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level: Chapter 6: Customer Value-Driven Marketing Strategy

Questions and Answers List

level questions: Chapter 6: Customer Value-Driven Marketing Strategy

QuestionAnswer
What is Market Segmentation?Dividing the market into distinct groups of buyers who might require separate marketing strategies or mixes.
What are the 4 steps in designing a customer value-driven marketing strategy?Segmentation, targeting, differentiation and positioning.
What are the additional variables with the segmentation of business markets?Customer operating and personal characteristics, purchasing approaches, and situational factors.
What are the 4 Target Marketing Strategies?1. Undifferentiated. 2. Differentiated. 3. Concentrated. 4. Micromarketing.
What is Market Targeting?Selecting the segment or segments to serve.
What is Differrentiation?Differentiate the market offering to create superior customer value.
What is Positioning?Position the market offering in the minds of the target customers.
What are the Major Segmentations Variables for Consumer Markets?Geographic, demographic, psychographic and behavioral.
What is Geographic Segmentation?Dividing the market into geographical units such as countries, cities and regions.
What is Psychographic Segmentation?Dividing the market into different segments based on lifestyle and personality.
What is Demographic Segmentation?Dividing the market into segments based on age, gender, income and occupation.
What is Behavioral Segmentation?Dividing the market into segments based on consumer knowledge and attitudes.
What are the Requirements for Effective Segmentation?Measureable, accessible, substantial, differentiable and actionable.
In evaluating different market segments, a firm must look at three factors; What are the 3 factors?1. Segment size and growth. 2. Segment structural attractiveness. 3. Company objectives and resources.
What is a Target Market?Set of buyers sharing common needs or characteristics that the company decides to serve.
What is undifferentiated (mass) MarketingA market strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.
What is differentiated (segmented) MarketingA market strategy in which a firm targets several market segments and designs separate offers for each.
What is Concetrated (niche) MarketingA market strategy in which a firm goes after a larger share of one or a few segments or niches.
What is Product Position?The way a product is defined by consumers and the place it occupies in consumers minds.
What is Competitive Advantage?An advantage over competitors gained by offering greater customer value.
In what specific ways can a company differentiate itself or its market offer?In terms of product, services, channels, peoples or image.
The Differentiation and Positioning task consists of three steps. What are these?1. Identifying a set of different competitive advantages. 2. Choosing the right competitive advantages. 3. Selecting an overall positioning strategy.
What is Value Proposition?The full positioning of a brand - the full mix of benefits on which it is positioned.
What is a Positioning statement?A statement that summarizes company or brand positioning.