MKTG 2500 FINAL EXAM (ALL CHAPTERS) QUESTIONS AND
ANSWERS WITH COMPLETE SOLUTIONS
5 Developments in the Changing Marketing Landscape
1. The Digital Age
2. The Changing Economic Environment
3. The Growth for Non-For Profit Marketing
4. Rapid Globalization
5. Sustainable Marketing
Targeting
Process of evaluating each markets attractiveness and selecting one or more segments
to enter
Positioning
Arranging for a product to occupy a clear, distinctive, and desirable place relative to
competing products in minds of consumers
Differentiation
Differentiating the market offering to create superior customer value
4 P's of Marketing
Product
Price
Place
Promotion
,Motive / Drive
Need directly related to satisfaction
Attitude
Positive/negative feelings or evaluations
Cognitive Dissonance
Buyer discomfort caused by post purchase conflict
Factors that influence consumer behavior
Cultural
Social
Personal
Psychological
Types of market segmentation
geographic, demographic, psycho-graphic, behavioral
Requirements for effective segmentation (5)
Measurable
Accessible
Substantial (market is large/profitable enough to serve)
Differential (market is distinguishable and able to serve)
Actionable
What firms should look at when evaluating potential market segments
Size and growth
Structural Attractiveness
Company objectives and resources
, Types of Differentiation
Product
Service
Channel
People
Criteria for deciding which differentiation to promote
Important
Distinctive
Superior
Communicable
Preemptive
Affordable (for buyers)
Profitable (for company)
Value proposition
The full positioning of the brand; the full mix of benefits on which its positioned
Answers, "Why should I buy your brand?"
Positioning Statement & Components
To (target segment and need) our (brand) is (concept) that (point of difference)
3 Levels of a Product
Core Customer Value
Actual Product
Augmented Product
ANSWERS WITH COMPLETE SOLUTIONS
5 Developments in the Changing Marketing Landscape
1. The Digital Age
2. The Changing Economic Environment
3. The Growth for Non-For Profit Marketing
4. Rapid Globalization
5. Sustainable Marketing
Targeting
Process of evaluating each markets attractiveness and selecting one or more segments
to enter
Positioning
Arranging for a product to occupy a clear, distinctive, and desirable place relative to
competing products in minds of consumers
Differentiation
Differentiating the market offering to create superior customer value
4 P's of Marketing
Product
Price
Place
Promotion
,Motive / Drive
Need directly related to satisfaction
Attitude
Positive/negative feelings or evaluations
Cognitive Dissonance
Buyer discomfort caused by post purchase conflict
Factors that influence consumer behavior
Cultural
Social
Personal
Psychological
Types of market segmentation
geographic, demographic, psycho-graphic, behavioral
Requirements for effective segmentation (5)
Measurable
Accessible
Substantial (market is large/profitable enough to serve)
Differential (market is distinguishable and able to serve)
Actionable
What firms should look at when evaluating potential market segments
Size and growth
Structural Attractiveness
Company objectives and resources
, Types of Differentiation
Product
Service
Channel
People
Criteria for deciding which differentiation to promote
Important
Distinctive
Superior
Communicable
Preemptive
Affordable (for buyers)
Profitable (for company)
Value proposition
The full positioning of the brand; the full mix of benefits on which its positioned
Answers, "Why should I buy your brand?"
Positioning Statement & Components
To (target segment and need) our (brand) is (concept) that (point of difference)
3 Levels of a Product
Core Customer Value
Actual Product
Augmented Product
