Marketing management LECTURE 3 + 4

What are the 4 ways you can segment a market? (Segmentation variables)
Segments:
Geographic segmentation
Demographic segmentation
Psychographic segmentation
Behavioural segmentation
What are the 5 decision roles?
Decision roles:
1. Initiator
2. Influencer
3. Decider
4. Buyer
5. User
Effective segmentation criteria?
Effective segmentation criteria:
1. Measurable
2. Substantial
3. Accessible
4. Differentiable
5. Actionable
What are the 4 levels of segmentation?
Levels of segmentation:
1. Full market coverage
2. Multiple segment specialisation
3. Single segment specialisation
4. Individual marketing
What is meant by the competitive frame of reference?
Competitive frame of reference:
Defines which other brands a brand competes with and which should be the focus of competitor analysis
Criteria for point of difference?
Point of difference must be:
1. Desirable to customer
2. Deliverable by company
3. Differentiating from competitors
What is a point of parity?
Point of parity: attribute or benefit that are not necessarily unique to the brand but in fact may be shared with other brands
3 forms of point of parity?
1. Category
2. Correlational
3. Competing
What are the 5 market challenger attack strategies?
Market challenger attack strategies:
1. Frontal attack
2. Flank attack
3. Encirclement attack
4. Bypass attack
5. Guerilla attack
What is meant by a flank attack?
Flank attack: identifying shifts that cause gaps to develop in the market then rushing to fill these gaps
What is meant by an encirclement attack?
Encirclement attack: capture a wide slice of territory by launching a grand offensive on several fronts.
What is meant by a bypass attack?
Bypass attack: attack easier markets offering a three line approach; diversifying into new geographical markets, diversifying into unrelated products and leapfrogging into new technologies
What is meant by a guerilla attack?
Guerilla attack: harassing the opponent and eventually securing permanent footholds e.g. Selecting price cuts and blitz promotions
What are the three market follower strategies?
Market follower strategies:
1. Cloner
2. Imitator
3. Adapter
What are the market nicher strategies?
Market nicher strategies:
1. End user specialist
2. Vertical level specialist
3. Customer size specialist
4. Product of product line specialist
5. Product feature specialist
6. Job shop specialist
7. Quality price specialist
8. Geographical specialist
9. Service specialist
10. Channel specialist