Exam (elaborations)
MKTG 329 Exam 1 Questions And Correct Answers
- Course
- Institution
MKTG 329 Exam 1 Questions And Correct Answers...
[Show more]
Content preview
MKTG 329 Exam 1 Questions And Correct AnswersSegmentation
dividing a market into subsets of consumers who have common needs
Majority Fallacy
false belief that targeting the most amount of people brings the most amount of money
Red Ocean
populated market segments with lots of competition ex. yellowtail
Blue Ocean
new market space where demand is being created and not fought over
Targeting
choosing the segment that is most attractive to your organization
Product Positioning
communicating value to one's target market by relating the consumers need/want with
what product offers and offering the benefits to satisfy those needs/wants above and
beyond competition
Frame of reference (FOR)
important to positioning statement because helps product stand out/unique and allows
to have the least ammount of competiton you can have. ex. Gatorade flavored water vs
sports drink
, Reason to believe
proof mentioned within the positioning statement that creates brand credibility and
authenticity
Consumer behaviour
the study of people, groups, or organizations and the processes they use to select,
secure, use, and dispose of products, services, experiences, or ideas to satisfy needs
and the effects that these processes have on the consumer and society
4 key tenets
1) effective business decisions must be based on an understanding of consumer
behavior
2) research of the marketplace is necessary in order to understand consumer behavior
3) consumer behavior is a multivariable, multidimensional process
4) methods of marketing that are developed to affect consumer behavior pose ethical
issues
loi
4 types of value
1) functional
2) emotional
3) life-transforming
4) social cause
Utilitarian value
a value derived from a product or service that enables the solving of a problem or
completes a task for the customer
Hedonic value
a value taken from how the customer felt after purchasing or consuming the product
Brand marketing
differentiating your company with a distinctive identity driven by awareness and
consideration
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 Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81633 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now