Marketing Management

Marketing management

the process of identifying customer needs, selecting the right customers to serve, and creating value that satisfies them better than competitors

Marketing

It is understanding what customers need and finding the best way to satisfy those needs

Market segmentation

dividing a large market into smaller groups of customers who have similar needs, characteristics, or buying behaviors

Geographic Segmentation

What type of market segmentation pertains to dividing customers according to location?

Demographic Segmentation

What type of market segmentation pertains to dividing customers based on measurable characteristics?

Psychographic Segmentation

What type of market segmentation pertains to dividing customers based on lifestyle, values, personality, and interests?

Behavioral Segmentation

What type of market segmentation pertains to dividing customers based on how they use or respond to products?

Target Market

the specific group of customers a business chooses to serve

Undifferentiated Marketing

What targeting strategy pertains to marketing one product for everyone?

Differentiated Marketing

What targeting strategy pertains to marketing different products for different segments?

Concentrated Marketing

What targeting strategy focuses on one niche market?

Micromarketing

What targeting strategy pertains to marketing customized products for individuals?

Positioning

refers to how customers perceive a brand compared to competitors

Service Quality Dimension (SERVQUAL)

These dimensions help service businesses create strong positioning

Reliability

What SERVQUAL pertains to doing what was promised correctly and consistently?

Responsiveness

What SERVQUAL pertains to providing quick assistance?

Assurance

What SERVQUAL pertains to knowledge, competence, and professionalism?

Empathy

What SERVQUAL pertains to providing personalized care?

Tangibles

What SERVQUAL pertains to physical evidence customers can see?

Price-Based Positioning

What positioning strategy pertains to competing through affordability?

Quality-Based Positioning

What positioning strategy pertains to competing through superior quality?

Convenience-Based Positioning

What positioning strategy pertains to competing through ease and accessibility?

Customer Experience Positioning

What positioning strategy pertains to competing through memorable experiences?

Benefit-Based Positioning

What positioning strategy pertains to competing through customer benefits?

Niche Positioning

What positioning strategy pertains to competing through serving a specific customer group?

Value Proposition

explains who the customer is, what problem exists, what benefit is provided, why it is better than alternatives

Promotion

_______ must always support the chosen positioning

Competitive Advantage

Segmentation + Targeting + Positioning + Value Proposition = ?

Segmentation

“Who are the different customer groups?”

Targeting

“Which group will you focus on?”

Positioning

“How do you want customers to remember your business?”

Value Proposition

“Why should customers choose you instead of competitors?”

Promotion

“How will you communicate your positioning?”

Positioning

____________ determines what message will be communicated