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Marketing > Marketing Test 2 > Flashcards

Marketing Test 2 Flashcards

1
Q

What are the 5 steps of the segmenting, targeting, and positioning process?

A
  1. Establish overall strategy or objectives
  2. Segmentation
  3. Evaluate segment attractiveness
  4. Select a target market
  5. Develop positioning strategy
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2
Q

What are 6 methods of market segmentation?

A 
Geographic Segmentation
Demographic Segmentation
Psychographic Segmentation
Geodemographic Segmentation
Benefit Segmentation
Behavioral Segmentation
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3
Q

What are 5 ways a market can be segmented demographically?

A 
Age
Gender
Income
Ethnic background
Family life cycle
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4
Q

What is psychographic segmentation?

A

Defining customers based on behavior and lifestyle

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5
Q

What are 4 types of benefits consumers seek?

A

Price
Value
Prestige
Quality

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6
Q

What are the 2 types of behavioral segmentation?

A

Occasion segmentation

Loyalty segmentation

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7
Q

What is behavior segmentation?

A

Defining customers based on how they use products

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8
Q

What are 5 criteria that can be used to evaluate segment attractiveness?

A 
Substantial
Identifiable
Reachable
Responsive
Profitable
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9
Q

What is the value proposition?

A

The most important quality of a product (the reason to buy it)

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10
Q

What are 3 types of segmented marketing strategies a company can use?

A

Mass marketing
Differentiated marketing
Concentrated marketing

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11
Q

What is differentiated marketing?

A

Understanding the different needs of different customers (traditional marketing)

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12
Q

What is a product’s “position”?

A

The place your product occupies in the mind of the consumer relative to its competitors

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13
Q

What are 4 positioning methods?

A

Value
Salient Attributes
Symbol
Competition

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14
Q

What is a specialty product?

A

A unique product in a specific location

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15
Q

What is a convenience product?

A

A frequently purchased item, purchased with little thought

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16
Q

What is an unsought product?

A

A product that customers normally don’t think about buying, or don’t know about

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17
Q

What are the 4 types of consumer products?

A

Specialty
Shopping
Convenience
Unsought

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18
Q

What are 5 product decisions a company needs to make?

A 
Mix and Line
Product Attributes
Branding
Packaging
Labeling
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19
Q

What are 3 primary product attributes?

A

Quality
Features
Style and design

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20
Q

What is a product mix?

A

All products offered by a firm

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21
Q

What is a product line?

A

A group of similar products

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22
Q

What is the number of product lines a company has called?

A

Breadth

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23
Q

What is the number of categories within a product line called?

A

Depth

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24
Q

What are 6 characteristics that make up a brand?

A 
Brand name
URL
Logo/symbol
Character
Slogan
Jingle/sounds
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25
Q

What are brand associations?

A

Mental links customers make between the brand and its attributes

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26
Q

When brand loyalty exists, are customers more or less sensitive to price?

A

Less

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27
Q

When brand loyalty exists, are marketing costs higher or lower?

A

Lower

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28
Q

What are private label brands?

A

Brands that are owned by the retailers (store brands)

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29
Q

If a company adds a product to an existing category under an existing brand name, what is this called?

A

Line extension

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30
Q

If a company adds a product in a new category under an existing brand name, what is this called?

A

Brand extension

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31
Q

If a company adds a product to an existing category under a new brand name, what are these brands called?

A

Multibrands

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32
Q

If a company adds a product in a new category with a new brand name, what are these brands called?

A

New brands

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33
Q

What is brand repositioning?

A

Changing a brand’s image

34
Q

What are the 3 functions of product labeling?

A

Provide information
Identify brand
Promotion

35
Q

What are 4 reasons firms create new products?

A

Changing customer needs
Market saturation
Fashion cycles
Diversification

36
Q

What are pioneers?

A

New products that create new markets

37
Q

What is diffusion of innovation?

A

How innovation spreads throughout a market group over time

38
Q

What 4 factors affect product diffusion?

A

Compatibility
Observability
Complexity
Relative advantage

39
Q

What is a research and development consortia?

A

Firms joining together to do research in order to lower costs and share benefits

40
Q

What is licensing?

A

Purchasing the rights to technology or ideas from other firms

41
Q

What is a “concept”

A

A brief written description of a potential product

42
Q

What are 3 stages of product development?

A

Prototype
Alpha testing
Beta testing

43
Q

What is the advantage of market testing?

A

It prevents costly mistakes

44
Q

What is the disadvantage of market testing?

A

It’s costly

45
Q

What are the 4 stages of the product life cycle?

A

Introduction
Growth
Maturity
Decline

46
Q

What is the marketing objective during the introduction phase of a product life cycle?

A

Gain awareness

47
Q

What is the marketing objective during the growth phase of a product life cycle?

A

Stress differentiation

48
Q

What is the marketing objective during the maturity phase of a product life cycle?

A

Maintain brand loyalty

49
Q

What is the marketing objective during the decline phase of a product life cycle?

A

Harvest, contract, delete

50
Q

What is price skimming?

A

Setting the price high for a new, unique product

51
Q

What is price penetration?

A

Setting the price low for a new, common product

52
Q

What 4 marketing elements distinguish services from products?

A

Intangible
Inseparable production and consumption
Variable
Perishable

53
Q

What is the communications gap?

A

The difference between what the firm promises and the actual service the customer receives

54
Q

What is the delivery gap?

A

The difference between the firm’s standards and the actual service it provides

55
Q

What is the knowledge gap?

A

The difference between the firm’s perception of the customers’ expectations and the customers’ actual expectations

56
Q

What is a voice-of-customer (VOC) program?

A

One which collects customer inputs and integrates them into managerial decisions

57
Q

What is the zone of tolerance?

A

The area between the service customers expect and the minimum level of service they will accept

58
Q

What are 3 ways to reduce the knowledge gap?

A

Marketing research (understanding customers)
Understanding customer expectations
Evaluating service quality

59
Q

What are 4 ways to reduce the delivery gap?

A

Provide emotional support to service providers
Provide support necessary to deliver service
Consistent and coherent management
Reward employees for excellent service

60
Q

What are 3 ways to reduce the communications gap?

A

Manage customer expectations
Promise only what you can deliver
Communicate service expectations

61
Q

What is the sacrifice a consumer is willing to make to get a product?

A

Price

62
Q

If a price is set too high, what might that signal?

A

Low value

63
Q

If a price is set too low, what might that signal?

A

Poor quality

64
Q

What is the only marketing mix element that generates revenue?

A

Price

65
Q

What are the 5 Cs (considerations) of pricing?

A 
Competition
Costs
Company objectives
Customers
Channel members (distribution channel)
66
Q

What are 4 types of company orientations?

A

Profit orientation
Sales orientation
Competitor orientation
Customer orientation

67
Q

Which orientation is this?

  • Focus on increasing sales
  • Does not always imply setting low prices
  • More concerned with overall market share
A

Sales orientation

68
Q

Which orientation is this?
Competitive parity
Status quo pricing
Value is not part of this pricing strategy

A

Competitor orientation

69
Q

Which orientation is this?

-Prices are matched to customer expectations

A

Customer orientation

70
Q

What types of products have upward sloping demand curves?

A

Prestigious products (perfume, wine, jewelry)

71
Q

Are prices more sensitive in an elastic or inelastic market?

A

Elastic

72
Q

Are there lots of substitutes in an elastic or inelastic market?

A

Elastic

73
Q

Is the market for necessities elastic or inelastic?

A

Inelastic

74
Q

Less price competition, one firm

Monopoly, Oligopoly, Monopolistic Competition, or Pure Competition?

A

Monopoly

75
Q

More price competition, few firms

Monopoly, Oligopoly, Monopolistic Competition, or Pure Competition?

A

Oligopoly

76
Q

Less price competition, many firms

Monopoly, Oligopoly, Monopolistic Competition, or Pure Competition?

A

Monopolistic Competition

77
Q

More price competition, many firms

Monopoly, Oligopoly, Monopolistic Competition, or Pure Competition?

A

Pure competition

78
Q

Airline industry

Monopoly, Oligopoly, Monopolistic Competition, or Pure Competition?

A

Oligopoly

79
Q

Cotton, Soybeans, Corn

Monopoly, Oligopoly, Monopolistic Competition, or Pure Competition?

A

Pure competition

80
Q

Different prices, different products

Monopoly, Oligopoly, Monopolistic Competition, or Pure Competition?

A

Monopolistic competition

81
Q

Same products, same prices

Monopoly, Oligopoly, Monopolistic Competition, or Pure Competition?

A

Pure competition

82
Q

What are the 3 pricing strategies?

A

Everyday low prices
High/low pricing
New product pricing

Marketing (2 decks)

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