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Midterm 2 Review Flashcards

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1
Q

What is market segmentation?

A

The process of grouping customers into relatively
homogeneous sets such that customers within a
segment are similar to one another in the way they
respond to the marketing effort directed at them.

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2
Q

What are the benefits of market segmentation?

A

Effective for reaching customer groups Helps in allocating marketing resources Identifies market opportunities
Identifies segments that drive profitability

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3
Q

What are the five different criteria for segmentation?

A 
Measurable
Accessible
Durable
Substantial
Unique Needs
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4
Q

Define Measurable in Segmentation

A

Individuals can be assigned to a segment and

counted.

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5
Q

Define Accessible in Segmentation

A

Individuals in the segment can be reached
through the company’s promotion/distribution
channels.

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6
Q

Define Durable in Segmentation

A

Segment membership is relatively constant

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7
Q

Define Substantial in Segmentation

A

Segment is large enough to make products

profitable.

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8
Q

Define Unique Needs in Segmentation

A

Needs are homogeneous within segments

and heterogeneous across segments.

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9
Q

Kit Kat is considering the following segments: People who
need a break from filling out paperwork, people who need
a break from stressful thinking, and people who need a
break from long meetings. If they were to segment this
way, on which segmentation criteria would they fail?
(Choose the most correct answer.)
a. Measurable
b. Accessible
c. Durable
d. Substantial
e. Unique Needs

A

e. Unique Needs

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10
Q

What are the different ways to segment?

A

Geographic - Region, city or metro size, density, climate
Demographic - Age, gender, family size and life cycle, race, occupation, income
Psychographic - Lifestyle, personality, attitudes, values
Behavioral - Usage situations, benefits
Most used to Most Useful: Geographic, Demographic, Psychographic, Behavioral

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11
Q

What is positioning?

A 
The heart of the 
marketing strategy! 
The act of designing the 
company’s offering so that 
it occupies a distinct and 
valued place in the target 
customers’ minds.
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12
Q

What are the ways to position?

A

How you are just as good as the competition
How you are loved by popular people
How you fit consumers’ lifestyles
How you deliver what is most valued
Most Used to Most Useful: How you are just as good as the competition - How you deliver what is most valued

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13
Q

Do sellers have to value-position the brand?

A

True

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14
Q

What is Product Item?

A

A specific version of a product

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15
Q

What is Product Line?

A

A group of closely related product items

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16
Q

What is Product Mix?

A

All products an organization sells

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17
Q

Stephen’s sells gourmet products, such as hot
cocoa, cider, sauces, etc. Stephen’s 1 lb. can of
Chocolate Raspberry is an example of:
a. Product Item
b. Product Line
c. Product Mix

A

a. Product Item

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18
Q

What are the Three Levels of a Product?

A

From middle to outside:
Core Product - Personal benefit
Actual Product - Bundle of attributes
Augmented Product - Complementary products

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19
Q

The latest iPhone has features such as the latest
wireless technology and an 8MP iSight camera. This
is an example of which product level?
a. Core product
b. Supplemental product
c. Actual product
d. Augmented product

A

c. Actual product

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20
Q

What occurs in the Introduction part of the Product Life Cycle?

A

Gain awareness

Promote to inform and encourage trial

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21
Q

What occurs in the Growth part of the Product Life Cycle?

A

Maximize market share
Add features and improve quality
Add channels and markets

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22
Q

What occurs in the Maturity part of the Product Life Cycle?

A

Maximize profit

Modify market, and marketing mix

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23
Q

What occurs in the Decline part of the Product Life Cycle?

A

Reduce expenditures
Milk the brand
Maintain, harvest, or drop

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24
Q 
What is the objective of a marketer for a 
growing product, such as Under Armour? 
a. Gain awareness 
b. Maximize market share 
c. Maximize profit 
d. Reduce expenditures
A

b. Maximize market share

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25
Where does the process | “break down” most often in the New Product Development Process?
Concept Testing
26
What is the order of New Product Development Process?
``` Idea Generation Idea Screening Concept Testing Marketing Strategy Business Analysis Product Development Market Testing ```
27
What are the Advantages of Branding?
1. Branding allows marketers to distinguish their products from all others. 2. Branding helps consumers identify products they wish to buy again and avoid those they do not. 3. Branding is useful when introducing new products
28
What are the types of brands?
Functional brands Image Brands Experiential brands
29
What does a Functional Brand do?
``` Satisfy functional needs Differentiate from competitors by offering superior performance or superior economy Connect with consumers by helping them achieve basic goals related to physical needs, such as food, shelter, health, safety ```
30
What does an Image Brand do?
``` Image brands create value by projecting a distinct and admired image Differentiate from competitors by offering a unique set of associations or images Connect with consumers through emotional images, symbols, and associations ```
31
What does an Experiential brand do?
``` While image brands focus on what the product represents, experiential brands focus on how consumers feel when interacting with the brand Products, environments, and services are combined to create temporary multisensory encounters with the brand Connect with consumers through experiences that are co-created by the brand and the consumer at the time of consumption ```
32
Rolex is an example of which type of brand? a. Functional b. Image c. Experiential
b. Image
33
What are the Three Components of Brand Positioning?
Competitive frames of reference Points of difference (POD's) Points of parity (POP's)
34
Define Competitive frames of reference
Nature of competition | Target market
35
Define Points of difference (POD's)
Desirable to consumer Deliverable by the brand Differentiating from competitors
36
Define Points of parity (POP's)
Negate competitor points-of-difference | Demonstrate category credentials
36
Define Points of parity (POP's)
Negate competitor points-of-difference | Demonstrate category credentials
37
What are Atmospherics in Retail Positioning? Examples?
``` Elements in the store’s design that appeal to consumers’ emotions and encourage buying. • lighting • wall decorations • color • floors • fixtures • store front • display windows ```
37
What are Atmospherics in Retail Positioning? Examples?
``` Elements in the store’s design that appeal to consumers’ emotions and encourage buying. • lighting • wall decorations • color • floors • fixtures • store front • display windows ```
38
What is Product Assortment in Retail Positioning?
The breadth and depth of the product line • Product line breadth--number of difference product lines • Product line depth--number of products within a line
38
What is Product Assortment in Retail Positioning?
The breadth and depth of the product line • Product line breadth--number of difference product lines • Product line depth--number of products within a line
39
What are employees in Retail Positioning? Their qualities and roles?
``` Sales associates, clerks, servers, hosts, greeters, cashiers, etc. • Responsive • Communicate • Knowledgeable, competent • Courteous • Dressed appropriately • Clean • Number--many or few? ```
39
What are employees in Retail Positioning? Their qualities and roles?
``` Sales associates, clerks, servers, hosts, greeters, cashiers, etc. • Responsive • Communicate • Knowledgeable, competent • Courteous • Dressed appropriately • Clean • Number--many or few? ```
40
The Disney Store puts effort into creating engaging displays, fun music, and even special aromas to help engage the customer. This is an example of: a. Atmospherics b. Product Assortment c. Employees d. Product Placement
a. Atmospherics
40
The Disney Store puts effort into creating engaging displays, fun music, and even special aromas to help engage the customer. This is an example of: a. Atmospherics b. Product Assortment c. Employees d. Product Placement
a. Atmospherics
41
What are benefits of Using Intermediaries?
Break Bulk - buy in quantities you want Provide Assortment - find a variety of products Hold Inventory - get the product when you want it Offer Services - promotion, delivery, warranty Market Efficiency - buy from a few sellers instead of many
41
What are benefits of Using Intermediaries?
Break Bulk - buy in quantities you want Provide Assortment - find a variety of products Hold Inventory - get the product when you want it Offer Services - promotion, delivery, warranty Market Efficiency - buy from a few sellers instead of many
42
What is Intensive distribution in Market Exposure?
Maximum market coverage--firm seeks to make the product available in every outlet where customers might want to buy it. Convenience goods Note: The best channel system should achieve ideal market exposure
43
What is Selective distribution in Market Exposure?
A level of distribution intensity whereby a firm selects a few retail outlets in a specific geographical area. Shopping and specialty goods Note: The best channel system should achieve ideal market
44
What is Exclusive distribution in Market Exposure?
A level of distribution intensity whereby only one retail outlet in a specific geographical area carries the firm’s products. Specialty goods Note: The best channel system should achieve ideal market
45
``` What type of distribution would Charmin toilet paper choose? a. Exclusive b. Selective c. Intensive d. Interval ```
c. Intensive
46
Why do companies promote?
Increase demand shift to the right - Quantity | Make demand more inelastic (Consumers become less price sensitive) - Quantity
47
Push Strategy
Producer uses marketing activities to have the intermediaries buy the product who use marketing activities to have end users buy from them
48
Pull Strategy
Producer promotes product through advertisements so the end user demands this product from the Intermediaries who then order the product from the producers
49
In addition to selling financial advisers, many retirement fund companies have their own TV advertising and websites to encourage people to learn more about their insurance and ask for it by name to their adviser. What type of a promotion is this: a. Push b. Pull
b. Pull
50
What is the order of relative importance of promotion mix for consumer goods (B2C)?
``` Advertising Sales Promotion Personal Selling Direct Marketing Public Relations ```
51
What is the order of relative importance of promotion mix for business goods (B2B)?
``` Personal Selling Sales Promotion Direct Marketing Advertising Public Relations ```
52
Cache Valley Cheese sends a food truck around Salt Lake Valley. Some local radio stations hear about it and mention it on their program. Because Cache Valley did not pay for this announcement, this is considered: a. Advertising b. Personal Selling c. Direct Marketing d. Public Relations
d. Public Relations
53
What are the three objectives of Advertising?
Cognitive--build awareness Affect--gain interest, liking Behavioral--stimulate action Note: Consumers move in steps from one mental state to the next before eventually deciding to purchase a particular product.
54
What does the AIDA Model mean? What objectives of Advertising do they apply to?
Attention - Cognitive Interest - Affect Desire - Affect Action - Behavioral
55
How do you judge good ads from bad ads?
Product is Obvious - Vivid, bigger-than-life product shots (same for Low and High Involvement Products) Advertiser is Obvious - Very distinctive look and feel (same for Low and High Involvement Products) Benefit is Obvious - It is enough that the reference group loves the product (low involvement product), Differentiating features tied to differentiating emotions (high involvement product)
56
Sundance Resorts has an advertisement showing a family spending Thanksgiving at its Lodge. The ad seeks to increase awareness of the dining options available. The objective of this ad is: a. Cognitive b. Affective c. Behavioral
a. Cognitive

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