Podcast
Questions and Answers
What is one reason a company may choose to target smaller market segments?
What is one reason a company may choose to target smaller market segments?
Which factor is NOT considered when evaluating the structural attractiveness of a market segment?
Which factor is NOT considered when evaluating the structural attractiveness of a market segment?
Why might viewing every buyer as a separate target be disadvantageous?
Why might viewing every buyer as a separate target be disadvantageous?
Which aspect should companies consider in relation to their objectives when selecting market segments?
Which aspect should companies consider in relation to their objectives when selecting market segments?
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What is the primary aim of segmenting and targeting in marketing?
What is the primary aim of segmenting and targeting in marketing?
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What aspect of products does behavioral segmentation primarily focus on?
What aspect of products does behavioral segmentation primarily focus on?
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Which of the following describes the 'user status' segmentation?
Which of the following describes the 'user status' segmentation?
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What is a potential drawback of relational marketing?
What is a potential drawback of relational marketing?
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Which type of segmentation includes dividing consumers into light, medium, and heavy users?
Which type of segmentation includes dividing consumers into light, medium, and heavy users?
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Which approach did Jazztel adopt regarding promotions for existing customers?
Which approach did Jazztel adopt regarding promotions for existing customers?
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What strategy is employed by a wine shop to reward high loyalty users?
What strategy is employed by a wine shop to reward high loyalty users?
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How do occasions factor into behavioral segmentation?
How do occasions factor into behavioral segmentation?
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What is a characteristic of high loyalty users in the context of segmentation?
What is a characteristic of high loyalty users in the context of segmentation?
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What is a requirement for effective market segmentation?
What is a requirement for effective market segmentation?
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Why must different segments exhibit different behavior?
Why must different segments exhibit different behavior?
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What should effective programs be designed to do?
What should effective programs be designed to do?
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Which of the following describes a target market?
Which of the following describes a target market?
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What is a primary disadvantage of perfect competition for a brand?
What is a primary disadvantage of perfect competition for a brand?
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What does product positioning refer to?
What does product positioning refer to?
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What characteristic must segments have to facilitate effective segmentation?
What characteristic must segments have to facilitate effective segmentation?
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Which of the following is NOT a source of differentiation mentioned?
Which of the following is NOT a source of differentiation mentioned?
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What is one implication if a segment is not considered accessible?
What is one implication if a segment is not considered accessible?
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What is meant by the Unique Selling Proposition (USP)?
What is meant by the Unique Selling Proposition (USP)?
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What does the term ‘substantial’ refer to in the context of market segmentation?
What does the term ‘substantial’ refer to in the context of market segmentation?
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Which brand is noted for having no carbonation as a point of differentiation?
Which brand is noted for having no carbonation as a point of differentiation?
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If segments do not have distinct behaviors, what might be a likely outcome?
If segments do not have distinct behaviors, what might be a likely outcome?
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What is a characteristic of Ikea's service model?
What is a characteristic of Ikea's service model?
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Why might a brand like La Roche-Posay choose to sell through pharmacies?
Why might a brand like La Roche-Posay choose to sell through pharmacies?
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In the context of branding, what does the phrase 'brands are created in the mind' imply?
In the context of branding, what does the phrase 'brands are created in the mind' imply?
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Which attribute is NOT required for a competitive advantage?
Which attribute is NOT required for a competitive advantage?
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What is the competitive positioning strategy for a brand that aims to charge less for the same benefits?
What is the competitive positioning strategy for a brand that aims to charge less for the same benefits?
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Which of the following is an example of a brand that exemplifies a 'Less for much less' strategy?
Which of the following is an example of a brand that exemplifies a 'Less for much less' strategy?
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What should a brand do when entering a market already occupied by another brand?
What should a brand do when entering a market already occupied by another brand?
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Which positioning strategy involves providing more benefits while also increasing the price?
Which positioning strategy involves providing more benefits while also increasing the price?
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What is essential for a competitive advantage to be considered superior?
What is essential for a competitive advantage to be considered superior?
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Which of the following is NOT a factor in selecting an overall positioning strategy?
Which of the following is NOT a factor in selecting an overall positioning strategy?
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Which of the following brands is known for a 'Less for much less' strategy?
Which of the following brands is known for a 'Less for much less' strategy?
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What distinguishes concentrated marketing from other strategies?
What distinguishes concentrated marketing from other strategies?
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Which aspect of the marketing mix can vary between different segments?
Which aspect of the marketing mix can vary between different segments?
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How did the new tonic water brand differentiate itself in the market?
How did the new tonic water brand differentiate itself in the market?
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What is a potential benefit of niche marketing?
What is a potential benefit of niche marketing?
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Which brand is an example of using different brands for different customer types?
Which brand is an example of using different brands for different customer types?
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When might a company choose concentrated marketing?
When might a company choose concentrated marketing?
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What does the term 'long tailers' refer to in niche marketing?
What does the term 'long tailers' refer to in niche marketing?
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What is a common characteristic of products aimed at specific segments, such as the new tonic water?
What is a common characteristic of products aimed at specific segments, such as the new tonic water?
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Study Notes
Strategic Marketing
- Brands segment markets because serving a whole market is difficult. Customers are diverse in numbers, locations, needs, and buying habits.
- Segmentation divides the market into groups. Targeting selects specific segments a company will focus on. Differentiation creates a different value proposition from competitors. Positioning places the brand in the consumer's mind.
- Key segmentation variables include geographic, demographic, psychographic, and behavioral characteristics.
- Geographic segmentation divides markets by region, city, or neighborhood.
- Demographic segmentation focuses on age, gender, family size, income, and occupation.
- Psychographic segmentation considers social class, lifestyle, and personality traits.
- Behavioral segmentation focuses on product use, occasions, user status, and loyalty.
Market Targeting
- Target market: Buyers sharing common needs or characteristics served by a company.
- Segment size and growth are evaluated, along with segment attractiveness (number of competitors, customer power, supplier power, etc).
- Company objectives and resources affect which segments are targeted.
- Three main targeting strategies include undifferentiated, differentiated, and concentrated marketing.
Market Positioning
- Position a product by defining it in consumers' minds relative to competitors.
- Brands strive for unique value propositions (USP) to stand out.
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Description
This quiz focuses on the essential concepts of strategic marketing, including market segmentation, targeting, differentiation, and positioning. It explores various segmentation variables such as geographic, demographic, psychographic, and behavioral characteristics. Test your knowledge on how brands effectively identify and serve their target markets.
