Chapter 8: Segmentation, Targeting, Positioning

1. Market segmentation: Dividing a market into distinct groups of buyers with different needs or characteristics.

2. Market-Product Grid: A framework to relate the market segments of potential buyers to products offered.

3. Market Segmentation Strategies:

   • One Product and Multiple Market Segments: Offering a single product to several segments.

   • Multiple Products and Multiple Market Segments: Different products for different segments.

   • Segments of One (Mass Customization): Tailoring products to individual customers.

4. Cannibalization: When a new product steals sales from an existing product within the same company.

5. "Tiffany/Walmart" Strategy: Offering different versions of a product to target high-end and low-end markets.

6. Positioning: Defining the brand in consumers' minds; includes steps for creating a perceptual (positioning) map.

Chapter 9: New Product Development

1. Four I’s of Service:

   • Intangibility: Services cannot be seen or touched before purchase.

   • Inconsistency: Quality varies each time.

   • Inseparability: Production and consumption happen simultaneously.

   • Inventory: Managing service availability.

2. Types of Innovations:

   • Continuous: Minimal change in consumer behavior.

   • Dynamically Continuous: Some new learning or change in behavior required.

   • Discontinuous: Significant change in consumer behavior required.

Chapter 10: Managing Products, Services, Brands

1. Product Life Cycle:

   • Introduction Stage: Create awareness; low sales, high costs.

   • Growth Stage: Increase in sales; focus on differentiating products.

   • Maturity Stage: Sales peak; emphasize maintaining brand loyalty.

   • Decline Stage: Sales decline; focus on either deletion or harvesting the product.

Chapter 8: Segmentation, Targeting, Positioning

1. Market Segmentation: Dividing a market into distinct groups of buyers with different needs or characteristics.

2. Market-Product Grid: A framework to relate the market segments of potential buyers to products offered.

3. Market Segmentation Strategies:

   • One Product and Multiple Market Segments: Offering a single product to several segments.

   • Multiple Products and Multiple Market Segments: Different products for different segments.

   • Segments of One (Mass Customization): Tailoring products to individual customers.

4. Cannibalization: When a new product steals sales from an existing product within the same company.

5. "Tiffany/Walmart" Strategy: Offering different versions of a product to target high-end and low-end markets.

6. Positioning: Defining the brand in consumers' minds; includes steps for creating a perceptual (positioning) map.

Chapter 9: New Product Development

1. Four I’s of Service:

   • Intangibility: Services cannot be seen or touched before purchase.

   • Inconsistency: Quality varies each time.

   • Inseparability: Production and consumption happen simultaneously.

   • Inventory: Managing service availability.

2. Types of Innovations:

   • Continuous: Minimal change in consumer behavior.

   • Dynamically Continuous: Some new learning or change in behavior required.

   • Discontinuous: Significant change in consumer behavior required.

Chapter 10: Managing Products, Services, Brands

1. Product Life Cycle:

   • Introduction Stage: Create awareness; low sales, high costs.

   • Growth Stage: Increase in sales; focus on differentiating products.

   • Maturity Stage: Sales peak; emphasize maintaining brand loyalty.

   • Decline Stage: Sales decline; focus on either deletion or harvesting the product.

Reviewing these notes, especially definitions and examples for each concept, will prepare you well for the quiz! Let me know if you'd like further details on any specific topic.

4o

You said:

quiz me on the topics

ChatGPT said:

ChatGPT

Sure! Let’s start with some questions from each topic:

Chapter 8: Segmentation, Targeting, Positioning

1. What is market segmentation?

• A) Dividing a market into similar groups

• B) Offering different products in the same market

• C) Grouping different products together

• D) Creating one product for multiple markets

2. Which strategy involves offering a single product to several different market segments?

• A) Multiple products, multiple market segments

• B) One product, one market segment

• C) One product, multiple market segments

• D) Segments of one

3. What is cannibalization in the context of marketing?

• A) Introducing a product similar to a competitor’s

• B) When a new product reduces sales of an existing product in the same company

• C) Creating a product for a single market segment

• D) None of the above

Chapter 9: New Product Development

4. Which of the Four I’s of Service means that services can’t be seen or touched before purchase?

• A) Inconsistency

• B) Intangibility

• C) Inseparability

• D) Inventory

5. Which type of innovation involves minimal change in consumer behavior?

• A) Discontinuous innovation

• B) Continuous innovation

• C) Dynamically continuous innovation

• D) None of the above

6. What kind of change in consumer behavior is required for discontinuous innovation?

• A) Minimal

• B) Moderate

• C) Significant

• D) None

Chapter 10: Managing Products, Services, Brands

7. In which stage of the product life cycle should a company focus on creating awareness?

• A) Introduction

• B) Growth

• C) Maturity

• D) Decline

8. During the maturity stage of the product life cycle, what is the primary marketing objective?

• A) Increase product awareness

• B) Focus on maintaining brand loyalty

• C) Differentiate the product

• D) Delete or harvest the product

9. What is meant by “harvesting” a product in the decline stage of the product life cycle?

• A) Discontinuing the product

• B) Focusing on maximizing profits from reduced expenses

• C) Rebranding the product for a new market