Answers
ISC - CORRECT ANSWER✔✔I= Integrated (different forms working together)
S= Strategic (Based on research, planning)
C= Communication (working toward effectively conveying ideas)
Know the three basic possible strategies - CORRECT ANSWER✔✔Basic possible strategies
Cost leadership -- good for value (speedway)
Differentiation -- products that give variety (coca-cola)
Focus -- only produce one good product (ale- 8)
know the typical bases for market segmentation - CORRECT ANSWER✔✔Market Segmentation
is the process of dividing a market of potential customers into groups, or segments, based on
different characteristics
Demographics
Psychographics
Geographics
Geodemographics
Benefits
Usage
, behavior
know why behavioral segmentation is preferable - CORRECT ANSWER✔✔Behavioral
Segmentation
Why is behavior best?
It's what we're trying to influence, so should be the starting point.
How people behave is more important than what attitudes they hold or what they claim matters
to them
80/20 rule
know the positional approaches - CORRECT ANSWER✔✔
primary research - CORRECT ANSWER✔✔Primary Research
What you collect yourself
-observation
-Focus groups
-surveys
secondary research - CORRECT ANSWER✔✔Secondary Research
-Information already collected, either by your company or someone else
-Always the starting point when doing research