MARK 3000E ch 9

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22 Terms

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establish overall strategy or objectives
aligned with firm’s mission, current situation, and SWOT analysis
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use segmentation methods
divide the market into meaningful groups
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evaluate segmentation methods
assess based on identifiability, substantiality, reachability, responsiveness, and profitability
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select target market
choose the most appropriate segment(s) to pursue
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develop positioning strategy
define marketing mix so target customers have a clear understanding of the offering
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demographic (segmentation method)
based on observable traits like age, gender, income (ex
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geographic (segmentation method)
grouping by country, region, or neighborhood (ex
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psychographic (segmentation method)
based on lifestyle, self values, self concept (ex
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behavioral (segmentation method)
based on how consumers use a product (ex
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benefit (segmentation method)
focuses on outcomes consumers seek (ex
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geodemographic (segmentation method)
combines geography with demographics and lifestyle (ex
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Undifferentiated (targeting strategies)
One strategy for all (e.g., sugar, water).
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Differentiated (targeting strategies)
Multiple segments, different offerings (e.g., P&G’s shampoo brands)
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concentrated (targeting strategies)
Focus on a single segment (e.g., niche tools for egg flipping)
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micromarketing (targeting strategies)
Tailored to individual (e.g., custom wedding bouquets)
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Identifiable (market attractiveness criteria)
Can recognize who is in the segment
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Reachable (market attractiveness criteria)
Can be effectively targeted
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Responsive (market attractiveness criteria)
Reacts positively to firm’s offering
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Substantial (market attractiveness criteria)
Large and profitable enough.
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Profitable (market attractiveness criteria)
Generates revenue over time
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positioning
crafting the firm’s image and offering to occupy a distinct place in the consumer’s mind ; based on value, salient attributes, symbols, and competition
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perceptual map
visual tool to show how consumers perceive products/brands in relation to one another ; helps define ideal points and competitive landscape.