Overall STP questions
When establishing its overall segmentation strategy or objectives, what must the firm keep in mind?
Its target market
Its mission and objectives
Its past performance
Its current situation
Its mission and objectives
Its current situation
The overriding desires that drive how a person lives his or her life are ______.
self-values
What is market targeting?
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter and serve.
Product positioning refers to:
A) The process of physically placing products on store shelves.
B) The strategy of communicating the unique value and benefits of a product to the target market.
C) The act of setting the price of a product in the market.
D) The method of distributing products to retailers.
B
What are your TA's names?
Brooke and Taylor
Which of the following steps are part of the segmentation, targeting, and positioning process?
Evaluating segment attractiveness
Develop the marketing plan
Selecting target market
Establish strategy or objectives
Increasing benefits
Evaluating segment attractiveness
Selecting target market
Establish strategy or objectives
_______ segmentation is a very specific form of behavioral segmentation by which segments are formed based on when a product or service is purchased or consumed.
Occasion
What are the three target marketing strategies?
Undifferentiated, Differentiated, Niche
Successful positioning involves all of the marketing mix elements which are...
(product, place, price, and promotion)
What percentage of I-clicker points do you need for full attendance at the end of the semester??
80%
Individuals in different segments should have ______ within the segment and ______ across the segments.
similarities; differences
A loyalty program is an example of what kind of segmentation?
Behavioral
Explain the difference between undifferentiated and differentiated targeting strategies.
Undifferentiated targeting treats the entire market as one, offering the same marketing mix to all customers, while differentiated targeting involves targeting several market segments with different marketing mixes.
Analyze competitors positions, Highlight competitive advantage, evaluate consumer feedback and understand its importance.
When is Exam 2???
Feb 29th!
Which of the following is the best benefit of effective market segmentation?
A) Increased customer satisfaction
B) Decreased marketing costs
C) Enhanced brand loyalty
D) Increased sales revenue
Enhanced brand loyalty
Explain the difference between geographic and psychographic segmentation.
Geographic segmentation divides the market based on physical location, while psychographic segmentation divides the market based on lifestyle, values, attitudes, etc.
In the context of niche target marketing, what strategic advantage might a company gain by focusing on a niche market rather than attempting to serve a broader market?
A) Higher production costs due to specialized product development.
B) Increased competition from larger companies with greater resources.
C) Enhanced customer loyalty and brand recognition within the niche.
D) Reduced need for market research and segmentation efforts.
C) Enhanced customer loyalty and brand recognition within the niche.
Which of the following factors is NOT typically considered when determining the positioning strategy for a product?
A) Target market's needs and preferences
B) Competitors' pricing strategies
C) Unique features and benefits of the product
D) The company's internal organizational structure
D
How many people are in this class? First guess within 10 numbers of real answer wins.
001- 503
004- 250
Place the steps in the segmentation, targeting, and positioning process in their conventional order
-Evaluate segment attractiveness
-Select target market
-Use segmentation methods
-Establish strategy or objectives
-Identify and develop positioning strategy
1. Establish..
2. Use segmentation methods
3. Evaluate
4. Select
5. Identify
What is the difference between SEO and SEM?
(Search Engine Optimization and Search Engine Marketing)
SEO focuses on optimizing a website for organic search traffic, while SEM includes both organic search and paid advertising to attract traffic
How does Marriott use segmentation to target traveling customers?
Physical locationm(off highway or tourist destination), available amenities (extended stay...)
What are perceptual maps?
google def: a diagrammatic technique used by asset marketers that attempts to visually display the perceptions of customers or potential customers.
What are Professor McGinnis' dogs names?
Hudson, Sophie, Grace