exam 2 review sheet

Exam 2 review sheet - Marketing 301 Exam 2 Review Sheet Exam 2 will also have 50 multiple choice questions from the following chapters Chapter

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Marketing 301 Exam 2 Review Sheet Exam 2 will also have 50 multiple choice questions, from the following chapters: Chapter 7 - Know the steps in segmenting a market 1. select a market for study 2. choose bases for segmentation 3. select descriptors 4. profile and analyze segments 5. select target markets 6. design, implement, maintain marketing mix bases for segmenting business markets- producers, resellers, government, institutions ---> company characteristics/buying processes Company Characteristics- geographic location, type of company, company size, volume of purchase, product use what a target market is group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges. the three strategies for selecting target markets -undifferentiated strategy- a marketing approach that views the market as one big market with no individual segments and thus requires a single marketing mix. ADV- potential savings on production and marketing costs. DIS- unimaginative product offerings, company more susceptible to competition. -concentrated strategy- strategy used to select one segment of a market for targeting marketing efforts. ADV- concentration of resources, meets narrowly defined segment, small firms can compete, strong positioning. DIS- segments too small, or changing, large competitors may market to niche segment. -multisegment strategy- strategy that chooses 2 or more well defined market segments and develops a distinct marketing mix for each. ADV- greater financial success, economies of scale. DIS- high costs, cannibalization the goals of one-to-one marketing- utilizes customer information to build long-term personalized, and profitable relationships with each customer. the three steps to create effective positioning 1. assses the positions occupied by competing products 2. determine the dimensions underlying these positions 3. choose a market position where marketing efforts will have the greatest impact
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what product differentiation is a positioning strategy that some firms use to distinguish their products from those competitors. Distinctions can be real or perceived. the difference between real and perceived distinctions perceptual mapping- a means of displaying or graphing, in 2 or more dimensions, the location of products, brands, or group of products in customers mind. be familiar with the Levi's perceptual map know all the bases for positioning discussed in class: attribute price and quality use or application product user product class competitor emotion what repositioning is changing customers perceptions of a brand in relation to competing brands. and be familiar with the
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This note was uploaded on 04/29/2008 for the course MRKT 301 taught by Professor Goldman during the Spring '08 term at UMass (Amherst).

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Exam 2 review sheet - Marketing 301 Exam 2 Review Sheet Exam 2 will also have 50 multiple choice questions from the following chapters Chapter

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