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Questions and Answers
Which segmentation base divides the market based on characteristics such as age, gender, and family size?
What is one criterion used to determine the attractiveness of a market segment?
In a differentiated targeting strategy, a company offers products tailored to which type of market segments?
Which segmentation base involves dividing the market by factors such as lifestyle and personality?
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Which targeting strategy would a firm use if it directed its marketing efforts solely at one segment?
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What does the term 'positioning' refer to in marketing?
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Which of the following is NOT a base used for market segmentation?
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What type of market segmentation focuses on user habits and loyalty levels?
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What is the primary purpose of the VALS questionnaire?
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Which of the following is NOT a component of geodemographic segmentation?
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What characterizes the Suburban Affluence cluster?
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What does the statement 'Birds of a feather flock together' imply in the context of geodemographic segmentation?
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Which cluster represents Asian ancestries and emphasizes wealth and hard work?
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Which of the following is a type of behavioral segmentation?
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Which factor is NOT typically included in behavioral segmentation?
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What is the most common method of market segmentation?
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Which of the following is NOT a factor in demographic segmentation?
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Which statements accurately describe psychographic segmentation?
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Which VALS category is characterized as successful and sophisticated?
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What describes the 'Innovators' VALS category?
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Which category includes consumers who are described as skeptical and risk-averse?
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In psychographic segmentation, which aspect is least likely to be addressed?
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Which VALS category is described as seeking excitement and variety?
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How do 'Strivers' define success?
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Which of the following VALS categories focuses on self-sufficiency and traditional views?
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What age group is primarily mentioned in relation to household maintainers?
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What is the average household income reported in the document?
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Which factor is NOT mentioned as a criterion for evaluating market segments?
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What type of jobs are indicated to be abundant in the context provided?
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Which market segment is identified as appealing specifically to younger consumers?
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What is a key characteristic that should define the segments La Senza is considering?
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How do cultural, artistic, and entertainment jobs correlate with household maintainers?
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What must market segments be to ensure effective marketing strategies?
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Study Notes
Segmentation, Targeting, and Positioning
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Objectives: Students will be able to:
- Describe the bases marketers use to segment a market.
- Identify the criteria for determining the attractiveness of a segment.
- Explain the differences among targeting strategies.
- Describe positioning and how firms do it.
The Segmentation-Targeting-Positioning Process
- Segmentation, targeting, and positioning is a process for identifying, targeting, and communicating the value proposition of a brand to a specific group of customers.
Step 1: Establish Overall Strategy or Objectives
- This step involves clearly defining a company’s mission, current state, and overall objectives.
Step 2: Segmentation Bases
- Geographic Segmentation: Dividing a market into regions, countries, provinces, cities, climates, etc.
- Demographic Segmentation: Dividing a market based on age, gender, income, education, occupation, race, marital status, family size, religion, ethnicity, etc.
- Psychographic Segmentation: Dividing a market based on consumer values, self-concept, and lifestyle.
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VALS (Values, Attitudes, and Lifestyles) classifies U.S. consumers into 8 distinct groups based on their psychographic characteristics:
- Innovators
- Thinkers
- Believers
- Achievers
- Strivers
- Experiencers
- Makers
- Survivors
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VALS (Values, Attitudes, and Lifestyles) classifies U.S. consumers into 8 distinct groups based on their psychographic characteristics:
- Behavioral Segmentation: Dividing a market based on consumer behavior, usage rate, occasion, and loyalty status.
- Geodemographic Segmentation: Combining geographic, demographic, and lifestyle characteristics to segment a market.
Step 3: Evaluate Segment Attractiveness
- Identifiable: Can the company identify customers in the segment and understand their unique needs and preferences?
- Reachable: Can the company communicate with and reach customers in the segment?
- Responsive: Will customers in the segment respond positively to the company's marketing efforts?
- Substantial: Is the segment large enough to be profitable?
- Profitable: Will the company be able to generate a profit from serving the segment?
Step 4: Select Target Market
- Undifferentiated targeting: Ignoring segments and targeting the entire market with one product and marketing mix.
- Differentiated targeting: Targeting multiple segments with customized products and marketing mixes.
- Concentrated targeting: Targeting one specific segment with a specialized product and marketing mix.
- Micromarketing: Targeting extremely specific segments with customized products and marketing messages.
Step 5: Develop Positioning Strategy
- Positioning involves creating a clear and distinctive image of your product or brand in the minds of your target customers.
- The goal is to communicate your brand’s value proposition in a way that resonates with your chosen target market.
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Description
Test your knowledge on the segmentation-targeting-positioning process. This quiz covers market segmentation bases, targeting strategies, and how firms position their brands. Understanding these concepts is crucial for effective marketing.
