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BUSML 3250 Exam 2 Questions with Latest Update
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BUSML 3250 Exam 2 Questions with Latest Update
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BUSML 3250 Exam 2 Questions withLatest Update 2024-2025
What makes a good segmentation? - Answer-ISASDA
Identifiable
Substantial
Accessible
Stable
Differentiable
Actionable
What are the different tpyes of segmentation? - Answer-Geographic - country, city,
neighborhood
Demographic - age, gender, income, race
Psychological - interests, activities, values, goals
Behavioral - purchasing habits, customer loyalty
What factors should you consider when choosing a target - Answer-Market Size
Expected Growth
Competitive position
Cost of reaching
Company compatibility
What is the difference between positioning and position? - Answer-Positioning - act of
designing the company's offering and image to occupy a distinctive place in the mind of
the target market.
- simplicity
- alignment
- value creation
Position - cold-hearted, no-nonsense statement of how you are perceived in the minds
of your prospects.
How is a brands position co-created - Answer-The position statement provides
aspiration and the desired company's brand positioning into the consumers mind. The
co-creation comes from the feedback given and the brand position/equity. There is then
a reaction and the brand positioning is adjusted.
What makes up a good position statement? - Answer-It is a strategic document that
communicates the unique value the brand offers. Answer the question "why should I
buy?" It is developed for an internal managerial audience. Helps guide marketing
communications and tactical execution. It also rarely changes.
Four components of a positioning statement. - Answer-1. For who, for when, for where?
2. Relative to whom? describe competitive set
, 3. What benefit?
-economic
-functional
experimental
-social
4. Why and How?
- reasons to believe
Positioning statement setup - Answer-For (target audience), brand X is the only brand
among all (competitive set) that (benefit/unique selling proposition) because (reasons to
believe)
RTB (Reason to Believe) - Answer-The capabilities of your product or service that
deliver the benefit. AKA features
What does this product or service do?
Benefits in position statement - Answer-The outcome your consumer will experience
from your product or service. AKA unique selling proposition
How will this product or service improve my life?
Market Segmentation - Answer-Involves aggregating prospective buyers into groups, or
segments, that (1) have common needs and (2) will respond similarly to a marketing
action.
Market segments - Answer-the relatively homogeneous groups of prospective buyers
that result from the market segmentation process
Target markets - Answer-a particular group of consumers at which a product or service
is aimed.
product differentiation - Answer-a marketing strategy that involves a firm using different
marketing mix actions to help consumers perceive the product as being different and
better than competing products
mass customization - Answer-tailoring products to meet the needs of individual
customers on a high-volume scale
Build-to-order - Answer-involves manufacturing a product only when there is an order
from a customer
organizational synergy - Answer-the increased customer value achieved through
performing organizational functions such as marketing or manufacturing more efficiently
Cannibalization - Answer-When the increased customer value involves adding new
products or a new chain of stores, the product differentiation-market segmentation
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