MKT - Exam 2 Study Guide

MKT - Exam 2 Study Guide - M3305 Study Guide for Exam 2...

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M3305 Study Guide for Exam 2 Class, the exam will consist of 75 multiple choice questions based on: - Text and slides for chapter 10-16 (terms, concepts, categories, and frameworks) The exam will be closed notes/closed book and you will need to bring a pencil. The level of difficulty will be moderate to highly difficult (as I said in class, probably more so than Exam 1) and require you to understand/remember: important definitions, concepts from class thus far, as well as distinguish them from each other. As you are studying, remember that –the true goal is not scoring your desired grade (although that may be one outcome) but rather that the time and effort you spend helps you achieve the first 3 course objectives: - Learning the “language of marketing” - Understand marketing’s philosophies, logic, and major decision areas. Note : not all of the topics below will be on the exam, but you can be confident that topics outside what you find below will not appear. If a concept appears below, you can assume you need to know all key aspects of the topic … definitions, sub-categories, important terms that fall under that category, being able to recognize examples, etc… really anything except specific examples used in the text or in class Ch. 10: Target Markets: Segmentation, Evaluation, and Positioning: Product positioning and re-positioning (definitions, perceptual mapping, bases, re-positioining) Product Positioning – refers to the decisions and activities intended to create and maintain a certain concept of the firm’s product in the customer’s mind. EX marketers introduce a product and try to position it so that it appears to have the characteristics that the target market wants. Perceptual Mapping – the result of the customer’s perceptions of the product’s attributes relative to those of competitive brands. EX How consumers view a specific product Base Positioning – marketers can use several bases for positioning products. Using Competitors – positioning a product to compete head-on with another brand EX Pepsi-cola vs. coca-cola or splenda – made from sugar Avoiding Competitors – may be best when the product’s performance characteristics don’t differ from competing brands or when it has unique characteristics. Critical when a co introduces a brand into a market which one or two already exist. Can be based on attributes or features, or price, quality level and or benefits. EX Volvo focusing on safety characteristics, apple i-pod, Re-positioning – for new and old products - can be accomplished by physically changing the product, its price, its distribution or different target market. EX Kraft changing the cheese-whiz marketing strategy Target markets and selecting them Target Markets – a group of people or organizations for which a business creates and maintains a marketing mix designed to satisfy the needs of group members. Target Market Selection Process
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MKT - Exam 2 Study Guide - M3305 Study Guide for Exam 2...

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