Exam (elaborations)
Marketing 201 [Swenson] BYU Midterm 2 questions with correct answers 2024/2025
- Course
- Institution
Marketing 201 [Swenson] BYU Midterm 2 questions with correct answers 2024/2025
[Show more]
Content preview
Marketing 201 [Swenson] BYU Midterm2
Market Segmentation - ANSthe process of grouping customers into relatively homogeneous
sets or groups. Customers within a segment are similar to one another in the way they
respond to the marketing efforts directed toward them.
Targeting - ANSselecting one or more groups to sell to
Positioning - ANSdeveloping a unique selling position for the targeted group(s) and then
delivering on it
3 ways market segmentation benefits companies - ANS1) Provides an effective means for
reaching customer groups 2) Helps in allocating marketing resources 3) Identifies market
opportunities for the company.
Geographic segmentation - ANSmarket divided based on differences in geographic regions,
population density, population size, or climate.
Demographic segmentation - ANSmarket based on differences in age, gender, income, level
of education, social class, family composition, religion, or ethnicity.
Psychographic segmentation - ANSbased on differences in personality, motives, or style.
Behavioral segmentation - ANSmarket based on differences in the core benefits customers
seek, usage situations, brand loyalty, usage rates, and price sensitivity.
Brand loyal shoppers - ANShave high brand sensitivity and low price sensitivity (pay as
much as they need to purchase their favorite brands—Toothpaste, coffee, soda, cigarettes)
Deal shoppers - ANShave high brand sensitivity and high price sensitivity (purchase leading
brands at a discount—Diapers, hand and body soap, pet food)
Price shoppers - ANShave low brand sensitivity and high price sensitivity (they purchase the
lowest-price products regardless of brand—plastic food bags, frozen pizza, detergent)
Convenience shoppers - ANShave low brand sensitivity and low price sensitivity (buy
products w/o regard to brand or price—energy drinks, junk food, over-the-counter meds)
Five Main Characteristics of Good Segmentation Plans - ANS1) measurable 2) accessible 3)
durable 4) substantial 5) meets unique needs
Measurable - ANSIndividuals can be assigned to a specific segment, and the number of
individuals in the segment can be counted.
, Accessible - ANSIndividuals in the segment can be reached through the company's
promotion and distribution channels.
Durable - ANSSegment membership and size are relatively constant over time.
Substantial - ANSThe segment is large enough to make products profitable.
Meet Unique Needs - ANSThe needs of or benefits sought by the segment membership are
homogeneous within each segment and heterogeneous across the segments.
Segmentation Basis - ANSUsed to assign potential customers to different segments.
Segment profile - ANSDescribe the demographic characteristics, geographic factors,
attitudinal scores and behavioral tendencies of the segment members. The profile delineates
the similarities among potential customers within the segment and explains the differences in
potential customers between segments.
Product positioning - ANSThe act of designing the company's product offering so that it
occupies a distinct and valued place in the target customers' minds.
Me Too Marketing - ANSOffering the same price for the same benefits; won't give consumers
a reason to switch to your product.
Unique Selling Proposition - ANS1) make unique proposition to the customer 2) must be
different from consumers 3) proposition must be so strong that it can pull new customers
over to the product
Perceptual Mapping - ANSAllows researchers to view consumers' perceptions of brands on
one or a series of spatial maps such that relationships between brands can be easily seen.
Gap Analysis - ANSCompares brands based on the importance and performance of their
differentiating features and benefits.
Hierarchical Values Analysis - ANSAnother way to gain insight into product positioning by
interviewing customers to discover their core motivations or beliefs behind purchasing
decisions.
Personal Relevance Bridge - ANSThe emotional connection or the bridge between the
product benefit and the personal benefit in Hierarchal Values Analysis.
Product - ANSA bundle of attributes that satisfies consumers' wants or needs.
Competitive Angle - ANSUnique or different from the current offerings, makes a positive
personal connection with consumers, and, most importantly, lifts customers over a hurdle
(reduce pain or increase fun) that other competitors in the market fail to do.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Qualityexam. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79202 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
