Marketing exam

How does market segmentation provide value to marketers?

By allowing more efficient marketing and by bringing more value to the customer

Which type of good is consumed quickly and often?

Consumer packaged good

Positioning is

A strategy for defining and portraying brands/products in ways that cause ideal customers to perceive them as the best solution for their needs

Differentiated marketing is defined

A targeted marketing strategy where the company targets more than one market segment and develops a unique marketing mix to target each segment separately

which of these is not a common failure in creating surveys? Asking too many questions Failing to understand the survey population Forgetting to introduce your survey

All of these are common failures in creating surverys

_____ positioning occurs when the way a product is positioned touts benefits that are simply not believable or too good to be true.

Doubtful

True or False: A product life cycle describes the typical pattern that an unsuccessful new product takes, from development to the end of its life.

False

Which of the factors below do NOT suggest you have chosen a desirable target market? If it is accessible If it is controversial If it is stable If it is sizable

If it contoversial

Marketing research is used when marketers need insights into customer needs, product preferences, buying behavior, satisfaction, and many other things and the data is not readily available.

True

True or False: A key component of a product - especially in consumer goods - is the product packaging.

True

true or false: One of the biggest mistakes a brand can make is having a product positioning that is inconsistent with the brand's positioning.

True

Which is not a valuable research question: How do customers rate our solutions against competing solutions? What criteria do customers use when making purchase decisions? How likely are our customers to recommend our solutions? Which new product ideas would customers most likely purchase?

all of these are valuable research questions

True or false: routine purchase are an example of high involvement purchases

false

True or false: the buying process can be much shorter for B2b purchases

false

____ products have a short life cycle that is cyclical.

fashion

True or False: surveys are a type of market research

true

True or false: a great product comes from having good differentiation

true

The research question, when referred to in marketing research, is the

primary goal of market research

True or false: consumption can either be actual physical consumption or consuming a service

true

pre-existing data is also known as

secondary data

which data is more expensive to collect?

Primary data

what is top of mind awareness?

The brands a consumer first recalls from memory

One of the mistakes marketers can make is positioning product around features or technical aspects of products, rather than positioning around the _____ products create.

value

True or False: Customer behavior is the most important thing that marketers attempt to measure through market research

True

_____ are easily explained and quickly adopted by consumers.

low-learning products

what are the product attributes that are important to consumers called?

Evaluative Criteria

What is a trigger in the environment that signals a need?

External Cue

What kind of packaging holds a number of individual units to form a wholesale unit?

Secondary packaging

Demographic Segmentation is defined as

Segmenting the market according to statistics such as age, gender, income, ethnicity, and education

What is the buyer behavior process?

The stages that consumers go through when deciding to purchase and consume a product

In the _____ stage, product sales have leveled off and profits are beginning to decrease.

Maturity

How should you decide what to divide the market based on?

Meaningful characteristics

Which one of these is NOT an example of a common positioning error? Under-positioning Irrelevant positioning Doubtful positioning Mixed positioning

Mixed

A survey which often is just a single question, "How likely is it that you would recommend [brand] to a friend or colleague?" and measures customer experiences is called a

NPS or Net Promoter Score Survery

The basic attributes that are necessary to deliver the benefits are called?

expected attributes

What is a positioning statement?

A succinct expression of a product's market position

Which tool is useful when trying to visualize how the product is positioned compared to competitors

Matrix

What do brands gain when they position their products well?

Both sustainable advantage and competitive advantage

A ___________ is a tool used by marketers to bring their target market to life

Buyer Persona

Exploratory research is useful when

Marketers have many broad research questions and need to narrow them down into more precise questions

Which answer below is an example of psychographic segmentation Marketing to women Marketing to an engineer Marketing to ages 45-55 Marketing to regular gym goers

Marketing to regular gym goers

What is the most important thing a marketer can do to ensure success of product?

Position it well