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