On a perceptual map, marketers can represent the size of both ______ and potential markets by using different sized ovals that correspond to the market size. Spending in the U.S. logistics and transportation industry totaled $1.33 trillion in 2012, and represented 8.5 percent of annual gross domestic product (GDP). B) A ski and snowboard equipment manufacturer markets its goods in states that have snowy mountains and ski resorts. Last year, he earned $35,000 in revenue and had explicit costs of $8,000. - Diffused sometimes, firms find it difficult to use demographics in their segmentation strategies. Ease of developing distribution channels and brand familiarity is also known as market ______. They are the overriding desires that drive how a person lives his or her life. A successful marketing plan requires identifying and evaluating opportunities by performing an STP analysis, which stands for ______. Calculate Liev's economic profit. If a market is too ______ and its buying power ______, it won't generate sufficient profits or be able to support the marketing mix activities. Each time, the thief left no fingerprints and always wore a mask to hide their identity. a. It classifies a firm's product and/or services into a two-by-two matrix. . Finally, Dunfords team met with a prospect who argued that the product was not a database at all, but a business intelligence tool. Benefit segmentation is often effective because it is relatively easy to portray a product's or service's benefits in the firm's ______ strategies. Have a clear, distinctive understanding of the product. If each force is low, the company is likely to earn more money. Firms using a(n) ___________ targeting strategy direct their efforts to several market segments with distinct brands and product offerings for each segment. These loyal customers are the most ______ in the long term to the firm. VALS shows __________ between psychology and lifestyle choices, when assessing the attractiveness of a segment, marketing managers need to calculate the _________ from each segment, both current and future, company sells its chocolates in simple plastic bags, but also offers it in attractive boxes for gift giving. Programs designed to help only those with low incomes are called A. welfare programs. Behavioral What are the factors considered in the analysis of profitability of a market segment? is an advertising campaign that promoted pork as a white meat alternative to chicken or turkey. against a specific competitor, against an entire service classification, and against an entire product classification. Psychographics is a segmentation method that delves into how consumers actually ________ themselves. In her book Obviously Awesome, April Dunford shares a personal story about the impact that the right positioning can have. $25,560 The ______ strategy must be consistent with and derived from the firm's mission and objectives, as well as its current situationits strengths, weaknesses, opportunities, and threats (SWOT). What the assumptions, risks, and uncertainties about the market and its future? (Select all that apply. When assessing the attractiveness of a segment, marketing managers need to calculate the ______ of each segment, both current and future. She supports leaders, managers and executives to clearly identify their values and vision and come up with innovative solutions based on new . The major positioning categories include: positioning by product attribute (product feature and/or benefit), positioning by user, positioning by product class, positioning versus competition, positioning by use/application, and positioning by quality or value. 1. This strategy can be applied to every type of product; that is why this is a common strategy. D) Benefits Ford Motor Company owns Ford, Mercury, and Volvo automotive brands, Ford Motor uses this variety of brands to pursue a _________ targeting strategy? Match each of the following targeting strategies (on the left) with an example (on the right) that shows how that strategy is used. When should a firm attempt to match its competitor's value proposition? Gold Class Electricals, a consumer-electronics firm, targets market segments based on factors such as country, age, social class, usage rate, and benefits sought. access Evaluate Segment Attractiveness 4. If a firm positions its product too closely to the competition, it risks ______. From its tagline, Just Do It, which models its positioning to push the limits of human performance, to the products themselves, which are frequently the go-to choice for athletes. Firms position products based on which of the following? the key to determining prices is figuring out how much customers are willing to pay so that they are satisfied with the purchase and the seller achieves a reasonable profit Manufacturers must decide at what price they would like products to sell to consumers. One of my go-to tools for understanding the market to find the ideal product positioning is a perceptual map. Lifestyles, the third component of people's psychographic makeup, are the way we live our lives to achieve goals. A SWOT analysis is part of a firm's situation audit. This is because in some cases demographics ______. After Claire arrived, she ordered techs to look for fingerprints and video surveillance footage. 119 . After evaluating each market segment's attractiveness, the next step in the STP process is ______. Which of the main value components are contained in the value proposition "SportsAde offers serious athletes a great-tasting way to stay hydrated during exercise"? B) Value Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their position in the market. -benefits -demographic -consumption -geographic List the following in order of the segmentation, targeting, and positioning process, with the first step at the top. Liev runs an antiques store. Others require a bit more collaboration or research. Which of the following is NOT a targeting strategy? they are the overriding desires that drive how a person lives his or her life, undifferentiated marketing, concentrated marketing, and micromarketing, which of the following are targeting strategies, which of the following is NOT a market segmentation approach, market positioning is done so that the target customers have an understanding of the product offered by the company in comparison with _________ products, the _________ communicates the customer benefits to be received from a product or service--in other words, why a customer should purchase the product, the component of segmentation that is determined by how we live our lives to achieve goals is called _________, when kellogg's introduced special K, the marketing communications about the product were meant to primarily appeal to women. Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. List the following in order of the segmentation, targeting, and positioning process, with the first step at the top. The biggest difference is that a USP is product or service-centric and focuses on what sets your product or service apart from competitors; where a business creates their positioning statement. Which of the following questions might a marketer ask to determine consumers' perceptions and evaluations of a product in relation to a competitor's product? Today, the management noticed that sales are decreasing since the market prices are dropping down due to unbeatable offers and discounts from other companies operating in the market for more than 20 years ago. ), - Sense of belonging 3 For example, Apple positions itself as innovative and creative and seeks to target that market. - An athletic shoe manufacturer. 1. Get your teams on the same page try LogRocket today. Multiple choice question. 2 A) Geographic 28 views, 0 likes, 1 loves, 0 comments, 0 shares, Facebook Watch Videos from Audioteb-: 100 . " relative to its competitors " The Boston Consulting Group Matrix (BCG Matrix), also referred to as the product portfolio matrix, is a business planning tool used to evaluate the strategic position of a firm's brand portfolio. - market access Ellie's Deli offers good sandwiches and fast service to its lunchtime customers from a nearby university. When you understand the forces affecting your industry, you can adjust your strategy, boost your profitability, and stay ahead of the competition. Borders bookstore sends him email promotions focusing on outdoor activities. Segmentation that uses a combination of geographic, demographic, and lifestyle characteristics to classify consumers who may patronize stores close to their neighborhood is called ________ segmentation. these groups of buyers might want products or services designed especially for them, while some segmentation methods rely on external descriptions and factors to break down the market, ___________ segmentation relies on consumers' descriptions of themselves, firms position products based on which of the following, distinct marketing strategies are unnecessary to meet segment members' needs, it is important to ensure that segments are distinct from one another because too much overlaps between segments means that __________, product/service category or concept, unique difference/benefits, target market, which of the main value components are contained in the value proposition "SportsAde offers serious athletes a great-tasting way to stay hydrated during exercise", self-respect, self-fulfillment, sense of belonging, which of the following are examples of self-values, _______ segmentation is a very specific form of behavioral segmentation by which segments are formed based on use of the product or service for a special event or activity, rather than everyday activities, firms using a ___________ targeting strategy direct their efforts to several market segments with distinct brands and product offerings for each segment, by selecting only senior women golfers as the target and focusing all efforts on products to fit their needs, a firm is using a __________ targeting marketing strategy, market access, market competitiveness, market growth. Value is a popular positioning method and is the most important consideration for consumers when they make a purchase decision based on ______. The Other White Meat." The following list will identify seven steps you can take to create a profitable business-level strategy within your company: 1. O Salient attributes O Value proposition O Symbols O Competition O Market share Colonel Sanders, the Jolly Green Giant, the Gerber Baby, and Tony the Tiger are all examples of which positioning tool? - Undifferentiated marketing Which of the following are factors that can help a marketer determine the profitability of a segment over the lifetime of one of its typical customers? When marketers combine segmentation methods, which approach(es) do they typically use to design the product or service rather than to target communications to their customers? this appeals to a family's ___________, a concentrated strategy is a more efficient use of limited resources. When customer needs are not completely met. Psychographics study how people ______ their time and the underlying psychological factors that determine their choices. An effective product position will hone in on this and amplify it. It dominates this position in the market so well that you would be hard-pressed to find a designer who doesnt use a MacBook. Under which market situations would a firm be most likely to sustain a unique value proposition over the long term? In light of the high costs associated with finding new customers who feel that a brand can meet their relevant needs and are willing to exclude competitors, today's companies are using ______ segmentation and investing in initiatives to retain their most profitable customers. One of the benefits of a differentiated targeting strategy is that it allows the firm to, obtain a bigger share of the market/diversify business. What analytical method does a firm typically employ to assess the target market and its own competencies? 3-carat diamond engagement ring to help understand the profile of each segment. The right positioning can transform a struggling product into one that flies off the shelves. Market Positioning refers to the ability to influence consumer perceptionregarding a brand or product relative to competitors. For example, does your product offer better features than your competitors? Retirees? Psychographic STP process: Identify groups of similar customers Segmentation . It provides a reason for consumers as to why their product is worth investing in, as opposed to all the other substitute products available in the market. what analytical method does a firm typically employ to assess the target market in light of its own competencies? A) Demographics Value is a popular positioning method and is the most important consideration for consumers when they make a purchase decision based on __ ____. The third step of the market segmentation process is to evaluate segment ______ which is based on such criteria as its profitability, responsiveness, and reachability. True They position themselves as a sustainable and ethical company that does not do animal testing and creates products that are not only good for you but for the environment too. The component of segmentation that is determined by how we live our lives to achieve goals is called ______. Once prospects stopped comparing the product to their existing database, they began to understand the problem the product was designed to solve and the value it could bring. This is an example of ______ segmentation. What are some advantages and disadvantages of real-time processing? Diversification. Reason: What does the size of a numbered circle on a perceptual map indicate? Which of the following is NOT a market segmentation approach? Perceptual mapping, also known as market mapping, is a diagrammatic technique used to visualize the relative positioning of competitive products. As part of her investigation, Claire will need to interview a variety of experts, including some from the Government and Public Administration and the Human Services career clusters. The bonus is paid immediately, and the salary is paid in equal amounts at the end of each month. Industry analysis, for an entrepreneur or a company, is a method that helps to understand a company's position relative to other participants in the industry. This quality is known as ______, which is an important element of successful segmentation. Some of these factors include demographics, psychographics, value symbols, and salient attributes. True or False: Lifestyles are a component of psychographic segmentation that describes how an individual lives his or her life to achieve goals. True or False: Firms must be able to identify who is within their markets to be able to design products or services to meet customer needs. Age, gender, and income are all examples of ______ segmentation variables. McDonald's often targets families by showing families having a good time in its advertising. A) Self-fulfillment Marketers sometimes take into account that as people age their needs change. which of the following are ways in which firm commonly position themselves in the marketplace? (Select all that apply.). 1) Establish strategy or objectives 2) Use segmentation methods 3) Evaluate segment attractiveness 4) Select target market 5) Identify and develop positioning strategy _______segmentation variables include age, income, and gender. Of course, you want to build a deep understanding of your competitors, their strengths and weaknesses, and differentiation. SWOT is an acronym for: In a situation analysis a firm will examine the positives and negatives in its internal operations - strengths and weaknesses. Competitors will encroach on the firm's value proposition by copying important product or service attributes. If a handbag manufacturer offers three different purses (a budget-conscious version, a slightly higher-end version, and a luxury version) to three different target markets, which targeting strategy is it using? While there is no single way to conduct market analysis, some core questions you might explore include: Product positioning is all about how your products are perceived in relation to their direct competitors. How is your product perceived? Responsive The objective of market positioning is to establish the image or identity of a brandor product so that consumers perceive it in a certain way. (Choose every correct answer.) For example, you might map your products based on whether they are perceived as: Theres no perfect science to creating a perceptual map. Sometimes, firms find it difficult to use demographics in their segmentation strategies. At its simplest, brand positioning is the process of setting your business apart from your competitors in a way that builds preference for you among your target audience. Value Salient attributes 119. Burger King was founded in 1953 in Jacksonville, Florida, as Insta-Burger King by Keith J. Kramer and his wife's uncle, Matthew Burns. A point where a market segment's desired product would be located on a perceptual map is called a(n) ______ point. B) When customers' needs are met by the firm and its competitors Firms position their products based on methods such as _____. ______ is the image people ideally have of themselves. True or false: A firm assesses attractiveness of a target market and its own competencies using a SWOT analysis. 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