Please enter something

UWM Principles of Marketing Exam 3 Essay

question

Establish Overall Strategy or Objectives
answer

Step 1 in STP Process: the firm must clearly articulate the vision or objectives of the company’s marketing strategy
question

Segmentation Methods
answer

Step 2 in STP Process: to use a particular method or combination of methods to segment the market
question

Evaluate Segment Attractiveness
answer

Step 3 in STP Process: is the segment identifiable, substantial, reachable, responsive, and profitable?
question

Select Target Market
answer

Step 4 in STP Process: key factor here is the marketer’s ability to pursue such an opportunity or target segment
question

Develop Positioning Strategy
answer

Step 5 in STP Process: Market positioning involves a process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products
question

Value Proposition
answer

the unique value that a product provides to its customers and how it is different from those of competitors
question

Product attributes
answer

To focus on what about the product is most important to target market
question

Symbols
answer

Trademarked, they are so strong and well known that they create a position for the brand that clearly distinguishes it from its competition
question

Positioning against a specific competitor
answer

for example Goodrich tires were promoted as “the other guys,” or the ones without the blimp, to set them apart from Goodyear tires.
question

Geographic Segmentation
answer

This organizes customers into groups on the basis of where they live, depends on different needs of customer in each region
question

Demographic segmentation
answer

Groups consumers according to easily measured, objective characteristics such as age, gender, income, and education. EX: Kellogg’s Cereal
question

Psychographic segmentation
answer

This method involves understanding three components: self-values, self-concept, and lifestyles. How consumers describe themselves
question

Geodemographic segmentation
answer

Uses a combination of geographic, demographic, and lifestyle characteristics to classify consumers. EX: Consumers in the same neighborhood buy same type of products and shop at same stores
question

Benefit Segmentation
answer

This groups consumers on the basis of the benefits they derive from products.
question

Behavioral Segmentation
answer

This divides customers into groups based on how they use the product or service Occasion: prom dress, Loyalty: retaining customers
question

Undifferentiated Targeting Strategy
answer

Mass Market: when everyone could be potential user. EX: salt, sugar, gasoline
question

Differentiated Targeting Strategy
answer

In this, firms target multiple market segments with a different offering for each. Example: Condé Nast magazines
question

Concentrated Targeting Strategy
answer

This is when a firm selects a single, primary target market and focuses all its energies on providing a product to fit that market’s needs. EX: Startups, hyper-specific kickstarters
question

Micromarketing
answer

When a firm tailors a product to suit an individual customer’s wants or needs, it is undertaking an extreme form of segmentation called micromarketing or one-to-one marketing
question

Defining the Objective and Research Needs
answer

Step 1 in Marketing Research: to establish in advance exactly what problem needs to be solved
question

Designing the Research
answer

Step 2 in Marketing Research: identifying type of data needed and determing the type of research necessary to collect it.
question

Data Collection Process
answer

Step 3 in Marketing Research: finding data for research
question

Analyzing Data And Developing Insights
answer

Step 4 in Marketing Research: analyze and make use of the collected data in order to generate meaningful information
question

Action Plan and Implementation
answer

Step 5 in Marketing Research: the researcher prepares the results and presents them to the decision-makers who use that information to formulate marketing strategies.
question

Secondary data
answer

data that have been collected for some other purpose and that can be used for this project (example: searching company records, census data).
question

Primary data
answer

data collected specifically to address the problem at hand (example: focus groups, in-depth interviews, surveys).
question

Brand equity
answer

representing the value of the brand, is the set of assets and liabilities linked to the brand
question

Product mix
answer

the complete set of all products offered by a firm
question

Product line
answer

which are groups of associated items that consumers tend to use together or think of as part of a group of similar products
question

Product mix breadth
answer

represents a count of the number of product lines offered by the firm
question

Product line depth
answer

equals the number of products in a product line
question

Brand awareness
answer

measures how many consumers in a market are familiar with the brand and what it stands for.
question

Brand dilution
answer

occurs when the brand extension adversely affect consumer perceptions about the original brand
question

Co-branding
answer

practice of branding two or more products together, in marketing them
question

Brand loyalty
answer

occurs when a consumer buys the same brand repeatedly over time rather than buying from multiple suppliers within the same category
question

Introduction stage
answer

1st stage in Product Life Cycle: launch phase in new product
question

Growth stage
answer

2nd stage in Product Life Cycle: marked by a growing number of product “adopters,” rapid growth in industry sales, and increases in the number of competitors and the number of product versions
question

Maturity stage
answer

3rd stage in Product Life Cycle: characterized by the adoption of the product by the late majority and intense competition for market share among firms
question

Decline stage
answer

4th stage in Product Life Cycle: which firms either position themselves for a niche segment of diehard consumers or those with special needs or completely exit the market
question

Diffusion of Innovation
answer

Process of how a product, a service, or a process spreads throughout a market group over time, and across various categories of adopters