Midterm exam review short answer

Question 1

1) How do you make sure your customers are consistently satisfied?

Answer 1

-Lower their expectations a little bit from what you can actually provide.

Question 2

2) What does the term product positioning refer to?

Answer 2

• The place a product offering occupies in consumers’ minds on important attributes.

Question 3

3) Why might ad expenditures be high for products in the introduction stage of the PLC?

Answer 3

-Consumers have very little awareness about such products; promotional spending can enhance customer awareness.

Question 4

4) The potential market strengths and weaknesses are being determined for a new-product idea at Art for Kids. In what stage of the new-product development process does this occur?

Answer 4

-It occurs in the business analysis stage of the new-product development process.

Question 5

5) Marketers can prolong the lives of many products in the maturity or decline stages of the
PLC, sometimes even moving these products back into the growth stage. How can this
happen?

Answer 5

-Marketers can change any element of the marketing mix, change the
number of uses or the number of users, or even change the frequency of product use.

Question 6

6) What are the five key marketing orientations?

Answer 6

-Production Concept,
-Product Concept,
-Selling Concept,
-Marketing Concept
-Societal Marketing Concept

Question 7

7) Explain how a needs, wants and demands relate to each other?

Answer 7

-Demand is need that has been shaped by culture into a want and has buying power.

Question 8

8) If a bakeshop promotes a year-round campaign for its mooncake that “mooncake isn’t
just a cake for moon festival,” what specific type of segmentation is being used?

Answer 8

In this case, behavioral-occasion segmentation is in use.

Question 9

9) The answer to the Samsung Galaxy S5 customer’s question “Why should I buy your brand?” is found in Samsung’s marketing statement. What is this statement called?

Answer 9

-Customer value proposition

Question 10

10) Mass marketers, such as Target and Venture Stores, ignore market segment differences
and target the whole market with one offer. What is their approach to segmenting?

Answer 10

-Undifferentiated marketing.

Question 11

11) On what characteristics might a marketer focus with psychographic segmentation?

Answer 11

• Such characteristics include social class, lifestyle, and personality.