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    after establishing overall objectives, why do marketers then use a particular method or combination thereof to identify and describe market segments?

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    Chapter 9 LearnSmart Flashcards

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    Chapter 9 LearnSmart

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    THE SEGMENTATION, TARGETING, AND POSITIONING PROCESS

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    Segmentation Phase:

    Step 1: Establish strategy or objectives

    Step 2: use segmentation methods

    Targeting Phase

    Step 3: Evaluate segment attractiveness

    Step 4: Select target market

    Positioning

    Step 5: Identify and develop positioning strategy

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    The segmentation strategy must be consistent with and derived from the firm's mission and objectives, as well as its current situation -- its

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    strengths, weaknesses, opportunities, and threats (SWOT)

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    Terms in this set (65)

    THE SEGMENTATION, TARGETING, AND POSITIONING PROCESS

    Segmentation Phase:

    Step 1: Establish strategy or objectives

    Step 2: use segmentation methods

    Targeting Phase

    Step 3: Evaluate segment attractiveness

    Step 4: Select target market

    Positioning

    Step 5: Identify and develop positioning strategy

    The segmentation strategy must be consistent with and derived from the firm's mission and objectives, as well as its current situation -- its

    strengths, weaknesses, opportunities, and threats (SWOT)

    After establishing overall objectives, why do marketers then use a particular method or combination thereof to identify and describe market segments?

    To help understand the profile of each segment

    Market Segmentation Methods

    Geographic, demographic, psychographic, consumption, benefits, and behavioral

    Geographic segmentation

    grouping a market by country, region (northeast, southeast), or areas within a region

    Demographic segmentation is the most common segmentation strategy because these segments are easy to identify

    ...

    When Kellogg's introduced Special K, the marketing communications about the product were meant to primarily appeal to women. This is an example of

    ...demographic segmentation

    What are the 3 major components of psychographic segmentation?

    Self values Self concept Lifestyles

    Self values are goals for life, not just the goals one wants to accomplish in a day. They are the overriding desires that drive how a person lives his or her life.

    ...

    VALS is the most widely used psychographic segmentation tools

    ...

    Benefit segmentation is often effective because it is relatively easy to portray a products or services benefits in the firm's communication strategies

    ...

    Ellie's deli offers good sandwiches and fast service to its lunchtime customers from a nearby university. It also delivers the same sandwiches packaged with side dishes as part of its catering services. This is an example of

    occasion segmentation

    Loyal customers buy a substantial amount from the firm. These loyal customers are the most profitable in the long term to the firm

    ...

    T/F: firms must be able to identify who is within their markets to be able to design products or services to meet customer needs

    True

    What are the factors considered in the analysis of profitability of a market segment?

    market growth (current size and expected growth rate), market competitiveness (number of competitors, entry barriers, product substitutes), and market access (ease of developing or accessing distribution channels and brand familiarity)

    After evaluating each markets attractiveness, the next step in the STP process is selecting a target market

    ...

    Breakfast cereal manufacturers have separated the market into many segments. How does selecting a target market segment allow Kellogg's to maximize its chances of success in the cereal industry?

    It allows the company to apply its specific competencies toward the most attractive market segment

    T/F: a firm assesses attractiveness of a target market and its own competencies using a SWOT analysis

    True

    What are the 4 target strategies

    Differentiated, concentrated, micromarketing or one to one, undifferentiated or mass marketing

    When everyone is considered a potential user of its product, a firm should use

    ...undifferentiated targeting strategy

    Estee Lauder has a brand portfolio with more than 25 brands in over 150 companies. Having a variety of brands allows Estee Lauder to increase the market for its products

    ...

    A firm using a concentrated segmentation strategy selects an single target market and focuses all its energies on providing a product to fit that market's needs.

    ...

    When a firm adopts a product or service to meet an individual customers wants or needs, it is undertaking an extreme targeting strategy called micromarketing

    ...

    Market positioning involves a process of defining the marketing mix variables so that the target customers have a clear, distinctive understanding of the product

    ...

    A perceptual map is used in developing a positioning strategy in order to display the position of the products or brands in the consumers mind

    ...

    Which of the following are factors influencing the profitability of a segment over the lifetime of a typically customer relationship?

    How long customers will remain loyal

    The defection rate (percentage of customers who switch on a yearly basis)

    Source : quizlet.com

    The Advertising Campaign

    The Advertising Campaign

    The Advertising Campaign Identifying Product Benefits

    Identifying product benefits involves finding out what the customer really wants and needs, not just listing a variety of product features.

    LEARNING OBJECTIVES

    Demonstrate the application and use of product benefits in advertising campaigns

    KEY TAKEAWAYS

    Key Points

    Product features include such factors as form, color, size, weight, odor, material, and tactile qualities.

    A benefit answers the question, “So What? “.

    The Voice of the Customer is a market research technique that produces a detailed set of customer wants and needs, organized into a hierarchical structure, and then prioritized in terms of relative importance and satisfaction with current alternatives.

    Key Terms

    Voice of the customer: Voice of the customer (VOC) is a term used in business and Information Technology (through ITIL, for example) to describe the in-depth process of capturing a customer’s expectations, preferences, and aversions.sample: A subset of a population selected for measurement, observation, or questioning, to provide statistical information about the population.

    Introduction

    It’s one o’clock in the afternoon and you’re starving. You pass by a deli and see various types of ready-made sandwiches in the window. What will make you buy one of them? The whole grain bread? The organic ingredients? While your hunger drives the initial buying behavior (the benefit), there are other, more subtle, components to selecting one sandwich from many (product features). This concept of user needs is layered and complex, and marketers must first identify consumer needs, and then ensure benefits will fulfill those needs and features will drive advantage.

    Features and Benefits

    You’ve just seen the difference between features and benefits. Features tell you what the product is — a chicken sandwich made with organic ingredients and whole grain bread. The benefit — I’m starving and I need something to satisfy my hunger — is what sells it.

    Product features include such factors as form, color, size, weight, odor, material, and tactile qualities. A new car can offer thousands of alternatives when one considers the exterior and interior options. Features are important as they may help back up the benefit. But consumers will not buy the car unless it provides them with a benefit.

    A benefit answers the question, “So What? ” While the development of ultra-high-speed photographic film was a research breakthrough, whether consumers perceive this as a benefit can only be answered by them. Profitable products must align the need of the consumer with the benefit of the product.

    Second Generation iPods: The iPod wasn’t the first mp3 player, but it was the first one that gave consumers the benefits they were searching for.

    In a functional sense, the key question is: “Does the product do what the consumer wants it to do? ” Does it get clothes clean? Does it quench your thirst? Does it save you money? Some of these questions can be answered only through product research, but consumer research provides more answers.

    Voice of the Customer

    Voice of the customer (VOC) is a term used in business and Information Technology (through ITIL, for example) to describe the in-depth process of capturing a customer’s expectations, preferences, and aversions.This is the type of research that marketers need to perform to find out what their customers really perceive as benefits.

    Specifically, the VOC is a market research technique that produces a detailed set of customer wants and needs, organized into a hierarchical structure, and then prioritized in terms of relative importance and satisfaction with current alternatives.

    VOC studies typically consist of both qualitative and quantitative research steps. They are generally conducted at the start of any new product, process, or service design initiative to better understand the customer’s wants and needs, and as the key input for new product definition, Quality Function Deployment (QFD), and the setting of detailed design specifications.

    Much has been written about this process, and there are many possible ways to gather the information – focus groups, individual interviews, contextual inquiry, ethnographic techniques, and so on. But all involve a series of structured in-depth interviews, which focus on the customers’ experiences with current products or alternatives within the category under consideration. Needs statements are then extracted, organized into a more usable hierarchy, and then prioritized by the customers.

    It is critical that the product development core team are highly involved in this process. They must be the ones who take the lead in defining the topic, designing the sample (i.e. the types of customers to include), generating the questions for the discussion guide, either conducting or observing and analyzing the interviews, and extracting and processing the needs statements.

    Qualities of Desirable Voice of Customer Metrics

    Talking to customers to determine what they see as benefits is just the first step. The next step is making sure that the data you obtain is useful. The metrics you can use to make this determination are:

    Source : courses.lumenlearning.com

    Market Segmentation: Why Market Segments Are Important to Marketers

    Market segmentation is an important part of any company's marketing plan to successfully reach their ideal customer. Learn why market segments are...

    Market Segmentation: Why Market Segments Are Important to Marketers

    Instructor: Jennifer Lombardo

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    Market segmentation is an important part of any company's marketing plan to successfully reach their ideal customer. Learn why market segments are important to marketers and how to develop a good market segmentation plan. Updated: 08/19/2021

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    Market Segmentation

    Is the pet rock a perfect birthday gift for everyone? How about a football or lipstick? Products need to be tailored to a specific customer who makes up a target market. A market is people or organizations who have the ability to purchase a product or service. A market can be further broken down into segments.

    A market segment is a subgroup of people or organizations that have one or more characteristics in common that cause them to have the same product needs. Everyone needs water to drink, but does everyone need bottled water? For companies to successfully reach their precise customer, they need to divide a market into similar and identifiable segments through market segmentation.

    Quiz Course 216K views

    Purpose and Concept of Market Segmentation

    Example of a market segment a company may target

    The main reason companies divide markets into identifiable groups is so that the marketing team can create a custom marketing mix for the specific group. For example, Farmer Joseph realized early on that not everyone would purchase his expensive organic produce. He did not want to exhaust his financial budget by advertising to the masses. Instead, he identified his target market and created a specific marketing plan to communicate effectively with his prime customers.

    His target market consisted of females age 18-65, with an income of $50,000+, who have healthy eating habits and who are concerned about pesticides. His plan consisted of ad placement in local women's magazines, newspapers and also email blasts to a list that he formulated with age and income specifics. Lastly, he advertised with a local gym about his healthy produce. Marketers have numerous choices in how they can segment a market.

    If the farmer had planned on targeting everyone, then the type of segmentation would have been called no market segmentation. The opposite type of segmentation would be if he decided to target based on every individual factor available. This would be called a fully segmented market. Other choices include segmenting just by gender, income, lifestyle, ethnicity, family life cycle, age group, or even a combination-type.

    Importance of Market Segmentation

    Companies will not survive if the marketing strategy is dependent upon targeting an entire mass market. The importance of market segmentation is that it allows a business to precisely reach a consumer with specific needs and wants. In the long run, this benefits the company because they are able to use their corporate resources more effectively and make better strategic marketing decisions.

    An accessible market segment may be targeted through emails or relevant publications.

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    Business / Business 102: Principles of Marketing

    Business 102: Principles of Marketing

    12 chapters | 94 lessons | 11 flashcard sets

    Ch 1. Marketing Philosophies and...

    Ch 2. Competitive Advantage

    Ch 3. The Marketing Environment

    Ch 4. International Marketplace

    Ch 5. Consumer Decision Making

    Ch 6. Business Marketing and Marketing...

    Ch 7. Segmentation and Product Marketing

    Market Segmentation: Why Market Segments Are Important to Marketers

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    Source : study.com

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