MKTG 100: Segmentation, Targeting & Positioning (STP) and Marketing Fundamentals

Comprehensive vocabulary flashcards covering Market Segmentation (STP), Product levels, Services marketing (IHIP/7Ps), Distribution utilities, Promotion strategies, and Digital marketing fundamentals.

Market Segmentation

The process of dividing a heterogeneous market into smaller groups with similar needs.

MASDA

The conditions for effective segmentation: Measurable, Accessible, Substantial, Differentiable, and Actionable.

Demographic Segmentation

Segmenting the market based on Age, Gender, Income, Occupation, Education, Religion, and Family life cycle.

Geographic Segmentation

Segmenting the market based on Country, Region, Climate, and Population density.

Psychographic Segmentation

Segmenting the market based on Values, Interests, and Activities.

Behavioural Segmentation

Segmenting the market based on Brand loyalty, Usage rate, Benefits sought, and Price sensitivity.

Targeting Strategies

The approaches used to select market segments: Undifferentiated, Differentiated, Concentrated (Niche), and Micromarketing.

Positioning

Consumers' perceptions of a product compared with competitors.

Value Propositions

The $5$ strategies for positioning: More for More, More for Same, Same for Less, Less for Much Less, and More for Less.

Three Levels of a Product

The hierarchy of a product consisting of the Core Product, the Actual Product, and the Augmented Product.

Consumer Product Types

The $4$ categories of consumer products: Convenience, Shopping, Specialty, and Unsought.

Packaging Functions

The roles of packaging which include: protect products, attract attention, communicate benefits, provide information, and support branding.

Product Life Cycle (PLC)

The $5$ stages of a product's life: $1$. Development, $2$. Introduction, $3$. Growth, $4$. Maturity, and $5$. Decline.

IHIP

The four characteristics of services: Intangibility, Heterogeneity, Inseparability, and Perishability.

Expanded Marketing Mix ($7$Ps)

The framework for service marketing including Product, Price, Place, Promotion, People, Physical Evidence, and Processes.

Time Utility

The utility created by making products available when consumers want them.

Place Utility

The utility created by making products available where consumers want them.

Possession Utility

The utility created by making it easy for the customer to own or use the product.

Form Utility

The utility created by changing raw materials into finished products.

Exchange Efficiency

A distribution utility that simplifies the exchange process between buyers and sellers.

Distribution Intensity

The three levels of market coverage: Intensive, Selective, and Exclusive.

Channel Conflict

Disagreements among marketing channel members, categorized as Horizontal or Vertical.

Functions of Promotion

The purposes of promotion: Inform, Persuade, Remind, Build loyalty, and Support other marketing activities.

Communication Process Elements

The $9$ components: Sender, Encoding, Message, Media Channel, Receiver, Decoding, Response, Feedback, and Noise.

Promotional Mix

The $4$ primary tools used for promotion: Advertising, Public Relations, Personal Selling, and Sales Promotion.

Push vs Pull Strategy

Push focuses on intermediaries to move products, while Pull focuses on consumers to create demand.

Direct Marketing Goals

The $2$ objectives of direct marketing: Immediate response and Long-term relationships.

Digital Marketing Benefits for Sellers

Lower costs, Personalisation, Global reach, and Customer data.

Digital Marketing Channels

Websites, Email, Social media, Apps, Search engines, and Online video.

Online Advertising Types

Display Ads, Search Ads, Retargeting Ads, and Contextual Ads.

Email Marketing Criteria

Marketing that is Relevant, Personalised, Timely, and Permission-based.

Ethical Issues in Digital Marketing

Privacy, Spam, Data security, Fraud, and Protecting vulnerable consumers.