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This 2 page Study Guide was uploaded by Rebecca Hart on Wednesday September 30, 2015. The Study Guide belongs to Business 1000 at University of Denver taught by Aaron Duncan in Summer 2015. Since its upload, it has received 14 views. For similar materials see Gateway to Business in Business at University of Denver.
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Date Created: 09/30/15
Video 1: Segmentation- process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics Four factors that impact segmentation- o clear identification what characteristics make this group unique o measurability size way to determine how many potential customers there are o accessibility through promotional efforts how difficult is it for you to connect with your potential customers o appropriateness to policies/resources of company does it make sense for the company to deliver the product/service given their strengths Four strategies to identify customers- o behavioral group customers based on specific behavioral patterns ie spending, consumption, and lifestyle o demographic strategizes attempt to group potential customers based on age, race, religion, gender, family size, ethnicity, income, and education o psychographic strategizes attempt to group potential customers based on consumers’ personality traits, values, and interests o location/geographical strategizes attempt to group potential customers based on location Video 2: Targeting Three strategies to target- o undifferentiated an option that treats all potential customers as one big group—good for businesses with little competition o concentrated process of selecting a specific group of potential customers and working to understand their wants and needs—specific group o multi-segment if you need to focus on two or more well defined market segments and want to develop different strategies for them—different approaches That business model is called business to business (B2B) while selling to consumers is called business to consumer (B2C) Video 3: Positioning-creating a marketing strategy that helps your target market identify your business offering as being unique—its what your potential customers see you as Potential customers=target market Positioning statement o helps frame the strategy and tactics that will be used to create the marketing plan internal tool that ensures every decision you make is in alignment with brand Brand- o visual, o experiential, o cultural representation of business first things that a target market will become aware of Purchase funnel-initial awareness of a brand Purchase funnel- o awareness measure if how well known a business, brand or product/service is o consideration process of comparing options between competing brands o evaluation comes after you’ve reviewed your options and are ready to make a decision o purchase when someone purchases the product or service o loyalty businesses want customers to return to buy more product/services
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