Chapter 2

Question 1

millennials

Answer 1

cheap, socially, tech, travel increase, car purchase decrease

purchase influenced my IMC social media content (blogs, websites)

Question 2

good marketing plan starts with

Answer 2

situation analysis (opportunity analysis, competitive analysis and target marketing)

Question 3

market opportunities: look at areas where…

Answer 3

identify favorable demand trends
gaps not being met
firm compete effectively

Question 4

competitive analysis

Answer 4

analyze competition in market place and look for competitive advantage

Question 5

competitive advantage

Answer 5

attributes giving a firm an edge over competitors

Question 6

examples of competitive advantage

Answer 6

quality
customer service (Zappos)
low production costs
low prices (budget airlines)
channel distribution (Wal-Mart)
advertising (biggest, insurance)

Question 7

target market selection

Answer 7

find market with needed demand
segment market
select market to target
position with marketing strategies

Question 8

georgraphic segmentation

Answer 8

markets divided into dif geographic units

Question 9

demographic segmentation

Answer 9

divide market into age, sex, family, size, education, income, and social class

Question 10

psychographic segmentation

Answer 10

divide market on basis of personality, lifecycles, and/or lifestyles

Question 11

behavioral segmentation

Answer 11

strongest kind
consumers divided based on use and loyalty to a product
80-20 rule

Question 12

80-20 rule

Answer 12

20 percent of buyers account for 80 percent of sales volume

Question 13

benefit segmentation

Answer 13

group consumers based on attributes sought in a product

Question 14

undifferentiated marketing

Answer 14

ignoring segment differences and offering just one product to entire market (carrots)

Question 15

differentiated marketing

Answer 15

involves marketing in a number of segments, developing separate marketing strategies for each

Question 16

concentrated marketing

Answer 16

selecting a specific segment and attempting to capture a large share of this market (Farmersonly.com)

Question 17

positioning

Answer 17

fitting product to one or more segments to make it unique in market place

Question 18

focus on consumer in positing…

Answer 18

linking the product with benefits the consumer will derive

Question 19

focusing on competition

Answer 19

positions product by comparing the benefit it offers vs the competition

Question 20

salient attributes

Answer 20

important to consumers and are basis for making purchase decision

Question 21

positioning by price/quality

Answer 21

cost comes secondary to quality

Question 22

positioning by use

Answer 22

used to enter market by use (arm and hammer, multiple uses)

Question 23

add positioning strategies

Answer 23

read the book

Question 24

re-positioning

Answer 24

your old positioning isn’t working out

Question 25

product symbolism

Answer 25

what a product/brand means to consumers | what consumer experiences during purchase

Question 26

branding

Answer 26

building favorable identity for company

Question 27

packaging

Answer 27

provides functional benefits like economy, protection, storage

Question 28

direct channels

Answer 28

directly deal with customers | - from direct-response ads, telemarketing

Question 29

indirect channels

Answer 29

network of wholesalers and/or retailers

Question 30

promotional pull strategies

Answer 30

concentrate promotional efforts to ultimate consumer who will purchase product - encourage end consumer to want the product - pulling demand from the beginning of supply chain

Question 31

promotional push strategies

Answer 31

promote to someone before the end user- give some incentive to make them want customers to buy them (recommend one brand over another)