MKTG 201 MIDTERM 2 BYU Test Questions and Answers Rated A
Marketing Segmentation - -Process of
grouping customers into relatively Geographical Segmentation - -dividing a
homogeneous segments market into different geographical units, such as
nations, states, regions, counties, cities,
Customers within a segment respond similarly to densities, climate, or even neighborhoods
the marketing effort directed at them
Demographic Segmentation - -segmenting
Criteria for Effective Segmentation - - markets by age, gender, income, ethnic
Measurable background, occupation
Accessible
Durable
Substantial Psycho-graphic Segmentation - -
Unique Needs Personality traits, values, attitudes, interests, and
lifestyles. A profile about how people view the
world, the things that interest them, and what
Effective Segmentation--Measurable - - causes them to take action.
Individuals can be assigned to a segment and
counted
Behavioral Segmentation - -Usage
situations, benefits
Effective Segmentation--Accessible - -
Individuals in the segment can be reached
through the company's promotion/distribution The Diffusion Process - -Describes how
channels potential customers learn about new products, try
them, and adopt or reject them.
Effective Segmentation--Durable - - Bell Curve:
Segment membership is relatively constant Early Innovators
Early Adopters
Early Majority
Effective Segmentation--Substantial - - Late Majority
Segment is large enough to make products Laggards
profitable
Early Market in the diffusion process - -
Effective Segmentation--Unique Needs - - innovators & early adopters (2.5% and 13.5% for
Needs are homogeneous within segments and 16% total)
heterogeneous across segments
The Mainstream Market in the diffusion process -
Ways to segment the market (from most useful to -Early and Late Majority (34% each for
least) - -geographic, demographic, 68% total)
psychographic, behavioral
1/9
, MKTG 201 MIDTERM 2 BYU Test Questions and Answers Rated A
The Late Market in the diffusion process - -
Laggards (16%) Problem with "Lower Price, More Benefits"
Positioning - -Very difficult to sustain in the
long run
Three Generic Segments - -hate, swing,
love Offering more usually costs more, making it
difficult to deliver on the "for-less" promise
Sell to the ____ group through the eyes of the May lose out to more focused competitors
_____ group - -swing, love
USP (Unique Selling Proposition) & What
Attractive Target Segments - -Market Size questions does it answer? - -A way to
(is the market big enough to deliver expected differentiate a product by communicating its
products?) unique attributes
Expected Growth (is the market growing?) Answers these questions:
1. Who is the customer--identity and buying
Competitive Position (What is the level of situation?
competitive rivalry? Is the differentiated product 2. How does the product solve a compelling pain
offering valued by customers?) point that the customer has?
3. Who are the main competitors and what
Cost to Reach (is the market economically makes this product unique?
accessible?)
Brand Valuation Approaches - -- Market-
What is the heart of Market Strategy? - - based: Valuation is based on an estimation of the
Positioning amount for which a brand can be sold.
- Income-based: Valuation is based on the future
net revenues directly attributable to the brand,
Positioning - -The act of designing the
discounted to the present value using an
company's offering so that it occupies a distinct
appropriate discount rate.
and valued place in the target customers' minds.
- Formulary: Valuation is based on multiple
criteria such as: Profitability, Leadership,
Feasible positioning - -Higher price, for Stability, Market, Internationality, Trend, Support,
more benefits Protection
Same price, more benefits
lower price, same benefits
much lower price, lower benefits
Definition of Brand - -The perception that
exists in the minds of your constituents about
your relevance and promise of value
Problem with "Me Too" positioning - -You
do not set yourself apart in anyway The sum total of the impressions formed through
exposure to your touchpoints.
2/9
Marketing Segmentation - -Process of
grouping customers into relatively Geographical Segmentation - -dividing a
homogeneous segments market into different geographical units, such as
nations, states, regions, counties, cities,
Customers within a segment respond similarly to densities, climate, or even neighborhoods
the marketing effort directed at them
Demographic Segmentation - -segmenting
Criteria for Effective Segmentation - - markets by age, gender, income, ethnic
Measurable background, occupation
Accessible
Durable
Substantial Psycho-graphic Segmentation - -
Unique Needs Personality traits, values, attitudes, interests, and
lifestyles. A profile about how people view the
world, the things that interest them, and what
Effective Segmentation--Measurable - - causes them to take action.
Individuals can be assigned to a segment and
counted
Behavioral Segmentation - -Usage
situations, benefits
Effective Segmentation--Accessible - -
Individuals in the segment can be reached
through the company's promotion/distribution The Diffusion Process - -Describes how
channels potential customers learn about new products, try
them, and adopt or reject them.
Effective Segmentation--Durable - - Bell Curve:
Segment membership is relatively constant Early Innovators
Early Adopters
Early Majority
Effective Segmentation--Substantial - - Late Majority
Segment is large enough to make products Laggards
profitable
Early Market in the diffusion process - -
Effective Segmentation--Unique Needs - - innovators & early adopters (2.5% and 13.5% for
Needs are homogeneous within segments and 16% total)
heterogeneous across segments
The Mainstream Market in the diffusion process -
Ways to segment the market (from most useful to -Early and Late Majority (34% each for
least) - -geographic, demographic, 68% total)
psychographic, behavioral
1/9
, MKTG 201 MIDTERM 2 BYU Test Questions and Answers Rated A
The Late Market in the diffusion process - -
Laggards (16%) Problem with "Lower Price, More Benefits"
Positioning - -Very difficult to sustain in the
long run
Three Generic Segments - -hate, swing,
love Offering more usually costs more, making it
difficult to deliver on the "for-less" promise
Sell to the ____ group through the eyes of the May lose out to more focused competitors
_____ group - -swing, love
USP (Unique Selling Proposition) & What
Attractive Target Segments - -Market Size questions does it answer? - -A way to
(is the market big enough to deliver expected differentiate a product by communicating its
products?) unique attributes
Expected Growth (is the market growing?) Answers these questions:
1. Who is the customer--identity and buying
Competitive Position (What is the level of situation?
competitive rivalry? Is the differentiated product 2. How does the product solve a compelling pain
offering valued by customers?) point that the customer has?
3. Who are the main competitors and what
Cost to Reach (is the market economically makes this product unique?
accessible?)
Brand Valuation Approaches - -- Market-
What is the heart of Market Strategy? - - based: Valuation is based on an estimation of the
Positioning amount for which a brand can be sold.
- Income-based: Valuation is based on the future
net revenues directly attributable to the brand,
Positioning - -The act of designing the
discounted to the present value using an
company's offering so that it occupies a distinct
appropriate discount rate.
and valued place in the target customers' minds.
- Formulary: Valuation is based on multiple
criteria such as: Profitability, Leadership,
Feasible positioning - -Higher price, for Stability, Market, Internationality, Trend, Support,
more benefits Protection
Same price, more benefits
lower price, same benefits
much lower price, lower benefits
Definition of Brand - -The perception that
exists in the minds of your constituents about
your relevance and promise of value
Problem with "Me Too" positioning - -You
do not set yourself apart in anyway The sum total of the impressions formed through
exposure to your touchpoints.
2/9
