Term
| what makes up the marketing strategy and analysis portion of the marketing and promotion process model? |
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Definition
| opportunity analysis, competitive analysis, target marketing |
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Term
| what is opportunity analysis? |
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Definition
analysis of the marketplace that leads to alternative market opportunities for...
existing product lines in current or new markets
new products for current markets
new products for new markets |
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Term
| what is competitive analysis? |
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Definition
| analysis of a firm's competition in order to develop their marketing strategies and plans for their products and services |
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Term
| what is target marketing? |
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Definition
| selecting a group of people (market segment) to focus on |
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Term
| give 3 examples of market opportunities created by a changing marketing environment |
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Definition
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Term
| what are some examples of companies who use the VALSII programs? |
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Definition
| companies who are selling psychological gratification |
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Term
| how might the VALS typologies relate to the purchase decision for these products? |
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Definition
| it tells the firm how to market to each group |
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Term
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Definition
| fitting a product or service to one or more segments of the broad market in such a way as to set it meaningfully apart from competition |
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Term
| what are the 8 positioning strategies |
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Definition
product attributes and benefits
price/quality
use or application
product class (airlines, hotels, CDs)
product user
competitor
cultural symbols
OR you can do "repositioning" (can be difficult) |
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Term
| what are the different approaches to positioning? |
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Definition
| they generally focus on either the consumer or the competition |
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Term
| what are some of the factors that must be taken into consideration in developing a positioning strategy for a product? |
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Definition
1) what position, if any, do we already have in the prospect's ming?
2) what position do we want to own?
3) what companies must be outgunned if we are to establish that position?
4) do we have enough marketing money to occupy
5) do we have the guts to stick w/ one consistent positioning strategy?
6) does our creative approach match our positioning strategy? |
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Term
| describe your brand's current positioning strategy |
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Definition
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Term
| how might you reposition your brand's product? |
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Definition
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Term
| why can repositioning be so difficult? |
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Definition
| because of entrenched perceptions about/attitudes toward the product/brand |
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Term
| what are the bases for segmentation? |
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Definition
geographic
demographic
psychographic
behavioristic
benefit (benefits sought) |
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Term
| what potential ethical concerns surround segmentation? |
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Definition
| it brings up the following issue: are people treated equally? |
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Term
| give an example of each type of segmentation |
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Definition
geographic: ford advertises differently in TX than other states ("ford is the best in TX")
demographic segmentation: ipods are geared toward the younger generations
psychographic: Hummer sells to adventurous ppl
behaviorist: nonusers of a brand w/ characteristics of users have more potential than nonusers w/ DIFFERENT characteristics (teenagers w/out ipods more likely to buy than old ppl w/out ipods)
benefit: toothpaste that freshens breath vs toothpaste that whitens |
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Term
| using your group project product, explain each step in the target market process |
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Definition
2 main things you have to do:
1) determine how many segments to enter
2) determine which sections offer potential |
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Term
| what are the 3 market coverage alternatives (used to determine how many segments to enter) |
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Definition
undifferentiated marketing: ignoring segment differences and offering just one product/service to the entire market
differentiated marketing: marketing in a # of segments and developing separate market strategies for each
concentrated marketing: selecting just ONE market segment |
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Term
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Definition
| 20% of buyers account for 80% of sales |
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Term
| what is product differentiation? |
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Definition
| using marketing to set your product apart from the competition |
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Term
| what is a competitive advantage? |
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Definition
| something special a firm does or has that gives it an edge over competitors |
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Term
| in the "Love Those Baby Boomers" article, how is the behavior of this group described in comparison to other age cohorts? |
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Definition
| their behavior is much harder to predict than that of gen x, gen y, or the war generation: they grew up in the 60s, a culture of unlimited possibility and experiences. the boomers are more comfortable w/ their age than marketers give them credit for |
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