MARKETING - MCGRAW HILL EXAMINATION QUESTIONS WITH COMPLETE SOLUTIONS – UPDATED!!
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MCGRAW HILL
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MCGRAW HILL
MARKETING - MCGRAW HILL EXAMINATION QUESTIONS WITH COMPLETE SOLUTIONS – UPDATED!!
Undifferentiated targeting strategy (Mass Marketing) - Answer-a marketing strategy a firm can use if the product or service is perceived to provide the same benefits to everyone, with no need to develop separate s...
MARKETING - MCGRAW HILL
EXAMINATION QUESTIONS WITH
COMPLETE SOLUTIONS – UPDATED!!
Undifferentiated targeting strategy (Mass Marketing) - Answer-a marketing strategy a
firm can use if the product or service is perceived to provide the same benefits to
everyone, with no need to develop separate strategies for different groups
Differentiated Targeting Strategy - Answer-a strategy through which a firm targets
several market segments with a different offering for each
Concentrated (or niche) targeting strategy - Answer-a marketing strategy of selecting a
single, primary target market and focusing all energies on providing a product to fit that
market's needs
micromarketing (one-to-one marketing) - Answer-an extreme form of segmentation that
tailors a product or service to suit an individual customer's wants or needs
Mass customization - Answer-The practice of interacting on a one-to-one basis with
many people to create custom-made products or services; providing one-to-one
marketing to the masses.
Identify and develop positioning strategy - Answer-The last step in developing market
segmentation strategy
Positioning - Answer-The mental picture that people have about a company and its
products or services relative to competitors.
This mental picture is a formed from multiple source such as friends, family, relatives
and reference groups; published articles in magazines and newspapers; report and
stories from radio, tv, and the internet as well as customers own experience
Positioning statement - Answer-expresses how a company wants to be perceived by
customers
Value proposition - Answer-communicates the customer benefits to be received from a
product or service and thereby provides reasons for wanting to purchase it
Positioning Methods - Answer-Value
Product attributes
Benefits and Symbol
Competition
,Positioning by using perceptual mapping - Answer-
Perceptual Map - Answer-displays, in two or more dimensions, the position of products
or brands in the consumer's mind
Ideal Point - Answer-the position at which a particular market segment's ideal product
would lie on a perceptual map
Brand Repositioning (Rebranding) - Answer-a strategy in which marketers change a
brand's focus to target new markets or realign the brand's core emphasis with changing
market preferences
Chapter 8 - Answer-Developing New Products
Product - Answer-anything that is of value to a consumer and can be offered through a
voluntary marketing exchange
Innovation - Answer-the process by which ideas are transformed into new products and
services that will help firms grow
Innovation and Value - Answer-- Why do firms create new products?
- Changing customer needs
- Market Saturation
- Managing risk through diversity
- Fashion cycles
- Improving business relationships
Changing Customer Needs - Answer-- When they add products, services, and
processes to their offerings, firms can create and deliver value more effectively by
satisfying the changing needs of their current and new customers or by keeping
customers from getting bored with the current product or service offering.
- Sometimes, companies can identify problems and develop products or services that
customers never knew they needed.
Market Saturation - Answer-the longer a product exists in the marketplace, the more
likely it is that the market will become saturated
managing risk through diversity - Answer-through innovation, firms often create a
broader portfolio of products, which help them diversify their risk and enhance firm value
better than a single product can
Fashion cycle - Answer-Periodic popularity, disappearance, and later reappearance of
specific styles or general shapes....a cycle of the rise, popularization, and decline of
styles
, Improving Business Relationships - Answer-New products do not always target end
consumers; sometimes they function to improve relationships with suppliers.
Diffusion of Innovation - Answer-the process by which the use of an innovation, whether
a product or a service, spreads throughout a market group over time and over various
categories of adopters
Pioneers - Answer-New product introductions that establish a completely new market or
radically change both the rules of competition and consumer preferences in a market;
also called breakthroughs.
Disruptive Innovations - Answer-New product introductions that are simpler, less
sophisticated, and usually less expensive than existing products or servuces
First Movers - Answer-product pioneers that are the first to create a market or product
category, making them readily recognizable to consumers and thus establishing a
commanding and early market share lead
Consumer Adoption Cycle - Answer-- Innovators
- Early Adopters
- Early Majority
- Late majority
- Laggards
Innovators - Answer-those buyers who want to be the first to have the new product or
service
Early Adopters (13.5%) - Answer-the second group of consumers in the diffusion of
innovation model, after innovators, to use a product or service innovation; generally
don't like to take as much risk as innovators but instead wait and purchase the product
after careful review
Early Majority (34%) - Answer-A group of consumers in the diffusion of innovation
model that represents approximately 34 percent of the population; members don't like to
take much risk and therefore tend to wait until bugs are worked out of a particular
product or service; few new products and services can be profitable until this large
group buys them.
Late Majority (34%) - Answer-Last group to enter a new product market
The product has achieved its full market potential
Laggards (16%) - Answer-consumers who like to avoid change and rely on traditional
products until they are no longer available
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