when everyone can be considered a potential user of the product and benefits are similar
T/F: When deciding how to promote his new medical oncology center, Dr. Jones decided that he did not need to throw a large grand opening reception. Instead, he promoted the center to the internal medicine doctors in the area, who were the doctors most likely to refer patients to the center. Dr. Jones was engaged in a concentrated targeting strategy.
True
concentrated target strategy is one where the organization selects a single target market.
In this case, the local internal medicine doctors make up a single target market
The Value and Lifestyle Survey (VALS) conducted by Strategic Business Insights (SBI) is a widely used tool for...
psychographic segmentation
T/F: Positioning strategies generally focus either on how the product benefits the consumer or on how it is better than competitors' products.
TRUE
positioning refers to communicating the unique value the product or service provides and how its different from competitive products
This map displays the position of products or brands in the customers mind
perceptual map
STP process is made up of...
segmenting, targeting, and positioning
First step in STP process
to establish strategy and objectives
A complex product that is best described in writing will be difficult to explain to consumers who are unable to read.
For this reason, a segment in which many consumers could not read would be considered unattractive because the consumers would not be .....
reachable: failure to read will make it difficult to reach them with positioning messages.
Part of step 3: evaluate segment attractiveness
T/F : A company that sells only multigrain, low-calorie bread should use an undifferentiated targeting strategy.
FALSE
to specific: use concentrated target strategy
The unique value that a product or service provides its customers and how it is better than and different from those of competitors is..
Alex has found that both commercial and residential real estate buyers respond positively to his marketing communicationmessage. Alex has identified __________ that respond similarly to his marketing efforts.
market segments
In a classic example of segmentation strategy, years ago Swift Meat Company transformed turkey meat into Butterball turkeys. In the process, the company....
differentiated its product
A ___________ strategy is one in which different target markets are served by different marketing mixes.
differentiated target
benefits: helps obtain a bigger share of the market, lower overall risk, and diversify its business
negative: costly
T/F: Maintaining a unique value proposition can be sustained in the long term only in monopoly situations or monopolistic competition situations.
how we describe ourselves/ why we make choices (self-value, self- concept, lifestyle) BEHAVIOR
Baby Boomers represent a huge demographic segment for travel marketers. Baby Boomers are also heavily motivated by self-fulfillment, which creates the possibility of __________ segmentation.
psychographic
More costly
Beverage companies often use television commercials with images of young people laughing and enjoying themselves on a beach or in a club. These images are designed to appeal to consumers' __________, suggesting "be like me."
self- concept: the way we see ourselves
__________ segmentation is the segmentation method most directly related to value creation for consumers.
Benefit
the value they will obtain from the product
Toothpastes sold in supermarkets and pharmacies promise various results, such as whiter teeth, protection against gum disease, tartar control, or fresh breath. Toothpaste marketers are using __________ segmentation.
benefit
The phrase "birds of a feather flock together" captures the idea of __________ segmentation.
geodemographic
uses PRIMZ and ESRI
useful for retailers
a strategy of investing in loyalty initiatives to retain the firms most profitable customers
loyalty segmentation
used because there is a high cost to find new customers
step 3 of STP
evaluate attractiveness of segments
identifiable, substantial, responsive, reachable, and profitable
A segment is _________ if its members react similarly and positively to the marketing mix.
responsive
When Starbucks first opened, many critics suggested, "No one will pay $4.00 for a cup of coffee." Starbucks' critics suggested consumers would not be __________ to the company's offerings.
responsive
Caroline is assessing market growth, market competitiveness, and market access for each segment she has identified. Caroline is assessing the __________ of each potential market segment.
profitability
considers market growth, market competitiveness, and market access, along with ensuring that the profit margin will be sufficient to cover costs.
___________ includes ease of developing or accessing distribution channels, and brand familiarity.
Market access
Whenever Donald calls on potential pest control customers, he emphasizes the fact that, unlike the national franchise competitors, he is a local business person and has been in business over twenty years. Donald is __________ his business relative to his competition.
positioning
negative: might confuse the customer unless a clear distinction is made
Updated: Feb 22, 2021
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Marketing chapter 9 bank. (2018, Jan 02). Retrieved from https://studymoose.com/marketing-chapter-9-bank-essay
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