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Marketing chapter 9 bank

Paper type: Essay
Pages: 4 (934 words)
Categories: Bank, Business, Marketing
Downloads: 42
Views: 5
T/F: Coca-Cola launched Coke Zero to avoid cannibalizing current sales and to attract new customers in a segment they might not get with Diet Coke.
cannibalizing current sales: new products out sell old products

When a marketer adjusts the marketing mix to give customers a clear, distinctive understanding of what the product does, the marketer is engaging …
marketing repositioning (market positioning)

T/F : For products like pencils and paper clips, marketers should probably use an undifferentiated targeting strategy.

undifferentiated strategy: mass marketing. when everyone can be considered a potential user of the product and benefits are similar

T/F: When deciding how to promote his new medical oncology center, Dr. Jones decided that he did not need to throw a large grand opening reception. Instead, he promoted the center to the internal medicine doctors in the area, who were the doctors most likely to refer patients to the center. Dr. Jones was engaged in a concentrated targeting strategy.

concentrated target strategy is one where the organization selects a single target market. In this case, the local internal medicine doctors make up a single target market

The Value and Lifestyle Survey (VALS) conducted by Strategic Business Insights (SBI) is a widely used tool for…
psychographic segmentation

T/F: Positioning strategies generally focus either on how the product benefits the consumer or on how it is better than competitors’ products.
positioning refers to communicating the unique value the product or service provides and how its different from competitive products

This map displays the position of products or brands in the customers mind
perceptual map

STP process is made up of…
segmenting, targeting, and positioning

First step in STP process
to establish strategy and objectives

A complex product that is best described in writing will be difficult to explain to consumers who are unable to read. For this reason, a segment in which many consumers could not read would be considered unattractive because the consumers would not be …..
reachable: failure to read will make it difficult to reach them with positioning messages.

Part of step 3: evaluate segment attractiveness

T/F : A company that sells only multigrain, low-calorie bread should use an undifferentiated targeting strategy.

to specific: use concentrated target strategy

The unique value that a product or service provides its customers and how it is better than and different from those of competitors is..
value proposition

Segmentation, targeting, and positioning
are part of a firms marketing strategy

Alex has found that both commercial and residential real estate buyers respond positively to his marketing communication message. Alex has identified __________ that respond similarly to his marketing efforts.
market segments

In a classic example of segmentation strategy, years ago Swift Meat Company transformed turkey meat into Butterball turkeys. In the process, the company….
differentiated its product

A ___________ strategy is one in which different target markets are served by different marketing mixes.
differentiated target

benefits: helps obtain a bigger share of the market, lower overall risk, and diversify its business
negative: costly

T/F: Maintaining a unique value proposition can be sustained in the long term only in monopoly situations or monopolistic competition situations.

an extreme form of target marketing
micromarketing or one-to-one
ex: Nike ID

Differences in weather and climate create opportunities for….
geographic segmentation

__________ segmentation is the most common basis of consumer market segmentation because these segments are easy to define and usually easy to reach.
demographic segmentation
(age, gender, income, education)

psychographics is related to …
how we describe ourselves/ why we make choices (self-value, self- concept, lifestyle) BEHAVIOR

Baby Boomers represent a huge demographic segment for travel marketers. Baby Boomers are also heavily motivated by self-fulfillment, which creates the possibility of __________ segmentation.

More costly

Beverage companies often use television commercials with images of young people laughing and enjoying themselves on a beach or in a club. These images are designed to appeal to consumers’ __________, suggesting “be like me.”
self- concept: the way we see ourselves

__________ segmentation is the segmentation method most directly related to value creation for consumers.

the value they will obtain from the product

Toothpastes sold in supermarkets and pharmacies promise various results, such as whiter teeth, protection against gum disease, tartar control, or fresh breath. Toothpaste marketers are using __________ segmentation.

The phrase “birds of a feather flock together” captures the idea of __________ segmentation.

uses PRIMZ and ESRI

useful for retailers

a strategy of investing in loyalty initiatives to retain the firms most profitable customers
loyalty segmentation

used because there is a high cost to find new customers

step 3 of STP
evaluate attractiveness of segments

identifiable, substantial, responsive, reachable, and profitable

A segment is _________ if its members react similarly and positively to the marketing mix.

When Starbucks first opened, many critics suggested, “No one will pay $4.00 for a cup of coffee.” Starbucks’ critics suggested consumers would not be __________ to the company’s offerings.

Caroline is assessing market growth, market competitiveness, and market access for each segment she has identified. Caroline is assessing the __________ of each potential market segment.
considers market growth, market competitiveness, and market access, along with ensuring that the profit margin will be sufficient to cover costs.

___________ includes ease of developing or accessing distribution channels, and brand familiarity.
Market access

Whenever Donald calls on potential pest control customers, he emphasizes the fact that, unlike the national franchise competitors, he is a local business person and has been in business over twenty years. Donald is __________ his business relative to his competition.

negative: might confuse the customer unless a clear distinction is made

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Marketing chapter 9 bank. (2018, Jan 02). Retrieved from https://studymoose.com/marketing-chapter-9-bank-essay

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