Podcast
Questions and Answers
Which segmentation base divides the market based on characteristics such as age, gender, and family size?
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?
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?
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?
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?
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?
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?
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?
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?
What is the primary purpose of the VALS questionnaire?
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Which of the following is NOT a component of geodemographic segmentation?
Which of the following is NOT a component of geodemographic segmentation?
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What characterizes the Suburban Affluence cluster?
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?
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?
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?
Which of the following is a type of behavioral segmentation?
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Which factor is NOT typically included in behavioral segmentation?
Which factor is NOT typically included in behavioral segmentation?
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What is the most common method of market segmentation?
What is the most common method of market segmentation?
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Which of the following is NOT a factor in demographic segmentation?
Which of the following is NOT a factor in demographic segmentation?
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Which statements accurately describe psychographic segmentation?
Which statements accurately describe psychographic segmentation?
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Which VALS category is characterized as successful and sophisticated?
Which VALS category is characterized as successful and sophisticated?
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What describes the 'Innovators' VALS category?
What describes the 'Innovators' VALS category?
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Which category includes consumers who are described as skeptical and risk-averse?
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?
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?
Which VALS category is described as seeking excitement and variety?
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How do 'Strivers' define success?
How do 'Strivers' define success?
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Which of the following VALS categories focuses on self-sufficiency and traditional views?
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?
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?
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?
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?
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?
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?
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?
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?
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.
