MGMT 321 Test 2
Terms
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- The Segmentation Strategies
- Geogrpahic, Demogrpahic, Psychoprahpic, Behavioral
- Requirements for effective segmentation
- Measureable, Accesible, Substantial, Differentiable, Actionable
- The Steps of evalutating target marketing
- Must look at three factors; Segment Size and Growth, Segement Structural Attractiveness, and Company objectives and resources
- The Target Market Strategies
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Undifferentiated (Mass)
Differentiated (Segmented)
Concentrated (Niche)
Micro (Local or individual) - Competitive Advantage-
- An advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices.
- Which differences to promote?
- Important, Distinctive, Superior, Communicable, Preemptive, Affordable, Profitable
- Important difference
- Higly valued benefit to target buyers
- Distinctive Difference
- Competitors fo not offer the difference
- Superior Difference
- Difference is supperior to how others offer the same product
- Preemeptive Difference
- Competitors cannot easily copy the difference
- Affordable Difference
- Buyers can afford to pay for the difference
- Profitable Difference
- The company can introduce the diffreence profitably
- Value Proposition-
- The Full positioning of a brand- the full mix of benefits upon which it is positioned.