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Customer driven marketing strategies do what?
Build the right relationships with the right people
Define target marketing
identifying market segments, selecting one or more, and developing products and programs to each
Define market segmentation
Dividing a market into smaller groups with distinct needs,characteristics, or behaviors that require a separate marketing mix
In the final two steps of designing a customer driven marketing strategy what does the company decide on?
Value Proposition
Define positioning
Arranging for a market offering to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers
What is geographic segmentation?
Dividing the market into different geographical units such as nations, states, regions, countries cities or neighborhoods
What is demographic segmentation?
Dividing the market into groups based on variables such as age, gender, family size, family life cycle, income etc.
Define age and life-cycle segmentation
Different market approaches to different age and life cycle groups. Example: Nutrition drinks for kids with cartoons on them and Ensure for adults
Define Psychographic segmentation
Dividing a market into different groups based on social class, lifestyle or personality characteristics example pg 170
Define Behavioral Segmentation
Divides buyers into groups based on their knowledge uses or responses to a product
Define Occasion Segmentation
Dividing the market into groups according to occasions when buyers get the idea to buy. actually make their purchase. i.e. Coke marketing itself as a morning substitute for coffee
Define Benefit Segmentation
Marketing the major benefits of the product class. Example Champion Activewear top of pg 172
I describe a user as a newly wed, this is their:
User Status (consumers facing life changing staged can be converted into heavy users)
Im working for firm XYZ and i segment the market into heavy light and medium users. What is the marketing term for this? Who is the smallest percentage?
Usage Rate; Heavy users make up a small percentage of consumers
Out of all segmentation processes firms usually use
Multiple Segmentation Bases, this further defines target groups
Name four factors that exist in segmenting business markets
1)Operating Characteristics
2)Purchasing Approaches
3)Situational Factors
4)Personal Characteristics
Define intermarket segmentation
Forming segments of consumers who have similar needs and buying behavior even though they are in different locations (ikea)
To be useful market segment must be
Measurable
Accessible
Substantial
Differentiable
Actionable
I work for ford and come up with a great idea to market cars for people bigger than seven feet, this isnt:
a)Measurable
b)Accessible
c)Substantial
d)Differentiable
e)Actionable
This market is not substantial
My marketing team is too small to execute a marketing plan for all the segments we've identified. These marketing segments are not,
Actionable. If your staff is too small than one cannot execute efficiently
What three factors must a firm look at when evaluating market segments?
Segment size and Growth
Structural Attractiveness
Company objectives and resources
Joe at firm A discovers an extremely fast growing market, the firm is small. Joe and his company should jump and the opportunity immediately since small companies are better at specific target marketing. True or False? Why?
False - "the fastest growing markets are not always the most attractive for every company" Top Pg 177. If there were strong competitors already in the market Joe's firm would be crushed
Name four attributes that influence market segment attractiveness
Competitors
Substitute Products
Power of buyers
Powerful Suppliers

PG 177
A _______ consists of a set of buyers that who share common needs or characteristics
Target Market
A company focuses on what is common in the needs of consumers rather than what is different, this type of marketing is called
Undifferentiated Marketing - going after the whole market pg 177
My firm is considering market targeting strategies, name the four general types in order from broad to narrow.
1. Undifferentiated
2. Differentiated (segment Marketing)
3. Concentrated(Niche Marketing)
4. Micro marketing (local or individual marketing)
A market I'm researching has very few competitors it is probably a
Niche, marketing to just niches can be more efficient and effective. PG 178 Bottom
The extreme of micro-marketing is
Individual Marketing example, a custom cabinet maker or tailor
I'm using the extreme of micro marketing on a broader scale, this means i am trying to
Mass Customize - dell is an example of this, they custom configure computers for the masses PG 182
The move towards individual marketing mirrors the trend in what type of consumer marketing?
self-marketing or marketing made by consumers
When a company identifies parts of the market it can serve best and most profitably, it is practicing ______
Market Targeting
What are the four steps (in order) to target marketing?
market segmentation, targeting, differentiation, and positioning
Through segmentation, companies divide large, heterogeneous markets into smaller segments that can be reached more _______ with products and services that match their unique needs.
a) efficiently
b) effectively
c) intensely
d) fully
e) both a and b
e) Both A and B
Even though several options are available at any one time, there _____ to segment a market.
a)are limited ways
b) is no single way
c) are four ways
d) is one single best way
e) is a most effective way
b) is no single way