Exam 2 Review Sheet At Home.docx

Exam 2 Review Sheet At Home.docx - Exam 2 Review Sheet Ch...

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Exam 2 Review Sheet Ch. 9,10,11,13,14(pp. 346-354),15(pp. 380-389),17(pp. 432-442),19 and social media/digital marketing Principles of Marketing – Professor Hao Chapter 9: Market Segmentation, Targeting, and Positioning Segmenting and targeting markets (pp.222-238) o What is segmentation, strategies of segmentation, five steps in segmenting a market, criteria used in segmenting market segments, criteria used in selecting a target market, market-product synergies Ways to segment consumer markets (pp.226-230) Positioning and repositioning (pp.238-240) o What is positioning, different positioning strategies, how to use perceptual map to positioning a product 1. What is market segmentation ? Hint - list the two qualities used to create groups. Market segmentation aggregates buyers into groups that: 1. Have common needs 2. Will respond similarly to a marketing action 2. What are the three strategies of market segmentation ? Provide brief examples of each. i. One product and multiple market segments Ex. Coke ii. Multiple products and multiple market segments Ex. Different types of yogurt iii. Segments of one; mass customization Dell 3. Create a Market-Product Grid for Wendy’s Restaurant on the UT campus. To do this you need to segment the market, group products into categories, and then estimate the size of each market- product combination. Present your results in a grid then answer the follow-up question.
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Breakfast Snacks Lunch Snacks Dinner Faculty 1 0 2 1 1 On-campus Students 1 1 2 3 2 Off-campus Students 2 2 2 3 2 Which market-product combinations would you choose to target ? Why? Target Off-campus Students at snacks time between lunch and dinner 4. Create a perceptual map for food options on the UT campus. Plot Wendy’s and at least two other options. Healthy Unhealthy Cheap Expensive Wendy JCL J2
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5. Five steps of segmenting and targeting markets a. Group potential buyers into segments i. Segments should meet the following criteria: ii. Simplicity and cost of assigning potential buyers iii. Potential for increased profit iv. Similarity of needs of potential buyers within a segment v. Difference of needs of potential buyers across segments vi. Potential of a marketing action to reach a segment b. Group products to be sold into categories c. Develop a market-product grid and estimate size of market d. Select target market i. Criteria in selecting the target market: ii. Market size iii. Expected growth iv. Competitive position v. Cost of reaching the segment vi. Compatibility with the organization’s resources and objectives e. Take marketing actions to reach target market 6. Ways to segment consumer market a. Geographic , Demographic, Psychographic, Behavioral 7. How marketers position products in the marketplace a. Two Approaches: Head-to-head, differentiation b. Perceptual Map
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Chapter 10: Developing New Products and Services General knowledge about products (pp.246-249) o What is a product, different types of consumer products (focus of marketing for each type), levels of products (product items, product lines and product mixes) New products o What is a new product, marketing reasons for new product failure (pp.250-254)
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