market entry.

Opportunity analysis

Steps to identify market opportunities by examining the marketplace, observing demand trends, and analyzing competition across segments.

Competitive advantage

Attributes that give a firm an edge over competitors, such as product quality, service, price, distribution, or branding.

Competitive landscape

The overall environment of competitors, incumbents, new entrants, and substitutes that shape a market.

Positioning

Crafting a product’s image and value proposition in customers’ minds relative to competing offerings; may involve repositioning.

Market segments

Distinct groups within a market that share common needs and respond similarly to marketing actions.

Undifferentiated marketing

Offering one product or service to the entire market with no segmentation.

Differentiated marketing

Targeting multiple segments with different offerings; example: multiple product lines for different consumer groups.

Concentrated marketing

Focusing marketing efforts on a single, large market segment to gain a substantial share.

Niche marketing

Focusing on a small, well-defined market segment to establish a specialized offering; often rewarding higher payoff in a focused area.

Market segmentation bases

Categories used to segment markets, including geography, demographics, psychographics, and behavioristic factors.

Geographic segmentation

Dividing markets by location or region (geography).

Demographics

Segmenting based on age, gender identity, family size, marital status, and income.

Psychographics

Segmenting based on personality, life cycles, lifestyles, and values.

Behavioristic segmentation

Segmenting based on product usage, loyalty, and buying responses.

Four P’s (Marketing mix)

The core decisions to deliver value: Product, Price, Place (distribution), and Promotion.

Micro segmentation

Creating very small, data-driven clusters within a market to target highly specific groups.

RFM analysis

A data-driven method using Recency, Frequency, and Monetary value to cluster customers by buying behavior.

Stata

A statistical software system used for data analysis and clustering in marketing research.

Prism

A data analytics tool that generates audience clusters and niched target audiences, often affordable for teams.

Three R’s (milk recovery campaign)

Replenishment (carbs), Repair (protein), Rehydration (fluids) as a framework for chocolate milk as a post-exercise recovery beverage.

On-site sampling

Providing product samples at events or locations to reach the target audience and encourage trial.

Endorsements

Strategic partnerships or athlete endorsements used to build credibility and reach for campaigns.

Integrated marketing approach

Coordinated, cross-channel marketing to reach customers with cohesive messaging across channels.

Case example: chocolate milk recovery campaign

repositioning milk as a credible recovery beverage through science, endorsements, and wide distribution to drive awareness and sales.