Podcast
Questions and Answers
What does positioning strategy focus on?
What does positioning strategy focus on?
- Creating, communicating, and maintaining distinctive differences (correct)
- Offering a wide range of services to a broad market
- Serving few markets with a limited range of services
- Providing services at convenient times
What category do many unfocused service providers fall into?
What category do many unfocused service providers fall into?
- Fully focused
- Market focused
- Unfocused (correct)
- Service focused
What characterizes a fully focused organization?
What characterizes a fully focused organization?
- Limited services to a narrow market segment (correct)
- Diversified product mix for various market segments
- Serving common characteristics of buyers
- Wide range of services to a broad market
What is service focus in relation to market focus?
What is service focus in relation to market focus?
What does market focus refer to?
What does market focus refer to?
What does a target segment market consist of?
What does a target segment market consist of?
Why is segmentation considered one of the most important concepts in marketing?
Why is segmentation considered one of the most important concepts in marketing?
What are determinant attributes in the context of buyer choices?
What are determinant attributes in the context of buyer choices?
What is the basis for defining a target segment?
What is the basis for defining a target segment?
What is the essence of competitive positioning strategy?
What is the essence of competitive positioning strategy?
What is the purpose of developing a positioning statement?
What is the purpose of developing a positioning statement?
What factors does market analysis typically address?
What factors does market analysis typically address?
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Study Notes
Market Segmentation and Targeting
- A target market segment is a group of buyers who share common characteristics, needs, purchasing behavior, or consumption patterns.
- A firm selects a target segment from the broader market based on several variables.
Competitive Positioning Strategy
- It involves establishing and maintaining a distinctive place in the market for an organization and/or its individual product offerings.
- Positioning is based on attributes important to customers.
- A position statement helps answer questions about a product or service concept, its desired future, and the actions needed to achieve it.
Positioning Analysis
- It is a diagnostic tool that provides input to decisions on product development, service delivery, pricing, and communication strategy.
- Table 3.1 summarizes the principal uses of positioning analysis.
Market Analysis
- It addresses factors such as the overall level and trend of demand and the geographic location of this demand.
- Convenience in a service can refer to a convenient location, availability, or ease of use.
Focus Strategies
- Market focus refers to the extent to which a firm serves few or many markets.
- Service focus describes the extent to which a firm offers few or many services.
- Types of focus strategies include:
Fully Focused
- Providing a limited range of services to a narrow and specific market segment.
Market Focused
- Concentrating on a narrow market segment with a wide range of services.
Service Focused
- Offering a narrow range of services to a fairly broad market.
Unfocused
- Serving broad markets and providing a wide range of services.
Importance of Segmentation
- Segmentation is a crucial concept in marketing.
- Service firms vary widely in their abilities to serve different types of customers.
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