Marketing final exam

To target the best market segments, the company first evaluates each segments _______

Size and growth characteristics, structural attractiveness, and compatibility with compatibility with company objectives and resources

Once groups have been identified, market ______ evaluates each market segments attractiveness and selects one or more segments to serve

Targeting

At what levels do marketers make product and service decisions __________?

Individual product, product line, and product mix decisions

People can be classified into the adapter categories with each category having different values and rates of adoption. The adopter categories include _____, _____, _____ , _____, _____

Innovators, early adopters, early mainstream, later mainstream, and lagging adopters

The major product line decision involves the lines _______, or the number of items in the product line

Length

No matter how successful it's current product lineup, a company must skillfully manage the _______ for future success. To grow, the company must develop _________ that will bring new value to customers

Life cycles of existing products; a steady stream of new products

What are the four choices a company has for devolving brands

Line extensions, brand extensions, multi brands, and new brands

Evaluating each market segments attractiveness and selecting one of more market segments to enter is called _____

Market targeting

Companies need to consider many factors when choosing a market- targeting strategy. However, which targeting strategy is best depends on company resources, product variability, product life-cycle stage as well as _______

Market variability and competitive marketing strategies

Which stages of the product lifecycle normally last longer than the previous stages and poses strong challenges to marketing management?

Maturity

The key to the effectiveness of the segmentation analysis depends on finding segments that are _______

Measurable, accessible, substantial, differentiable, and actionable

Once a company has decided which segments to enter, it must decide on its ______ strategy

Positioning and differentiation

Which of the following is the correct definition of a product

A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

The differentiation and positioning task consists of three steps: identifying _______ that create competitive advantage, choosing _______ on which you build a position, and selecting an overall positioning strategy

A set of possible differentiations; advantages

We define the ____ process as the mental process through which an individual passes from first learning about an innovation to final adoption

Adoption

Broadly defined, a product is anything that can be offered to a market for _________ or consumption that might satisfy a want or need . Products include physical objects but also services, events, persons, places, organizations, ideas, or mixtures of these entities

Attention, acquisition, use

Consumers go through specific stages in the process of adopting a new product. Those five stages include ______ , _______, _______ , ______, ______

Awareness, interest, evaluation, trial, post-purchase evaluation

What are the five stages of the consumer adoption process in the correct sequence

Awarness, interest, evaluation, trial, and adoption

After identifying attractive market segments, the company then chooses one of four market- targeting strategies— ranging from very broad to very narrow targeting. The seller can ignore segment differences and target _________

Broadly using undifferentiated (or mass) marketing

___________ are summarized in positioning statements that state the target segment and need, the positioning concept, and specific points of difference.

Company and brand positioning

Product costs set the floor for a products price. If the company prices the product below it costs, the company profits will suffer. In setting it's price between these two extremes, the company must consider several external and internal factors, including _______.

Competitors strategies and prices, the overall marketing strategy and mix, and the nature of the market and demand

In which targeting strategy does a firm go after a large share of one or a few smaller segments

Concentrated marketing

With regard to the diffusion process for new products, consumers respond at different rates, depending on ________

Consumer and product characteristics

Value-based pricing begins with analyzing

Consumer needs and value perceptions, and the price is set to match perceived value

Consumers will base their judgments of a products value on the prices that competitors charge for similar products. In setting prices, companies need to consider three factors. What are the three factors?

Customer perceived value, costs, and competitors pricing strategies

The price ceiling, the maximum price a company can change, is set by _______

Customer perceptions of the products value

What are the three major pricing strategies used by marketers?

Customer value-based pricing, cost-based pricing, and competition based pricing

The three major pricing methods include ______

Customer value-based pricing, cost-based, and competition-based pricing

Market segmentation is the act of dividing a market into distinct groups of buyers who have _______ and who might require separate marketing strategies or mixes

Different needs, characteristics, or behaviors

The seller can adopt _______ , developing different market offers for several segments

Differentiated marketing

There are two major steps in designing a customer value- driven market strategy: ______ seeks to create superior customer value in the mind of the consumer and ______ seeks to firmly place the market offering in the minds of target customers

Differentiation; positioning

What is market segmentation?

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes

Each product has a life cycle marketed by a changing set of problems and opportunities. The sales of the typical product ________

Follow a bell-shaped curbs of five stages

There are four major variables that might be used in segmenting consumer markets. Those major variables are _______ variables

Geographic, demographic, psychographic, and behavioral

What are the four major variables used to segment consumer markets?

Geographic, demographic, psychographic, and behavioral

All product lines and items offered to customers by a particular seller makes up the product mix. The mix can be described by four dimensions, which are the tools for developing the company's ________ strategy

Product

Companies must make important about their individual products and services. Individual product decisions involve ________ and product support services

Product attributes, branding, packaging, labeling

Which of the following correctly identifies the five important decisions marketers must make when developing individual products and services?

Product attributes, branding, packaging, labeling, and product support services

The stages of the product life cycle are _________

Product development, introduction, growth, maturity, and decline

Marketers can apply the _____ as a useful framework for describing how products and markets work, and help develop good marketing strategies for the different life- cycle stages

Product life-cycle concept

Segmentation provides a powerful tool for marketers of all kinds. It can help companies identify and better understand bey customer segments, __________ to their specific needs

Reach them more efficiently, and tailor market offerings and messages

A customer value-driven marketing strategy seeks to build the right ______ with the right ______

Relationships; customers

What are the five characteristics that are especially important in influencing an innovation's rate of adoption

Relative advantage, complexity, compatibility, divisibility, and communicability

During the introductory stage of product lifecycle, ________________.

Sales are slow and profits nonexistent in w

Services are characterized by four key aspects

Services are intangible, inseparable, variable, and perishable

What is products position

The way a product is defined by consumers on important attributes

A _______ defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments.

Value proposition

The full positioning of a brand is called the brands ________ , which is the full mix of benefits on which a brand is differentiated and positioned

Value proposition

Which structural factor would make a market segment attractive to enter

Very few actual or potential substitute products