BA 303 EXAM 2 PSU | 156 QUESTIONS AND ANSWERS
| WITH COMPLETE SOLUTION!!
three steps in developing successful marketing plan Answer - 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 Answer - 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 Answer - 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 Answer - one product sold aimlessly to any and all prospective
customers
product differentiated marketing Answer - 2 or more differentiated forms of
the same product sold aimlessly to any and all prospective customers
,target marketing purpose Answer - 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 ... Answer - 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... Answer - -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 Answer - -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
-valid group needs to past test
undifferentiated target marketing strategy Answer - 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 Answer - potential savings on
production and marketing costs
, disadvantage of undifferentiated marketing strategy Answer - unimaginative
product offerings, company more susceptible to competition
differentiated target marketing strategy Answer - 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 Answer - greater financial
success, economic of scale
disadvantage for differentiated marketing strategy Answer - high costs,
cannibalization (sales that take away from yourself)
concentrated marketing strategy Answer - niche (undifferenced) marketing,
one segment is chosen and a marketing mix is developed to cater to this target
(product 1, segment 2)
advantage of concentrated marketing strategy Answer - concentration of
resources, meets narrowly defined segment, small firms can compete, strong
positioning
disadvantages of concentrated marketing strategy Answer - segments too
small or changing, large competitors may market to niche segment
factors to consider when choosing target market strategy Answer - company
resources, product characteristics, product life cycle issues, market
characteristics, competitor strategies
| WITH COMPLETE SOLUTION!!
three steps in developing successful marketing plan Answer - 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 Answer - 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 Answer - 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 Answer - one product sold aimlessly to any and all prospective
customers
product differentiated marketing Answer - 2 or more differentiated forms of
the same product sold aimlessly to any and all prospective customers
,target marketing purpose Answer - 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 ... Answer - 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... Answer - -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 Answer - -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
-valid group needs to past test
undifferentiated target marketing strategy Answer - 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 Answer - potential savings on
production and marketing costs
, disadvantage of undifferentiated marketing strategy Answer - unimaginative
product offerings, company more susceptible to competition
differentiated target marketing strategy Answer - 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 Answer - greater financial
success, economic of scale
disadvantage for differentiated marketing strategy Answer - high costs,
cannibalization (sales that take away from yourself)
concentrated marketing strategy Answer - niche (undifferenced) marketing,
one segment is chosen and a marketing mix is developed to cater to this target
(product 1, segment 2)
advantage of concentrated marketing strategy Answer - concentration of
resources, meets narrowly defined segment, small firms can compete, strong
positioning
disadvantages of concentrated marketing strategy Answer - segments too
small or changing, large competitors may market to niche segment
factors to consider when choosing target market strategy Answer - company
resources, product characteristics, product life cycle issues, market
characteristics, competitor strategies
