BA 303 EXAM 2 PSU LATEST
three steps in developing successful marketing plan - ANSWERS-1)
develop clear understanding of customers
2) develop a product and marketing mix that is sensitive to the desire
and needs of customers
3) develop positioning strategy that differentiates product from
competitive alternatives
target marketing - ANSWERS-process of choosing a market segment in
order to concentrate marketing effort (selecting of the segment and these
are the ones i want to market to)
majority fallacy - ANSWERS-most markers are attracted to the biggest
and most lucrative segments because thats where the most business can
be done... downside is have the most competition
mass marketing - ANSWERS-one product sold aimlessly to any and all
prospective customers
product differentiated marketing - ANSWERS-2 or more differentiated
forms of the same product sold aimlessly to any and all prospective
customers
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1
, BA 303 EXAM 2 PSU LATEST
target marketing purpose - ANSWERS-marketer distinguishes between
different types of customers and then chooses one or a few to
concentrate their efforts. actually develop a marketing mix to appeal and
cater to each specific segment chosen
marketing segments require ... - ANSWERS-marketers to look for
similar traits that will allow for sub grouping (members of the same one
have same tendencies in buying tastes/habits)
marketing segmenting is important because... - ANSWERS--enables
marketers to identify groups of customers that share similar tastes,
preferences and buying behavior
-provides valuable info that can help in the deign of effective marketing
strategies
-may result in discovery of marketing opportunities by revealing viable
segments that are presently unsatisfied
-forces marketers to look at different types of customers
criteria for forcing viable market segment - ANSWERS--identifiable
(modern bride can get people from bridal registries to be interested)
accessible (reachable), significant/substantial (a good size), responsive
(customers must read positively), heterogenous
-multi-yigmant segmenti
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PAGE
2
, BA 303 EXAM 2 PSU LATEST
-valid group needs to past test
undifferentiated target marketing strategy - ANSWERS-adopt a mass
marketing type strategy that views the market as one large market
segment (no individual segments, one marketing mix). Appeal to what is
common to the market
advantage of undifferentiated marketing strategy - ANSWERS-potential
savings on production and marketing costs
disadvantage of undifferentiated marketing strategy - ANSWERS-
unimaginative product offerings, company more susceptible to
competition
differentiated target marketing strategy - ANSWERS-adopt a multi -
segment approach that chooses more than one segment to target, but
develop a special marketing mix for each segment chosen, multiple
niche marketing, specific product marketing (four segments)
advantage for differentiated marketing strategy - ANSWERS-greater
financial success, economic of scale
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PAGE
3
three steps in developing successful marketing plan - ANSWERS-1)
develop clear understanding of customers
2) develop a product and marketing mix that is sensitive to the desire
and needs of customers
3) develop positioning strategy that differentiates product from
competitive alternatives
target marketing - ANSWERS-process of choosing a market segment in
order to concentrate marketing effort (selecting of the segment and these
are the ones i want to market to)
majority fallacy - ANSWERS-most markers are attracted to the biggest
and most lucrative segments because thats where the most business can
be done... downside is have the most competition
mass marketing - ANSWERS-one product sold aimlessly to any and all
prospective customers
product differentiated marketing - ANSWERS-2 or more differentiated
forms of the same product sold aimlessly to any and all prospective
customers
END OF
PAGE
1
, BA 303 EXAM 2 PSU LATEST
target marketing purpose - ANSWERS-marketer distinguishes between
different types of customers and then chooses one or a few to
concentrate their efforts. actually develop a marketing mix to appeal and
cater to each specific segment chosen
marketing segments require ... - ANSWERS-marketers to look for
similar traits that will allow for sub grouping (members of the same one
have same tendencies in buying tastes/habits)
marketing segmenting is important because... - ANSWERS--enables
marketers to identify groups of customers that share similar tastes,
preferences and buying behavior
-provides valuable info that can help in the deign of effective marketing
strategies
-may result in discovery of marketing opportunities by revealing viable
segments that are presently unsatisfied
-forces marketers to look at different types of customers
criteria for forcing viable market segment - ANSWERS--identifiable
(modern bride can get people from bridal registries to be interested)
accessible (reachable), significant/substantial (a good size), responsive
(customers must read positively), heterogenous
-multi-yigmant segmenti
END OF
PAGE
2
, BA 303 EXAM 2 PSU LATEST
-valid group needs to past test
undifferentiated target marketing strategy - ANSWERS-adopt a mass
marketing type strategy that views the market as one large market
segment (no individual segments, one marketing mix). Appeal to what is
common to the market
advantage of undifferentiated marketing strategy - ANSWERS-potential
savings on production and marketing costs
disadvantage of undifferentiated marketing strategy - ANSWERS-
unimaginative product offerings, company more susceptible to
competition
differentiated target marketing strategy - ANSWERS-adopt a multi -
segment approach that chooses more than one segment to target, but
develop a special marketing mix for each segment chosen, multiple
niche marketing, specific product marketing (four segments)
advantage for differentiated marketing strategy - ANSWERS-greater
financial success, economic of scale
END OF
PAGE
3
