MGMT 105 Midterm Exam UPDATED
ACTUAL QUESTIONS AND CORRECT
ANSWERS
Positioning - CORRECT ANSWER developing a specific marketing mix to influence potential
customers' overall perception of a brand, product line, or organization in general
Why do we need positioning - CORRECT ANSWER because there is competition, through
positioning you can appeal to the target audience ( ex family friendly food !) And start in a niche area
first
How does positioning relate to value proposition - CORRECT ANSWER positioning filters the
brands value proposition (ex brand is position to be eco friendly, that is a value to me, I buy it )
Saxonville case - CORRECT ANSWER s were worried that they wouldn't have a large reach
with a german named country so they changed it to vivo, then saw increasing sales especially in
italian sausage, key component was that it was marketed well ( above quality meets, fresh ) and was
malleable, offered in different forms
Why was vivo beating out other italian sausage companies - CORRECT ANSWER people
cared about the attributes they offered, fresh good quality
Overlap cause competition between products, how do you alleviate it - CORRECT
ANSWER positioning within in the family of things , making it more niche based and value
oriented
What was the core challenge of the saxonville case - CORRECT ANSWER -No distinctive
brand identity
-local bands playing "home grown" heritage
-distributing outside of core geography
What was Banks Research methodology - CORRECT ANSWER Examine secondary research
Identify target market
, Listen to marketing team
Focus groups, analyze insights, segment ( found that moms were more into it )
Laddering
Product testing/purchase intent scores the testing generates
Value Proposition - CORRECT ANSWER the unique value that a product or service provides to
its customers and how it is better than and different from those of competitors
How many c's does a good value proposition have? - CORRECT ANSWER Understands the 3
c's:
Consumer Analysis ( what they want )- relevant, resonant, realistic |
Competitive Analysis( what they struggle with) - distinctive, defensible, durable | Company Analysis(
what you do best) - feasible, favorable, faithful
What are the steps to create value segmentation (STP) - CORRECT ANSWER Segmentation:
Group customers based on similar needs/profile segments. Targeting: ( find the overarching themes)
Assess attractiveness of each segment, select segments to target.
Positioning: Define value propositions for target segments/develop action plan.
What is the value proposition theory - CORRECT ANSWER value to target market = benefits
to Target Market ( both have essential points of parity and difference ) - cost to Target Marketing
Points of Parity - CORRECT ANSWER are those elements that are considered mandatory for a
brand to be considered a legitimate competitor in its specific category
Why not family traditions as a brand positioning - CORRECT ANSWER italian sausage comes
with its heritage already and it isn't as unique as clever cooking
Steps in creating value proposition : segmentation - CORRECT ANSWER Group customers
based on similar needs/profile segments.
What are some common marketing research tools (SIF) - CORRECT ANSWER interview
ACTUAL QUESTIONS AND CORRECT
ANSWERS
Positioning - CORRECT ANSWER developing a specific marketing mix to influence potential
customers' overall perception of a brand, product line, or organization in general
Why do we need positioning - CORRECT ANSWER because there is competition, through
positioning you can appeal to the target audience ( ex family friendly food !) And start in a niche area
first
How does positioning relate to value proposition - CORRECT ANSWER positioning filters the
brands value proposition (ex brand is position to be eco friendly, that is a value to me, I buy it )
Saxonville case - CORRECT ANSWER s were worried that they wouldn't have a large reach
with a german named country so they changed it to vivo, then saw increasing sales especially in
italian sausage, key component was that it was marketed well ( above quality meets, fresh ) and was
malleable, offered in different forms
Why was vivo beating out other italian sausage companies - CORRECT ANSWER people
cared about the attributes they offered, fresh good quality
Overlap cause competition between products, how do you alleviate it - CORRECT
ANSWER positioning within in the family of things , making it more niche based and value
oriented
What was the core challenge of the saxonville case - CORRECT ANSWER -No distinctive
brand identity
-local bands playing "home grown" heritage
-distributing outside of core geography
What was Banks Research methodology - CORRECT ANSWER Examine secondary research
Identify target market
, Listen to marketing team
Focus groups, analyze insights, segment ( found that moms were more into it )
Laddering
Product testing/purchase intent scores the testing generates
Value Proposition - CORRECT ANSWER the unique value that a product or service provides to
its customers and how it is better than and different from those of competitors
How many c's does a good value proposition have? - CORRECT ANSWER Understands the 3
c's:
Consumer Analysis ( what they want )- relevant, resonant, realistic |
Competitive Analysis( what they struggle with) - distinctive, defensible, durable | Company Analysis(
what you do best) - feasible, favorable, faithful
What are the steps to create value segmentation (STP) - CORRECT ANSWER Segmentation:
Group customers based on similar needs/profile segments. Targeting: ( find the overarching themes)
Assess attractiveness of each segment, select segments to target.
Positioning: Define value propositions for target segments/develop action plan.
What is the value proposition theory - CORRECT ANSWER value to target market = benefits
to Target Market ( both have essential points of parity and difference ) - cost to Target Marketing
Points of Parity - CORRECT ANSWER are those elements that are considered mandatory for a
brand to be considered a legitimate competitor in its specific category
Why not family traditions as a brand positioning - CORRECT ANSWER italian sausage comes
with its heritage already and it isn't as unique as clever cooking
Steps in creating value proposition : segmentation - CORRECT ANSWER Group customers
based on similar needs/profile segments.
What are some common marketing research tools (SIF) - CORRECT ANSWER interview
