quiz 3 (ch 2 stuff)

Question 1

strategic marketing plan?

Answer 1

evolves from an organizations overall corporate strategy and serves as a guide for specific marketing programs and policies

Question 2

what is marketing strategy based on?

Answer 2

situational analysis

Question 3

what are market opportunities?

Answer 3

areas where there are favorable demand trends, where the company believes customer needs and opportunities aren’t being satisfied and where it can compete effectively

Question 4

what about consumers are marketers generally competing for?

Answer 4

their discretionary income!! so must understand the ways potential customers choose to spend their money

Question 5

how can companies achieve a competitive advantage? (5)

Answer 5

having quality products that command premium price.
provide superior customer service
have lowest production costs and lower prices.
dominating channels of distribution.
advertising that creates & maintains product differentiation and brand equity.

Question 6

target marketing?

Answer 6

companies develop different marketing strategies to satisfy different consumer needs

Question 7

4 steps of target marketing?

Answer 7

identify markets with unfulfilled needs.
segmenting the market.
targeting specific segments.
positioning one’s product or service through marketing strategies.

Question 8

what does market segmentation consist of?

Answer 8

dividing a market into groups that 1. have common needs and 2. will respond similarly to marketing action

Question 9

geographic segmentation?

Answer 9

markets divided into diff geographic units

Question 10

demographic segmentation?

Answer 10

dividing market on basis of age, sex, family size, etc.

Question 11

psychographic segmentation?

Answer 11

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

Question 12

behavioristic segmentation?

Answer 12

dividing consumers according to their usage, loyalties, or buying responses to a product

Question 13

benefit segmentation?

Answer 13

grouping consumers on basis of attributes sought in a product

Question 14

what does selecting a target market consist of? (2)

Answer 14

determining how many segments to enter and which segments offer the most potential

Question 15

what are the 3 market coverage alternatives available?

Answer 15

undifferentiated marketing, differentiated marketing, and concentrated marketing

Question 16

undifferentiated marketing?

Answer 16

ignoring segment differences and offering just one product or service to entire market

Question 17

differentiated marketing?

Answer 17

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

Question 18

concentrated marketing?

Answer 18

used when the firm selects one segment and attempts to capture a large share of this market

Question 19

factors involved in determining attractiveness of markets? (4)

Answer 19

sales potential of the segment.
opportunities for growth.
competition.
firms own ability to compete.

Question 20

what forms can an organizations offering come in to consumers? (4)

Answer 20

physical product, service, cause, or person

Question 21

product symbolism?

Answer 21

what a product or brand means to consumers and what they experience in purchasing and using it

Question 22

what are the goals of branding? (3)

Answer 22

build and maintain brand awareness and interest.
develop and enhance attitudes toward the company, product, or service.
build and foster relationships between the consumer and the brand.

Question 23

what is brand identity?

Answer 23

the combination of the name, logo, symbols, design, packaging, and image of associations held by consumers

Question 24

brand equity?

Answer 24

intangible asset of added value or goodwill that results from the favorable image, impressions of differentiation, and/or the strength of consumer attachment to a company name, brand name, or trademark

Question 25

promotional push strategy?

Answer 25

programs designed to persuade the trade to stock, merchandise, and promote a manufacturer’s products

Question 26

trade advertising?

Answer 26

used by companies to interest wholesalers and retailers and motivate them to purchase its products for resale to their customers

Question 27

promotional pull strategy?

Answer 27

spend money on ad and sales promo efforts directed toward ultimate consumers to create demand among them and encourage them to request the product from the retailer