WVU ADV 215 Exam 2 with Complete Solutions

WVU ADV 215 Exam 2 with Complete Solutions Product Utility - How it Relates to Value The products ability to satisfy both needs and wants. (Gives the product more value) Consumers People who buy or use products or adopt ideas to satisfy needs and wants. Customers Consumers who buy particular brands or patronize specific stores Prospects Potential Customers who are likely to buy the product or brand Market Segmentation Process Identify Groups of people or organizations based on shared characteristics, as well as needs and wants Types of Market Segmentation -Behavioristic Segmentation -Geographic Segmentation -Demographic Segmentation -Psychographic Segmentation PRIZM and VALS Zip codes and Surveys Target Marketing Process Marketers identify, evaluate and select a group of people with similar needs Niche Segments and Consumer Profiles Sub-segments of a more general market Demographics Defining groups by age, sex, ethnicity, occupation, education and other characteristics. Product Life Cycle A product's position in the life cycle influences the target market selected and the marketing mix used. Primary Audience Who the company wants to sell to. Who the company targets with their ads. Secondary Audience Consumers that the company wants to sell to but doesn't target them. What is Positioning - Real / Perceived How the product is perceived in the marketplace Differentiation (with examples) Creating a difference in the product that helps is appeal to a market segment. (BK veggie) Brand Equity The totality of what consumers, distributors, dealers and competitors feel and think about the brand over an extended period of time. Intensive Distribution Making goods available at every possible location. Selective Distribution Limiting the number of outlets or dealers Exclusive Distribution Granting exclusive rights to one dealer in an area The Communication Process Source, Encoding, Message, Channel, Decoding, Receiver Steps of Consumer Decision Process 1. Problem