TECHNO - Midterm Lessons Coverage

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Created by
Jeff Adlawan

Cards (32)

  • Target market identification involves selecting one or more market segments or groups of customers to target in your marketing mix.
  • To maximize your reach and profits, you may want to consider a targeted marketing approach where you identify a smaller target market from the overall market and focus your marketing mix on that market.
  • Target market identification broadly involves identifying why a customer would want to buy from you, breaking down the overall market into different market segments based on shared characteristics, and then choosing the most feasible, profitable market segment or segments as the target market for your marketing mix.
  • Benefits of Target Market Identification:

    More effective marketing mix

    Helps you choose the right marketing channels

    Uses limited time money and resources more efficiently

    Maximizes Sales and Profits
  • Target market identification is the process of selecting the groups of customers to focus on in a firm's marketing mix.
  • A market analysis is a quantitative and qualitative assessment of a market
  • A market analysis is a quantitative and qualitative assessment of a market
  • In order to do that I recommend the following plan: (Market Analysis)

    1. Demographics and Segmentation
    2. Target Market
    3. Market Need
    4. Competition
    5. Barriers to Entry
    6. Regulation
  • It looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation.
    TRUE
  • With a target market in mind, you can promote your products or services to customers where they are
  • With a target market in mind, you can promote your products or services to customers where they are
    TRUE
  • Divide the overall market into segments based on geographic, demographic, and psychographic characteristics
  • Mass Marketing: Aimed at a wide-range of buyers
  • Product Variety Marketing: when a firm deliberately sets out to offer a wide range of products to broaden the customer base
  • Other strategies aside Targeted Marketing:
    1. Mass Marketing
    2. Product Variety Marketing
  • To maximize your reach and profits, you may want to consider a targeted marketing approach where you identify a smaller target market from the overall market and focus your marketing mix on that market.
    TRUE
  • Five P's
    1. Product - what you're selling
    2. Price - how much you're charging
    3. Place - where you're selling
    4. Promotion - communicating the product's benefits
    5. People - how you and team can give you competitive edge
  • The 5Ps are Product, Price, Place, Promotion, People.
  • Target market identification broadly involves identifying why a customer would want to buy from you, breaking down the overall market into different market segments based on shared characteristics, and then choosing the most feasible, profitable market segment or segments as the target market for your marketing mix
  • Targeted marketing approach broadly involves identifying why a customer would want to buy from you, breaking down the overall market into different market segments based on shared characteristics, and then choosing the most feasible, profitable market segment or segments as the target market for your marketing mix
    FALSE
  • Answer: More Effective Marketing Mix
  • Answer: Helps You Choose The Right Marketing Channels
  • Answer: Maximizes Sales and Profits
  • EMPHASIZE BENEFITS: NOT FEATURES
    1. Greater Revenue Opportunity
    2. Competitive Advantage
    3. Reduce Costs and Expenses
    4. Greater Convenience
    5. Greater Return of Investment
    6. and better results
  • HOW TO CREATE A VALUE PROPOSITION
    1. Know your customers
    2. Don't forget about your competitors
    3. Understand costs and benefits
    4. Be clear and concise
    5. Design is king
    6. More resources
  • 5 P's
    1. Product
    2. Price
    3. Place
    4. Promotion
    5. People
  • CUSTOMER GEOGRAPHICS:
    1. Age
    2. Race
    3. Gender
    4. Ethnicity
    5. Income Level
    6. Geographic Location
  • BENEFITS OF TARGET MARKET IDENTIFICATION
    1. Maximizes Sales and Profits
    2. Uses Limited Time, Money and Resources More Efficiently
    3. Helps You Choose The Right Marketing Channels
    4. More Effective Marketing Mix
  • ORGANIC EARLY MAJORITY
    1. Apple
    2. UPS
    3. Kodak/Fuji
  • CLEAR AND COMPELLING VALUE PROPOSITION
    1. Create a strong differentiation between you and your competitors
    2. Increase not only the quantity but also the quality of your prospective leads
    3. Gain Market share in your targeted segments
    4. increase your operation efficiency
    5. increase your revenue
    6. ensure that everyone in your company communicates the same message
  • ORGANIC EARLY ADOPTERS
    1. Skype
    2. Facebook
    3. Ebay
    4. Amazon
  • I RECOMMEND TO DO THE FOLLOWINNG PLAN: MARKET ANALYSIS
    1. Demographics and Segmentation
    2. Target Market
    3. Market Need
    4. Competition
    5. Barriers to Entry
    6. Regulation