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Marketing > Midterm 2 Review > Flashcards

Midterm 2 Review Flashcards

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
Q

Where does the process

“break down” most often in the New Product Development Process?

A

Concept Testing

26
Q

What is the order of New Product Development Process?

A 
Idea Generation
Idea Screening
Concept Testing
Marketing Strategy
Business Analysis
Product Development
Market Testing
27
Q

What are the Advantages of Branding?

A
  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
Q

What are the types of brands?

A

Functional brands
Image Brands
Experiential brands

29
Q

What does a Functional Brand do?

A 
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
Q

What does an Image Brand do?

A 
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
Q

What does an Experiential brand do?

A 
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
Q

Rolex is an example of which type of brand?

a. Functional
b. Image
c. Experiential

A

b. Image

33
Q

What are the Three Components of Brand Positioning?

A

Competitive frames of reference
Points of difference (POD’s)
Points of parity (POP’s)

34
Q

Define Competitive frames of reference

A

Nature of competition

Target market

35
Q

Define Points of difference (POD’s)

A

Desirable to consumer
Deliverable by the brand
Differentiating from competitors

36
Q

Define Points of parity (POP’s)

A

Negate competitor points-of-difference

Demonstrate category credentials

36
Q

Define Points of parity (POP’s)

A

Negate competitor points-of-difference

Demonstrate category credentials

37
Q

What are Atmospherics in Retail Positioning? Examples?

A 
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
Q

What are Atmospherics in Retail Positioning? Examples?

A 
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
Q

What is Product Assortment in Retail Positioning?

A

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
Q

What is Product Assortment in Retail Positioning?

A

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
Q

What are employees in Retail Positioning? Their qualities and roles?

A 
Sales associates, clerks, servers, hosts, 
greeters, cashiers, etc. 
• Responsive 
• Communicate 
• Knowledgeable, competent 
• Courteous 
• Dressed appropriately 
• Clean 
• Number--many or few?
39
Q

What are employees in Retail Positioning? Their qualities and roles?

A 
Sales associates, clerks, servers, hosts, 
greeters, cashiers, etc. 
• Responsive 
• Communicate 
• Knowledgeable, competent 
• Courteous 
• Dressed appropriately 
• Clean 
• Number--many or few?
40
Q

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

a. Atmospherics

40
Q

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

a. Atmospherics

41
Q

What are benefits of Using Intermediaries?

A

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
Q

What are benefits of Using Intermediaries?

A

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
Q

What is Intensive distribution in Market Exposure?

A

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
Q

What is Selective distribution in Market Exposure?

A

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
Q

What is Exclusive distribution in Market Exposure?

A

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
Q 
What type of distribution would 
Charmin toilet paper choose? 
a. Exclusive
b. Selective 
c. Intensive 
d. Interval
A

c. Intensive

46
Q

Why do companies promote?

A

Increase demand shift to the right - Quantity

Make demand more inelastic (Consumers become less price sensitive) - Quantity

47
Q

Push Strategy

A

Producer uses marketing activities to have the intermediaries buy the product who use marketing activities to have end users buy from them

48
Q

Pull Strategy

A

Producer promotes product through advertisements so the end user demands this product from the Intermediaries who then order the product from the producers

49
Q

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

A

b. Pull

50
Q

What is the order of relative importance of promotion mix for consumer goods (B2C)?

A 
Advertising
Sales Promotion
Personal Selling
Direct Marketing
Public Relations
51
Q

What is the order of relative importance of promotion mix for business goods (B2B)?

A 
Personal Selling
Sales Promotion
Direct Marketing
Advertising
Public Relations
52
Q

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

A

d. Public Relations

53
Q

What are the three objectives of Advertising?

A

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
Q

What does the AIDA Model mean? What objectives of Advertising do they apply to?

A

Attention - Cognitive
Interest - Affect
Desire - Affect
Action - Behavioral

55
Q

How do you judge good ads from bad ads?

A

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
Q

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

a. Cognitive

Marketing (5 decks)

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