Questions and Answers
Which of the following terms refers to the degree of partiality for one brand over another?
What is the term for the person responsible for a single brand?
What type of market involves producers, resellers, government, and institutions purchasing products for resale or use in business operations?
What is the term for changes in thought processes and behavior caused by information and experience?
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What is the term for the selection, organization, and interpretation of information inputs to produce meaning?
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Which of the following terms refers to the differential effect brand knowledge has on consumer response to the marketing of the brand?
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What is the term for a knowledgeable, accessible individual who provides information about a specific sphere of interests to followers?
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What type of targeting strategy involves developing a unique marketing mix for each and every customer?
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What is the primary objective of product differentiation?
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What is the term for the process of dividing a heterogeneous market into smaller, more homogeneous pieces?
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What is the term for the group of closely-related product items?
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What is the term for the process of developing a product closely related to existing products in the line?
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What is the term for the person responsible for a product, a product line, or several distinct products?
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What is the term for the place a product has in customers' minds relative to competing products?
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What is the term for a competitive marketing tool that involves selecting two or more segments and developing a different marketing mix for each?
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What is the term for the distortion in perception due to the fact that we only notice a small part of the stimuli we are exposed to?
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Study Notes
Marketing Concepts
- Attitudes: enduring evaluation of, feelings about, and behavioral tendencies towards an object or idea
- Brand Equity: the differential effect brand knowledge has on consumer response to the marketing of the brand
- Brand Insistence: the strength of customer resolve to have a specific brand and no other
- Brand Loyalty: favorable attitude towards a specific brand
- Brand Manager: the person responsible for a single brand
- Brand Mark: that part of a brand not made up of words - symbols/designs
- Brand Name: that part of a brand that can be spoken - words, letters, numbers
- Brand Preference: the degree of partiality for one brand over another
- Brand Recognition: awareness that a brand exists and is an alternative purchase
Business and Markets
- Business markets (B2B): markets in which producers, resellers, government, and institutions purchase products for resale, for direct use in producing other products, or for use in business operations
- Consumer Markets (B2C): markets in which purchasers in households buy for personal consumption
- Heterogeneous: composed of dissimilar parts, elements, or properties
- Homogenous: composed of similar parts, elements, or properties
Targeting Strategies
- Concentrated Targeting Strategy: a segmentation strategy in which a single market segment is targeted using one marketing mix
- Customization Targeting Strategy: a segmentation strategy in which a unique marketing mix is developed for each and every customer
- Differentiated Targeting Strategy: selecting two or more segments, and developing a different marketing mix for each
Product and Branding
- Product Differentiation: a competitive marketing tool by which the firm distinguishes one product from another, so as to make it more attractive to the target market
- Product Item: a specific version of a product
- Product Life Cycle: a product or product class's characteristic sales pattern over time
- Product Line Extension: the development of product closely related to existing products in the line, to meet other customer needs
- Product Line: a group of closely-related product items
- Product Manager: the person responsible for a product, a product line, or several distinct products that make up a group
- Product Mix: all the products an organization sells
- Product Positioning: the place product has in customers' minds, vis-à-vis competing products
- Product: anything received in an exchange to satisfy a need or want
Human Behavior
- Emotions: desires, physiological needs, or similar impulses that act as triggers to action
- Learning: changes in thought processes and behavior caused by information and experience
- Opinion Leader: a knowledgeable, accessible individual who provides information about a specific sphere of interests to followers
- Perception: the selection, organization, and interpretation of information inputs to produce meaning
- Perceptual Mapping: a method of graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds, vis-à-vis the competition
- Role: expected behavior patterns associated with a particular social status
Segmentation and Distribution
- Segmentation: dividing a heterogeneous market into smaller, more homogeneous pieces, called segments, such that customer differences within segments are less than differences between segments
- Selective Attention: distortion in perception due to the fact that we only notice a small part of the stimuli we are exposed to
- Selective Distortion: distortion in perception due to the fact that we distort the stimuli we pay attention to, to reinforce our predispositions/prejudices
- Selective Exposure: distortion in perception due to the fact that we are exposed to a small fraction of the stimuli in the world
- Selective Retention: distortion in perception due to the fact that we remember a small fraction of the stimuli we pay attention to
- Selective Distribution: a distribution strategy which uses only some available outlets to distribute a product
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Description
Test your knowledge of brand management concepts, including brand equity, brand loyalty, brand marks, and more.
