Shepan The Week 15 Questions

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SHARPEN THE FOCUS (15 questions)
1. Segmentation: the process of dividing a larger market into smaller pieces based on one more meaningfully shared characteristics. decide on one or more segmentation variables:dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences.
Segment consumer markets:
- segment by demographics:statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure. Demo. is vital to identify the best potential customers for a good. - Age: generational marketing, share the same outlook and priorities. generation Y: 1979-1994; generation X (entrepreneurial group): 1965-1978, home; baby boomers: 1946-1964, they never age (stay young, reward time); clog the upward mobility pipeline in employment (complained by the Xers that hold the positions to much) children, teens, tweens (8-14): feel-good products. - Gender: metrosexual.
Family Life Cycle: seniors( resort condominiums and golf products)
Income and Social Class: but many consumers buy, not according to where they actually fall in that framework, but rather according to the image they wish to portray.
Ethnicity(culture differences, culture diversity): African Americans, Asian Americans (fastest growing minority group), Hispanic Americans (largest minority group)
Hispanic Americans are attractive consumer base: loyalty, highly concentrated by nation origin (easily to finetune the marketing mix), young, family size, receptive
Hispanic itself is a misnomer.
Place of Residence: Geography, Geodemography (a segmentation technique that combines geography with demographics). People who live near each other share the similar characteristics. (household items, magazines) geocoding: customizing web ad so that people who log on in different places will see ad banners for local businesses. segment by Psychographics: the use of psychological, sociological, and anthropological factors to construct market segments. Some firms develop their own, some buy from VALS2. VALS2 segments US consumers into 8 groups (innovators, thinkers, believers, achievers, strivers, experiencers, makers, survivors). Members of psychographic segments typically share activities, interests, and opinions or AIOS.
3 primary motivations: ideals (knowledge and principles), achievement (demonstrate a success to their peers), self-expression (social or physical activity, variety and risk) segment by Behavior: on the basis of how they act toward, feel about or use a product.
User Status of a product: heavy, moderate, light and nonusers;
80/20 rule (20 percent of purchasers account for 80 percent of the product’s sales) long tail concept: firms can make money selling small amounts of items if they sell enough different items usage occasions: when the consumers use the product most.
*segment B2B markets: organizational demographics, production technology used, whether customer is a user/ nonuser of product, using NAICS

2. Positioning (developing a marketing strategy to influence how a particular market segment perceives a good or service in comparison to the competition. analyze competitors’ positions (direct and indirect), offer a good or service with a competitive advantage, finalize the marketing mix (the good or service must deliver benefits that the segment values), evaluate responses and modify as needed (*repositioning-- redoing a product’s position to respond to marketplace changes such as expanded product line; commonly used to change the brand image.)
Repositioning also occurs when a marketer revises a brand thought to be dead or at least near death. *retro brand.
Positioning strategy: brand personality (perceptual map: a vivid way to construct a picture of where products or brands are “located” in consumers‘ minds, allowing marketers to identify consumer’s perceptions of their brand in relation to the
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