Marketing 380 Exam 2 UPDATED ACTUAL Questions And Correct Answers
C
Terms in this set (47)
Market Segmentation dividing the total market into smaller segments to select customers to serve
Different ways to segment a market geographic- nations, states, counties, cities, neighborhoods; population density,
climate, changes in customer preferences
demographic- consumer needs, wants, and usage rates often vary closely with
demographic variables
psychographic- social classes, lifestyle, or personality traits
behavioral- knowledge, attitudes, uses, or responses to a product
multiple segmentation segmenting based on many variables is used to identify smaller, better-defined
target groups
criteria for successful segmentation measurable-size purchasing power
accessible- reach
differentiable-distinguishable and respond differently
actionable- effective programming can be created
target market choosing one or more segments for which to design your marketing operations
targeting strategies undifferentiated- mass marketing, single marketing mix reaches target market
differentiated- multiple marketing mix reaches multiple target markets, targets
several segments with different message, more expensive
concentrated (niche)- single marketing mix reaches part of target market, small
share of large market
differentiation competitive advantages to build a position
positioning way a product is defined by consumers on important attributes, the place the
product occupies in a consumer's minds relative to competing products
based on perceptions, impressions, feelings
positioning statement "to (target segment and need) our (brand) is (concept) that (point of difference)"
product anything that can be offered in a market for attention, acquisition, use, or
consumption that might satisfy a need or want
service product that consists of activities, benefits, or satisfaction that is essentially
intangible and does not result in the ownership of anything
, 3 levels of products augmented- delivery, credit, product support, warranty, after sale service
actual product- brand name, quality level, packaging, design, features
core customer value-What is the Buyer actually buying?
Ex: iPad- connectedness, self-expression, entertainment
why "manage" the customer experience? send consistent message of company at all points of contact
decisions regarding individual products/services, product Product attributes
lines, and product mixes branding
packaging
labeling
product support services
Goal of all these decisions is to create value for customer.
Service Profit Chain Service Profit Chain- links service firm profits with employee and customer
satisfaction. Internal service quality and satisfied, product employees lead to
greater service value, satisfied/loyal customers, and healthy service profits and
growth.
internal marketing the service firm must orient and motivate its customer contact employees and
supporting service people to work as a team to provide customer satisfaction.
Internal marketing must precede external marketing- building brand
ambassadors.
Chick-Fil-A move
4 major brand strategy decisions required in managing a Brand positioning
brand Brand Name
Brand Sponsorship (manufacturer's brand, private brand, licensing, co-branding)
Brand Development
brand development line extension-apple, cheerios; existing product and brand name
brand extension- special K, new product, existing brand
multibrand- soft drinks, existing product, new brand
new brand- new product, new brand
C
Terms in this set (47)
Market Segmentation dividing the total market into smaller segments to select customers to serve
Different ways to segment a market geographic- nations, states, counties, cities, neighborhoods; population density,
climate, changes in customer preferences
demographic- consumer needs, wants, and usage rates often vary closely with
demographic variables
psychographic- social classes, lifestyle, or personality traits
behavioral- knowledge, attitudes, uses, or responses to a product
multiple segmentation segmenting based on many variables is used to identify smaller, better-defined
target groups
criteria for successful segmentation measurable-size purchasing power
accessible- reach
differentiable-distinguishable and respond differently
actionable- effective programming can be created
target market choosing one or more segments for which to design your marketing operations
targeting strategies undifferentiated- mass marketing, single marketing mix reaches target market
differentiated- multiple marketing mix reaches multiple target markets, targets
several segments with different message, more expensive
concentrated (niche)- single marketing mix reaches part of target market, small
share of large market
differentiation competitive advantages to build a position
positioning way a product is defined by consumers on important attributes, the place the
product occupies in a consumer's minds relative to competing products
based on perceptions, impressions, feelings
positioning statement "to (target segment and need) our (brand) is (concept) that (point of difference)"
product anything that can be offered in a market for attention, acquisition, use, or
consumption that might satisfy a need or want
service product that consists of activities, benefits, or satisfaction that is essentially
intangible and does not result in the ownership of anything
, 3 levels of products augmented- delivery, credit, product support, warranty, after sale service
actual product- brand name, quality level, packaging, design, features
core customer value-What is the Buyer actually buying?
Ex: iPad- connectedness, self-expression, entertainment
why "manage" the customer experience? send consistent message of company at all points of contact
decisions regarding individual products/services, product Product attributes
lines, and product mixes branding
packaging
labeling
product support services
Goal of all these decisions is to create value for customer.
Service Profit Chain Service Profit Chain- links service firm profits with employee and customer
satisfaction. Internal service quality and satisfied, product employees lead to
greater service value, satisfied/loyal customers, and healthy service profits and
growth.
internal marketing the service firm must orient and motivate its customer contact employees and
supporting service people to work as a team to provide customer satisfaction.
Internal marketing must precede external marketing- building brand
ambassadors.
Chick-Fil-A move
4 major brand strategy decisions required in managing a Brand positioning
brand Brand Name
Brand Sponsorship (manufacturer's brand, private brand, licensing, co-branding)
Brand Development
brand development line extension-apple, cheerios; existing product and brand name
brand extension- special K, new product, existing brand
multibrand- soft drinks, existing product, new brand
new brand- new product, new brand
