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Marketing 201 Midterm 2 Review - BYU Swenson – 70 Exam Questions with Answers
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Marketing 201 Midterm 2 Review - BYU Swenson – 70 Exam Questions with Answers
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Marketing 201 Midterm 2 Review - BYUSwenson – 70 Exam Questions with Answers
Marketing Creates Value - -For the firm's chosen customers.
If there is no value, customers leave. Without customers, companies fail.
Value is created by meeting customer's functional and emotional needs
-Segmentation - -Who could we exchange with?
-Targeting - -Who should we exchange with?
-Positioning - -How do we want customers to think and feel about our
brand?
How do we position the product in the customers mind?
-Ways to Segment the Market
- from most used to most useful - -geographic- region or city, density,
climate
demographic- age, gender, family size, etc..
psychographic- lifestyle, personality, values
behavioral- usage situations, benefits
-Unique Selling Proposition (USP) - -1. Each add must make a proposition
2. Proposition cannot or is not offered by anyone else - unique
3. Proposition must be strong
-Positioning Methods - -Perceptual Mapping, Gap Analysis, Hierarchical
Values
-Perceptual Mapping - -provide insight about differentiating benefits and
opportunities for new products
usually drawn with a vertical and horizontal dimension. Brands located near
each other on the map are believed to be similar by customers and, thus, in
direct competition.
***only judgements on performance of features and benefits***
-Gap Analysis - -Gap analysis compares brands based on the importance
and performance of their differentiating features and benefits.
***judgments regarding the importance of brand's features and benefits to
the buying decision***
, -Hierarchal Values - -(1) eliciting distinctions
(2) pyramiding down
(3) laddering up
Find the bridge between product benefit and personal benefit!
-Types of Buyers - -Innovators - first to try new stuff - 2.5%
Early adopters - first to follow, just want a green
light - 13.5%
Early majority - Buy products proven successful
first hand sampling is very important
Late majority - skeptical of innovations, only
reasonable alternative - 34%
Laggards - resist change, 2.5%
-Image Brands and Promotion - -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
Focus marketing on promotion
-Brand Awareness - -Consumers know about the brand
-Brand Image - -Consumers have a definite impression about the brand
-Brand Loyalty - -Consumers purchase only their favored brand
-Brand Equity - -Brand loyalty is transferred to new products
-Competitive Angle Dimensions - give these to customers to sharpen angle -
-Need to Believe - what pain point is addressed to the target audience
Reason to Believe - is the product effective?
Dominate Situations - how does product deliver superior value?
Quantifiable Support - facts or figures that back claims
Unique Product Claim - How is the product different? Better? More
memorable?
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