4 steps in designing a customer value driven marke
Written for
MKTG 3310
MKTG 3310
Seller
Follow
FullyFocus
Reviews received
Content preview
MKTG 3310 Exam 4 || with A+ Guaranteed Solutions.
4 Steps in Designing a Customer Value-Driven Marketing Strategy correct answers 1.
Segmentation
2. Targeting
3. Differentiation
4. Positioning
Customers to Serve correct answers Segmentation, Targeting
Deciding on a Value Proposition correct answers Differentiation, Positioning
Segmentation correct answers divide the total market into smaller segments
Targeting correct answers select the segment or segments to enter
Differentiation correct answers differentiate the market offering to create superior customer
value
Positioning correct answers position the market offering in the minds of target customers
Generic Market correct answers market with broadly similar needs and sellers offering various,
often diverse, ways (products and/or services) of satisfying those needs
-market from customer's viewpoint
-can be difficult to understand because of very different product types that will compete against
each other
Example of Generic Market correct answers Entertainment seekers --> cruise ship or HDTV or
Sports events
Product Markets correct answers market with very similar needs and sellers offering various
close substitute ways of satisfying those needs
Example of Product Market correct answers HDTV --> Samsung SmartTv or LG HGTV or Sony
HGTV or Apple TV Smart TV
Segmenting correct answers an aggregating process - clustering people or businesses with similar
needs into a market segment
Market Segment correct answers relatively homogeneous group of customers who will respond
to a marketing mix in a similar way
Market Segmentation correct answers two step process of
1. Naming broad product markets
2. Segmenting broad product markets in order to select target markets and develop suitable
marketing mixes
, Example of Market Segmentation correct answers Broad Product Market = People who ride
bikes
Market Segements = Road or Mountain or Urban or Women or Kids
1. Homogeneous Approach correct answers the customers in a market segment should be as
similar as possible with respect to their likely responses to marketing mix variables and their
segmenting dimensions
Heterogeneous correct answers the customers in segments should be as different as possible with
respect to their likely responses to marketing mix variables AND their segmenting dimensions
Substantial correct answers the segment should be big enough to be profitable
Operational correct answers the segmenting dimensions should be useful for identifying
customers and deciding on marketing mix variables
Why more Pervasive Product Market Segmentation correct answers 1. Attacking emerging
markets
2. Leverage company Brand(s) popularity
3. Increasing Competition
4. It's easy to extend product lines
5. Now a global market with unique product-market segments
6. To grow the product - market you participate in
Single Target Market Approach correct answers segmenting the market and picking one of the
homogeneous segments as the Firm's target market
Example of Single Target Market correct answers Cannondale --> Mountain Bikes
Multiple Target Market Approach correct answers segmenting the market and choosing two or
more segments and then treating each as a separate target market needing a different marketing
mix
Example of Multiple Target Market correct answers Cannondale --> Road or Mountain or Urban
or Women or Kids
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.99. You're not tied to anything after your purchase.
