mktg ch4-7

Question 1

business markets

Answer 1

fewer, larger buyers, complex

Question 2

types of buying

Answer 2

straight rebuy, modified rebuy, new task

Question 3

straight rebuy

Answer 3

buy something you bought earlier

Question 4

modified rebuy

Answer 4

buy something you bought earlier in a diff format

Question 5

buying center - iu i dab (on) g(‘s)

Answer 5

initiators, users, influencers, deciders, approvers, buyers, gatekeepers

Question 6

effective business marketing programs

Answer 6

systems selling, customer reference programs

Question 7

SAS software as a service

Answer 7

most prevalent b2b

Question 8

b2b

Answer 8

business to business selling, more relationship based

Question 9

marketing research

Answer 9

function that links the consumer, customer & public to the marketer through information

Question 10

marketing insights

Answer 10

drawing conclusions

Question 11

marketing research process

Answer 11

define the problem, develop research plan, collect the information, analyze the information, make the decision

Question 12

defining the problem

Answer 12

decision alternatives, research objectives

Question 13

research approaches

Answer 13

observational research, ethnographic research, focus group research, survey research, behavioral research

Question 14

targeting

Answer 14

process of identifying customers for whom the company will optimize its offering

Question 15

mass marketing

Answer 15

firm ignores segment differences and goes after whole market with one offer

Question 16

targeted marketing

Answer 16

sell different products to all the different market segments (one to one approach)

Question 17

mass customization

Answer 17

ability of company to meet each customers requirements, mass individually designed products/services

Question 18

strategic targeting

Answer 18

focuses on customers whose needs the company can fulfill by customization

Question 19

tactical targeting

Answer 19

identifies the ways in which company can reach strategic customers

Question 20

target compatibility

Answer 20

reflection of company’s ability to outdo competition by fulfilling target customer needs

Question 21

measures of target compatibility

Answer 21

Business infrastructure
Access to scarce resources
Skilled employees
Technological expertise
Strong brands
Collaborator networks

Question 22

core competency

Answer 22

source of competitive advantage, perceived customer benefits +, difficult for competitors to imitate

Question 23

target attractiveness

Answer 23

ability of market segment to create superior value (monetary and strategic) for company

Question 24

personas

Answer 24

detailed profiles of one/few hypothetical target consumers, demographic, psychographic, geographic characteristics

Question 25

demographic segmentation

Answer 25

age, life cycle stage, gender, income, race & culture

Question 26

nielsen claritas prizm

Answer 26

Potential Rating Index for Zip Markets (PRIZM) is a collection of geo-demographic groups created for the US by Claritas INC. The PRIZM integrates consumer behavior, demographics, and geographic information for the marketers

Question 27

geographical segmentation

Answer 27

divides market into geographic units e.g. neighborhoods

Question 28

behavioral segmentation

Answer 28

marketers divide buyer groups on basis of actions e.g. loyalty status, personal characteristics

Question 29

developing value proposition steps

Answer 29

create value across 3 domains: functional value, psychological value, monetary value

Question 30

values

Answer 30

always have pros and cons

Question 31

total customer benefit

Answer 31

perceived value (functional, psychological, monetary) customers expect from market offering because of product, service & image

Question 32

total customer cost

Answer 32

perceived cost (functional, psychological, monetary) customers expect from market offering because of obtaining, using, and disposing

Question 33

customer value analysis

Answer 33

identify relevant benefits and attributes, assess importance of those attributes, assess company and competitors performance of KPI and monitor customer value over time

Question 34

postioning

Answer 34

designing a company's offering and image to occupy a distinctive place in the minds of target market

Question 35

points of difference

Answer 35

attributes/benefits that customers strongly associate with a brand, positively evaluate and believe they could not find to the same extent with a competitive brand

Question 36

POD criteria

Answer 36

desirable, deliverable, differentiating

Question 37

points of parity

Answer 37

attribute/benefit associations that are not necessarily unique to the brand but may in fact be shared with other brands

Question 38

POP criteria

Answer 38

category, correlational, competitive

Question 39

POP vs POD

Answer 39

multiple frames of reference, straddle positioning (want to show POD and POP in an advertisement)

Question 40

competitive advantage

Answer 40

ability to perform in one or more ways that competitors cannot or will not match, leverageable advantage

Question 41

3 core strategies

Answer 41

differentiate on an existing attribute, introduce a new attribute, build a strong brand

Question 42

Positioning statementx

Answer 42

Positioning statement: communicating an offering’s category membership along with points of parity and points of difference and developing a narrative to convey the offering’s position