BA 303 exam 2 psu With complete solu on New Edi on
RATED A+ 100% PASS
three steps in developing successful marke ng plan - Ans 1) develop clear understanding of
customers
2) develop a product and marke ng mix that is sensi ve to the desire and needs of customers
3) develop posi oning strategy that differen ates product from compe ve alterna ves
target marke ng - Ans process of choosing a market segment in order to concentrate
marke ng effort (selec ng of the segment and these are the ones i want to market to)
majority fallacy - Ans most markers are a"racted to the biggest and most lucra ve segments
because thats where the most business can be done... downside is have the most compe on
mass marke ng - Ans one product sold aimlessly to any and all prospec ve customers
product differen ated marke ng - Ans 2 or more differen ated forms of the same product sold
aimlessly to any and all prospec ve customers
target marke ng purpose - Ans marketer dis nguishes between different types of customers
and then chooses one or a few to concentrate their efforts. actually develop a marke ng mix to
appeal and cater to each specific segment chosen
marke ng segments require ... - Ans marketers to look for similar traits that will allow for sub
grouping (members of the same one have same tendencies in buying tastes/habits)
marke ng segmen ng is important because... - Ans -enables marketers to iden fy groups of
customers that share similar tastes, preferences and buying behavior
,-provides valuable info that can help in the deign of effec ve marke ng strategies
-may result in discovery of marke ng opportuni es by revealing viable segments that are
presently unsa sfied
-forces marketers to look at different types of customers
criteria for forcing viable market segment - Ans -iden fiable (modern bride can get people
from bridal registries to be interested) accessible (reachable), significant/substan al (a good
size), responsive (customers must read posi vely), heterogenous
-mul -yigmant segmen
-valid group needs to past test
undifferen ated target marke ng strategy - Ans adopt a mass marke ng type strategy that
views the market as one large market segment (no individual segments, one marke ng mix).
Appeal to what is common to the market
advantage of undifferen ated marke ng strategy - Ans poten al savings on produc on and
marke ng costs
disadvantage of undifferen ated marke ng strategy - Ans unimagina ve product offerings,
company more suscep ble to compe on
differen ated target marke ng strategy - Ans adopt a mul - segment approach that chooses
more than one segment to target, but develop a special marke ng mix for each segment
chosen, mul ple niche marke ng, specific product marke ng (four segments)
advantage for differen ated marke ng strategy - Ans greater financial success, economic of
scale
, disadvantage for differen ated marke ng strategy - Ans high costs, cannibaliza on (sales that
take away from yourself)
concentrated marke ng strategy - Ans niche (undifferenced) marke ng, one segment is chosen
and a marke ng mix is developed to cater to this target (product 1, segment 2)
advantage of concentrated marke ng strategy - Ans concentra on of resources, meets
narrowly defined segment, small firms can compete, strong posi oning
disadvantages of concentrated marke ng strategy - Ans segments too small or changing, large
compe tors may market to niche segment
factors to consider when choosing target market strategy - Ans company resources, product
characteris cs, product life cycle issues, market characteris cs, compe tor strategies
product posi oning - Ans refers to developing specific marke ng mix to influence poten al
customers as to their overall percep ons of brand, product line or organiza on in general
posi on - Ans the place a product, brand, or group of products occupies in a customers mind
rela ve to compe ve alterna ves
perceptual mapping - Ans mapping process of contras ng two of the most important
dimensions and determine where compe ve products fall with regard to these criteria
your biggest compe tors are those most similar to you (what is the example of this) - Ans
Nissan and Toyota
establish overall strategy or objec ves - Ans -ar culate vision/objec ve of marke ng strategy
RATED A+ 100% PASS
three steps in developing successful marke ng plan - Ans 1) develop clear understanding of
customers
2) develop a product and marke ng mix that is sensi ve to the desire and needs of customers
3) develop posi oning strategy that differen ates product from compe ve alterna ves
target marke ng - Ans process of choosing a market segment in order to concentrate
marke ng effort (selec ng of the segment and these are the ones i want to market to)
majority fallacy - Ans most markers are a"racted to the biggest and most lucra ve segments
because thats where the most business can be done... downside is have the most compe on
mass marke ng - Ans one product sold aimlessly to any and all prospec ve customers
product differen ated marke ng - Ans 2 or more differen ated forms of the same product sold
aimlessly to any and all prospec ve customers
target marke ng purpose - Ans marketer dis nguishes between different types of customers
and then chooses one or a few to concentrate their efforts. actually develop a marke ng mix to
appeal and cater to each specific segment chosen
marke ng segments require ... - Ans marketers to look for similar traits that will allow for sub
grouping (members of the same one have same tendencies in buying tastes/habits)
marke ng segmen ng is important because... - Ans -enables marketers to iden fy groups of
customers that share similar tastes, preferences and buying behavior
,-provides valuable info that can help in the deign of effec ve marke ng strategies
-may result in discovery of marke ng opportuni es by revealing viable segments that are
presently unsa sfied
-forces marketers to look at different types of customers
criteria for forcing viable market segment - Ans -iden fiable (modern bride can get people
from bridal registries to be interested) accessible (reachable), significant/substan al (a good
size), responsive (customers must read posi vely), heterogenous
-mul -yigmant segmen
-valid group needs to past test
undifferen ated target marke ng strategy - Ans adopt a mass marke ng type strategy that
views the market as one large market segment (no individual segments, one marke ng mix).
Appeal to what is common to the market
advantage of undifferen ated marke ng strategy - Ans poten al savings on produc on and
marke ng costs
disadvantage of undifferen ated marke ng strategy - Ans unimagina ve product offerings,
company more suscep ble to compe on
differen ated target marke ng strategy - Ans adopt a mul - segment approach that chooses
more than one segment to target, but develop a special marke ng mix for each segment
chosen, mul ple niche marke ng, specific product marke ng (four segments)
advantage for differen ated marke ng strategy - Ans greater financial success, economic of
scale
, disadvantage for differen ated marke ng strategy - Ans high costs, cannibaliza on (sales that
take away from yourself)
concentrated marke ng strategy - Ans niche (undifferenced) marke ng, one segment is chosen
and a marke ng mix is developed to cater to this target (product 1, segment 2)
advantage of concentrated marke ng strategy - Ans concentra on of resources, meets
narrowly defined segment, small firms can compete, strong posi oning
disadvantages of concentrated marke ng strategy - Ans segments too small or changing, large
compe tors may market to niche segment
factors to consider when choosing target market strategy - Ans company resources, product
characteris cs, product life cycle issues, market characteris cs, compe tor strategies
product posi oning - Ans refers to developing specific marke ng mix to influence poten al
customers as to their overall percep ons of brand, product line or organiza on in general
posi on - Ans the place a product, brand, or group of products occupies in a customers mind
rela ve to compe ve alterna ves
perceptual mapping - Ans mapping process of contras ng two of the most important
dimensions and determine where compe ve products fall with regard to these criteria
your biggest compe tors are those most similar to you (what is the example of this) - Ans
Nissan and Toyota
establish overall strategy or objec ves - Ans -ar culate vision/objec ve of marke ng strategy
