Marketing Exam Review.docx - EXAM 3 Review Sheet MAR 3023...

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EXAM 3 – Review Sheet MAR 3023 Questions for the first exam will be asked about the following topics: (Multiple Choice and True/False questions, 110 points in total) *** Class Examples**** Chapter 9: Segmentation, Targeting, and Positioning 1. The Segmentation, targeting, and Positioning Process – Know all components thoroughly. (Pizza example) Segmentation- Its slicing the pizza (slice the market) Targeting- Figuring out what slice of the pizza we want (aka market we want to target) Positioning- Be in the right position grab the slice of pizza you want (Be in the right position for the market.) a. Step 1 – Strategy or objectives Check yourself and derived from mission and current states. b. Step 2 – Describe Segments Segmentation strategies Geographic- continent or within the US Demographic- age, gender, income, education; most common form of segmentation, easiest one to collect. Geodemographic- combination of geographic & demographic Psychographic- lifestyle, self-concept, self-values (Motorists) Ex. You’re a millennial and millennials this and that. Soccer mom, the mini-van struggle. Benefits- Convenience, economy, prestige Behavioral- Occasion, Loyalty Facebook Demographics- Loose 2 million users under the age of 24, and 5.6% fewer users between 12-17. Growth less than 1% and of that one percent 22.5% of those are 55 and up. c. Step 3 – Evaluate Segment Attractiveness Identifiable, Substantial, Reachable, Responsive, & Profitable. Segment profitability Segment size x Segmentation Adoption Percentage x Purchase Behavior (multiply the amount of times used) x Profit Margin % - Fixed Cost Example: 60,000,000 x 0.35 x 500 x 1 x 0.10 – 50,000,000 =1,000,000,000 Profit of 1 Billion Market Share Calculation
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Your share in the market/total market share d. Step 4 – Select Target Market Choosing your targeting strategy: 1. Undifferentiated or Mass marketing, very expensive, have many messages, and many targeting strategies. 2. Differentiated- use different segments, build and design strategies for these segments. Ex. Coke products, Coke Zero- Men, Diet Coke- Women, Coca Cola, Cherry Coke, Vanilla Coke, Coke life 3. Concentrated- Usually cosmetic lines, they are usually focused on one skin tone, skin complexion, type of problem. Only way to be successful is if you own the segment. 4. Micromarketing (One to One)- Example Lockheed Martin, Financial Advisors. e. Step 5 – Identify and Develop Positioning Strategy Positioning methods 1. Value 2. Salient Attributes 3. Symbol 4. Competition Ex. Avis 6 Positioning Steps 1. Determine consumers’ perception and evaluation in relation to competitors 2. Identify the market’s ideal points and size 3.
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  • Spring '13
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  • Marketing, Brand, secondary data

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