Market Segmentation and Targeting Strategies
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Market Segmentation and Targeting Strategies

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Questions and Answers

Which component is NOT part of a marketing communications plan?

  • Sales forecasts (correct)
  • Budget
  • Target group(s)
  • Unique Selling Point (USP)

    • What does the conative objective in marketing communications aim to achieve?

  • Building brand awareness
  • Affecting consumer emotions
  • Influencing purchasing behavior (correct)
  • Communicating product benefits

    • Which of the following best describes a Unique Selling Point (USP)?

  • The minimum price of the product
  • A common benefit shared with competitors
  • The total cost of production
  • What differentiates the product from others (correct)

    • In the hierarchy of effects model, which stage comes immediately after cognitive?

    <p>Affective</p> Signup and view all the answers

    What is the primary purpose of corporate communications beyond marketing?

    <p>To communicate with various audiences</p> Signup and view all the answers

    Which of the following instruments is an example of online marketing communication?

    <p>Email newsletters</p> Signup and view all the answers

    Which aspect is crucial for ensuring consistency in marketing communications messages?

    <p>Ensuring messages do not contradict</p> Signup and view all the answers

    What is a likely effect of correctly implementing the AIDA model in marketing communications?

    <p>Improved customer conversion rates</p> Signup and view all the answers

    Which of the following is a benefit of differentiated marketing?

    <p>Addresses the needs of multiple market segments in distinct ways</p> Signup and view all the answers

    What is a primary focus of the 4C's marketing perspective?

    <p>Consumer wants and needs</p> Signup and view all the answers

    In concentrated marketing, a business ideally targets which of the following?

    <p>A single, specific market segment</p> Signup and view all the answers

    Which of the following describes undifferentiated marketing?

    <p>Applying a uniform marketing strategy to all consumers</p> Signup and view all the answers

    Which positioning strategy highlights lifestyle compatibility of a product?

    <p>Showcasing how the product fits the target segment’s lifestyle</p> Signup and view all the answers

    Which component of the 4P’s addresses how a product is delivered to consumers?

    <p>Place</p> Signup and view all the answers

    The 'Cost to satisfy' in the 4C's pertains to what aspect?

    <p>Total price of the product over alternatives</p> Signup and view all the answers

    What is an essential factor when researching for positioning a museum targeting young creatives?

    <p>Understanding the art preferences and experiences of the target audience</p> Signup and view all the answers

    What strategy is the event organizer primarily using to attract a younger audience?

    <p>Utilizing social media to highlight younger artists</p> Signup and view all the answers

    Which characteristic of the product is emphasized by including younger artists in the festival?

    <p>Expressive product characteristics</p> Signup and view all the answers

    What role does social media play in the marketing strategy for the festival?

    <p>It generates traffic and engages younger audiences.</p> Signup and view all the answers

    In the context of the marketing mix, which element is being utilized by promoting the festival through social media?

    <p>Promotion</p> Signup and view all the answers

    How does the festival's marketing approach reflect consumer behavior?

    <p>By addressing the preferences of a younger demographic.</p> Signup and view all the answers

    Which of the following methods can be categorized as direct communication in the festival's marketing strategy?

    <p>Social media posts and engagement</p> Signup and view all the answers

    Which element of the 4C's of marketing is best represented by the festival's focus on younger artists?

    <p>Customer solution</p> Signup and view all the answers

    What is a critical function of search engine marketing in this context?

    <p>To optimize the festival's website for visibility.</p> Signup and view all the answers

    Study Notes

    Segmentation

    • Divide the total market into homogeneous market segments
    • Criteria can be geographic, psychological, behavioral
    • Remember to consider more than just age, gender, and social class for designing personas

    Target Strategies

    • Undifferentiated marketing: Targeting everybody in the same way.
      • Suitable for products with broad appeal, but variations can be offered.
    • Concentrated marketing: Targeting one specific segment.
      • Niche marketing specializes on a small segment.
    • Differentiated marketing: Targeting more than one segment, each in a different way.

    Positioning Strategies

    • Product features: Highlight features that make the product attractive to the target segment.
      • Example: A telephone with a better camera, a candy bar with less sugar.
    • Target segment features: Show that the product fits a certain lifestyle.
      • Example: Some people buy 4-wheel drive SUVs because they see themselves as adventurous.
    • Certain situations: Emphasize how the product fits specific situations.
      • Example: Ice cream on a sunny summer day.

    4Cs and 4Ps

    • Company Perspective:*
    • 4Ps of marketing mix:
      • Product
      • Price
      • Place
      • Promotion
    • 5Ps (People):
      • Consider how people interact with and influence the marketing mix.
    • Consumer Perspective:*
    • 4Cs of marketing:
      • Consumer wants and needs
      • Cost to satisfy
      • Convenience to buy
      • Communication

    Marketing Communications

    • P is for Promotion, which encompasses marketing communication.
    • Communication is a vital part of an overall marketing strategy.
    • Communication can be online and offline.
    • Don't limit online communication to just messaging; products and place can also be online.
    • Corporate communications involves all stakeholders, not just marketing, and aims to build relationships.
    • Marketing communications focuses on (potential) customers and aims to build relationships.
    • Messages should not contradict each other across different channels.

    Marketing Communications Plan

    • Communications objectives aligned with marketing objectives.
    • Target groups
    • Unique Selling Point (USP): What makes your proposition stand out?
    • Benefits: Why is the proposition interesting to the consumer?
    • Positioning: How do you want your product to be perceived by the consumer?
    • Proposition: Your promise to the consumer.
    • Instruments and channels
    • Budget
    • Planning

    Examples of Content for Communication

    • Email newsletters
    • Online ads
    • Social media posts
    • Flyers

    Communication Objectives

    • Cognitive: Aims to increase knowledge (brand awareness, product characteristics, benefits).
    • Affective: Aims to influence emotions (positive feelings toward the product or brand).
    • Conative: Aims to drive behavior (visit the website, come to a venue/shop, buy, become a member).

    Hierarchy of Effects

    • A classic model based on the rational consumer.
    • Cognitive, Affective, and Conative stages follow each other.
    • Example: AIDA model (attention - interest – desire - action)
    • While useful for important buying decisions, not suitable for impulse or routine purchases.
    • Research shows that decisions are often based on emotions, with justifications found later.

    Target Groups

    • Often the same as the marketing target group.
    • Differentiation:
      • Channel
      • Message
    • Communication can target individuals who influence the final target group (e.g. career counselors informing students).

    Message

    • Unique Selling Point (USP): What makes your proposition stand out?
    • Benefits: Why is the proposition interesting to the consumer?
      • Example: A computer that weighs only 1300g is easy to carry.
    • Positioning: How do you want your product to be perceived by the consumer?
      • Which benefits are more important to the target group?
      • Communicate what matters most.

    Proposition

    • Your promise to the consumer.
    • Consider the intended conversion: What should the consumer do next?

    Instruments and Channels

    • Advertising*:
    • Banners
    • Videos (e.g., YouTube)
    • Search
    • Social
    • Offline
    • Affiliate
    • Sales Promotion*:
    • Theme and campaign communication instruments.
    • Theme/campaign communication:
      • Advertising
      • Public relations
      • Sponsoring
    • Campaign communication:
      • Sales promotion
      • Personal selling
      • Direct marketing communication
    • Direct Communication*:
    • Media PR*:
    • Sponsoring*:
    • Social Media Posts*:
    • Online Channels*:
    • Website: Company, product, landing page
    • Search: SEO (Search Engine Optimization), SEA (Search Engine Advertising)
    • Social Media: Organic and advertising
    • Email: Newsletters
    • Affiliate Marketing

    Landing Pages

    • Driven by advertisements, social media, newsletters.
    • Not the homepage.
    • Trigger for conversion.
    • Repeat USP and visual elements.
    • Minimal distractions.
    • Call to action.

    Search Engine Marketing

    • Organic vs. sponsored links
    • SEO (Search Engine Optimization): Adapt the website for good organic search results.
    • Sponsored links: Paying for appearance when a relevant search term is entered.
    • Keywords: Determine the terms users use for searches.
    • Optimize webpages for people using these keywords.

    Social Media in Marketing

    • Not solely invented for marketing.
    • Organic reach vs. sponsored advertising.
    • Micro-targeting:
    • Engagement: Clicks, shares, views.
    • Content Relevance.
    • Listening: Gathering information from conversations.
    • Social Media to Website: Generate traffic.
    • Social Selling vs. Website Selling:
    • Data collection: Controlled environment.

    Advertising

    • Banners
    • Videos (e.g., YouTube)
    • Search
    • Social
    • Affiliate
    • Offline
    • Cookies
    • Retargeting

    Affiliate Marketing

    • Third-party websites that use their content to attract consumers, earn money by referring them to other sites.
    • Pay per click or per transaction.

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    Related Documents

    Lab Session Week 1-7 PDF

    Description

    Explore the concepts of market segmentation, targeting, and positioning strategies. This quiz will challenge your understanding of how different criteria can be utilized to effectively market products to specific demographics and lifestyles. Test your knowledge on undifferentiated, concentrated, and differentiated marketing approaches.

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