Marketing Strategies Review Quiz
48 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What type of pizza does Segment 2 prefer?

  • Thick or pan pizza (correct)
  • Thin crust pizza only
  • Stuffed crust pizza
  • Regular pizza only

Which segment shows a preference for average-to-lower prices?

  • Segment 2
  • Segment 1
  • Segment 3 (correct)
  • Segment 4

What is a primary focus of conjoint analysis?

  • Market capitalization
  • Buyers' preferences for attribute levels (correct)
  • Sales growth
  • Brand loyalty

Which of the following is NOT recorded in behavioral measures?

<p>Brand affiliation (C)</p> Signup and view all the answers

Which occasion segment is the largest by volume?

<p>Social segment (C)</p> Signup and view all the answers

What value is NOT included in the List of Values (LaV) scale?

<p>Wealth accumulation (B)</p> Signup and view all the answers

Which motive is associated with the introspective segment?

<p>Indulgence (C)</p> Signup and view all the answers

What aspect does psychographic segmentation typically analyze?

<p>Activity preferences and opinions (D)</p> Signup and view all the answers

What is the primary focus of a needs-based approach to market segmentation?

<p>Identifying customer needs when purchasing products (C)</p> Signup and view all the answers

Which segment of the mature market values nutrition the most?

<p>Nutrition concerned individuals (D)</p> Signup and view all the answers

How do traditional couponers differ from other segments in their shopping behavior?

<p>They do not express concern about fiber or fat intake. (C)</p> Signup and view all the answers

What is the significance of forming groups of customers with similar needs?

<p>It creates competitive advantage and targets marketing efficiently. (B)</p> Signup and view all the answers

Which group relies heavily on convenience and microwave cooking?

<p>Fast and healthy individuals (A)</p> Signup and view all the answers

What type of analysis can be used to segment markets based on consumer preferences?

<p>Conjoint data analysis (C)</p> Signup and view all the answers

What percentage of the over-50 population is classified as nutrition concerned individuals?

<p>46 percent (C)</p> Signup and view all the answers

In which market segment is price considered the most important attribute?

<p>Price segment (D)</p> Signup and view all the answers

What is the first decision management must make when selecting a segmentation strategy?

<p>Whether to adopt a mass marketing or segmented approach (C)</p> Signup and view all the answers

Which company exemplifies targeting multiple market segments?

<p>Chevrolet (C)</p> Signup and view all the answers

What ultimate segmentation strategy is indicated in the content?

<p>To treat each customer as a segment (B)</p> Signup and view all the answers

How can competitive intelligence be described?

<p>The collection and analysis of data regarding competitors (B)</p> Signup and view all the answers

Which of the following is NOT one of the five fundamental questions of competitive analysis?

<p>What resources do I need to succeed? (B)</p> Signup and view all the answers

What should a market profile analysis include?

<p>Industry characteristics and competitor profiles (B)</p> Signup and view all the answers

Which factor is NOT necessary for assessing the competitive environment of an industry?

<p>Quality of the workforce (C)</p> Signup and view all the answers

What may increase the ability to tailor marketing strategies to individual customers?

<p>Utilization of computer databases (C)</p> Signup and view all the answers

What is the primary focus of frequency marketing?

<p>To encourage increased purchases from best customers (C)</p> Signup and view all the answers

How do complementary products typically benefit sellers?

<p>They increase customer switching costs (A)</p> Signup and view all the answers

Which company is cited as having success with customer assistance systems?

<p>Cigna Corp (C)</p> Signup and view all the answers

What strategy is often used to enhance customer relationships through bundled offerings?

<p>Systems selling (D)</p> Signup and view all the answers

What can be a consequence of increasing the number of relationships between a seller and a buyer?

<p>Raised switching barriers for customers (C)</p> Signup and view all the answers

Which is an example of a company using tailored customer databases for marketing?

<p>Land's End (D)</p> Signup and view all the answers

What is a primary goal of creating customer databases in frequency marketing?

<p>To target messages and incentives to key customers (D)</p> Signup and view all the answers

Which of the following defines a technique for improving customer loyalty by bundling related products?

<p>Bundling strategy (C)</p> Signup and view all the answers

What is the primary purpose of primary-demand strategies?

<p>To increase the level of demand for a product form or class (B)</p> Signup and view all the answers

What is an essential method used by marketing managers to understand market needs?

<p>Market segmentation and product positioning (C)</p> Signup and view all the answers

Which of the following is NOT a strategy to increase customers' willingness to buy?

<p>Discouraging brand switching (D)</p> Signup and view all the answers

What role do trade journals and external databases play in market analysis?

<p>They serve as primary sources for collecting industry data. (B)</p> Signup and view all the answers

What is a potential benefit for firms that lead in established markets, such as Heinz or Microsoft?

<p>They stand to gain the most from expanding market demand. (A)</p> Signup and view all the answers

Which of the following approaches can increase the number of product users?

<p>Increasing customers' ability or willingness to buy (A)</p> Signup and view all the answers

What is a common goal of market segmentation?

<p>To assess the competitive environment effectively (C)</p> Signup and view all the answers

Which statement correctly describes a benefit of demonstrating the basic benefits of a product form?

<p>It can be crucial when marketing a new product form. (C)</p> Signup and view all the answers

What was the main challenge Procter & Gamble faced when introducing Pampers disposable diapers?

<p>Washing cloth diapers was a common behavior. (A)</p> Signup and view all the answers

What marketing strategy did Miller Lite advertisements emphasize?

<p>The combination of great taste and lower calories. (C)</p> Signup and view all the answers

How did 3M expect to impact the soap pad market?

<p>By introducing a soap pad specifically designed for nonstick cookware. (A)</p> Signup and view all the answers

What benefit does the American Iron and Steel Institute promote about steel framing?

<p>It is durable and maintenance-free. (A)</p> Signup and view all the answers

In which scenario is the primary-demand strategy particularly important?

<p>When introducing a new product form or class. (C)</p> Signup and view all the answers

What was one method to improve the ability to buy, mentioned in the content?

<p>Providing lower prices or credit. (C)</p> Signup and view all the answers

What can stimulate primary demand besides marketing strategies?

<p>Offering more distributors and delivery options. (B)</p> Signup and view all the answers

What was a significant change observed in the cellular phone market in the late 1980s?

<p>Rapid sales increases due to reduced prices. (C)</p> Signup and view all the answers

Flashcards

Market Segmentation

Dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics.

Needs-Based Segmentation

Identifying customer needs and grouping consumers with similar needs to create targeted marketing solutions.

Mature Market Segment

Consumers over 50, classified into groups based on desired benefits (nutrition, convenience).

Nutrition-Concerned Segment

Consumers (46% of over 50s) prioritize health and nutrition.

Signup and view all the flashcards

Fast & Healthy Segment

Consumers prioritize convenience and health; tend to use microwaves more.

Signup and view all the flashcards

Traditional Segment

Consumers with low interest in nutrition, prioritize coupons and brands.

Signup and view all the flashcards

Conjoint Data Analysis

Statistical method used to analyze consumer preferences and create groups (segments) with similar taste.

Signup and view all the flashcards

Part-Worth Utility

A value assigned to each desirable attribute of a product.

Signup and view all the flashcards

Conjoint Analysis in Market Segmentation

A method used to understand consumer preferences for different product attributes. It helps identify segments based on how people value various product features.

Signup and view all the flashcards

Behavioral Measures (Market Segmentation)

Techniques used to determine consumer purchase history. Gathering information about past purchases and planned future purchases.

Signup and view all the flashcards

Switching Patterns

Analysis of changes in consumer loyalty to different brands/services over time.

Signup and view all the flashcards

Psychographic Segmentation

Market segmentation based on consumer values, interests & lifestyle preferences. It's a deep understanding of the consumer's way of life rather than just what they buy.

Signup and view all the flashcards

List of Values (LaV) Scale

A measurement tool that identifies consumer values to understand purchasing decisions.

Signup and view all the flashcards

Social Segment (Wine Consumption)

A consumer segment who primarily drinks wine in social settings, emphasizing sharing, and enjoyment.

Signup and view all the flashcards

Introspective Segment (Wine Consumption)

Wine drinkers who are motivated by the personal benefits of drinking wine, like relaxation, personal pleasure and thirst.

Signup and view all the flashcards

Mass Marketing

A strategy where a single product is marketed to all buyers, ignoring specific customer needs.

Signup and view all the flashcards

Segmented Marketing

Targeting specific customer groups with tailored products and marketing messages.

Signup and view all the flashcards

Competitive Intelligence

Gathering and analyzing information about competitors and the business environment.

Signup and view all the flashcards

Competitive Analysis

Answering five fundamental questions about your competition.

Signup and view all the flashcards

Market Profile

A comprehensive overview of your industry and competitors.

Signup and view all the flashcards

Industry Characteristics

Factors that define the competitive forces within an industry.

Signup and view all the flashcards

Substitute Products

Products from other industries that offer similar benefits.

Signup and view all the flashcards

Principal Customers

Key buyers of your industry's products or services.

Signup and view all the flashcards

Frequency Marketing

A strategy that encourages repeat purchases from existing customers by providing incentives and targeted messages.

Signup and view all the flashcards

Customer Databases

A collection of information about individual customers, used for targeted marketing and relationship building.

Signup and view all the flashcards

Complementary Products

Products that are often used together, increasing the value of each other.

Signup and view all the flashcards

Systems Selling

Selling a complete solution or system of complementary products to meet customer needs.

Signup and view all the flashcards

Bundling

Offering a package of complementary products at a discounted price.

Signup and view all the flashcards

Relationship Marketing

Building long-term relationships with customers to encourage loyalty and repeat business.

Signup and view all the flashcards

Leverage in Relationship Marketing

Using existing customer relationships to sell additional products or services.

Signup and view all the flashcards

One-Stop Banking

Providing multiple financial services (checking, loans, savings) from one institution for customer convenience.

Signup and view all the flashcards

Primary Demand

Marketing efforts focused on promoting the entire product category, not just a specific brand.

Signup and view all the flashcards

Stimulating Primary Demand

Encouraging consumers to adopt a new product category, often by highlighting the benefits and addressing existing preferences.

Signup and view all the flashcards

Product Form

A specific version or type of a product, often within a broader category.

Signup and view all the flashcards

Industry Trade Associations

Organizations representing businesses in a specific industry, promoting the collective interests of their members.

Signup and view all the flashcards

Increasing Ability to Buy

Strategies that make products more accessible to consumers, like lower prices, financing, or better availability.

Signup and view all the flashcards

Reduced Prices

Lowering the cost of a product to make it more appealing to consumers.

Signup and view all the flashcards

Innovative Financing Plans

Offering flexible payment options, like loans or installment plans, to make products more affordable.

Signup and view all the flashcards

Greater Availability

Making a product easier to find by increasing distribution, delivery frequency, or reducing stockouts.

Signup and view all the flashcards

Barriers to Entry

Obstacles that make it difficult for new companies to enter a market. These obstacles can include high startup costs, strong brand loyalty, government regulations, or limited access to resources.

Signup and view all the flashcards

Competitive Advantage

A feature or set of features that makes a company's products or services more appealing to customers than its competitors. This can be based on lower prices, higher quality, unique features, or better customer service.

Signup and view all the flashcards

Primary Demand Strategies

Marketing strategies designed to increase the overall demand for a product category. Think of it as growing the entire pie, not just taking a bigger slice.

Signup and view all the flashcards

Strategies for Attracting Nonusers

Marketing strategies targeted at people who have never bought a particular product or service. The goal is to convince them to try it for the first time.

Signup and view all the flashcards

Increasing Willingness to Buy

Strategies that make consumers more likely to purchase a product. This can be achieved by highlighting benefits, offering new features, or emphasizing new uses.

Signup and view all the flashcards

Demonstrating New Benefits

Introducing new, attractive features or uses for existing products. This can attract new customers or appeal to existing customers in new ways.

Signup and view all the flashcards

Product-Form Benefits

The basic, fundamental advantages a product category offers. These may be highlighted to appeal to a wider audience, especially when a new product category emerges.

Signup and view all the flashcards

Study Notes

Marketing Strategies Review

  • A market segment is a group of customers with similar product needs
  • Market segmentation uses data on needs/benefits, purchase behavior, values, and demographics
  • Jean manufacturers shifted from a one-size-fits-all approach to a more segmented one, responding to consumer preferences
  • Market segmentation identifies differences in consumer preferences to create targeted strategies
  • Market segmentation activities include segment formation/profiling, segment evaluation, and strategy selection
  • Needs and benefits are product characteristics consumers value (benefit segmentation)
  • Market segmentation examples include snowmobile users with different needs (weekend vs. hunters)

Needs and Benefits

  • Needs and benefits are characteristics of a product that consumers value
  • Benefit segmentation clusters consumers based on their desired benefits
  • Example: Snowmobile users have different needs (weekend riders vs. hunters)

Market Segmentation in the Mature Market

  • The mature market (over 50) has three segments:
    • Nutrition-concerned (46%)
    • Fast and healthy
    • Traditional

Conjoint Data Analysis

  • Conjoint analysis examines buyer preferences for product attributes
  • Micro-based, calculates part-worth utilities for each respondent
  • Uses a hypothetical scenario of various pizza options and scales preference

Behavioral Measures

  • Measure past brand purchases, purchase intentions, and brand switching patterns
  • Useful for understanding consumer behavior and developing brand loyalty
  • Use consumption descriptions: when/where, meal type, quantity

Values/Lifestyle Measures

  • Values and lifestyle measures are used to segment consumers based on activities, opinions, and interests
  • Psychographic segmentation is used
  • Values include belonging, excitement, fun, self-fulfillment, respect, relationships etc
  • Example illustrates VALS program used for value analysis on tourist behavior

Classifying Characteristics

  • Classifying characteristics consider geographic, demographic variables
  • Geographical: region, state, etc
  • Demographic: age, sex, income, education etc

Market Uniqueness, Responsiveness and Actionability

  • A good market segmentation strategy achieves uniqueness between segments
  • Segments should show responsiveness to marketing efforts (similar responses to similar factors)
  • Needs-based segmentation should be actionable (measurable and usable in implementation)

Market Stability

  • Market segments are often long-term, although the people in them can change
  • Stability ensures the targeted segment persists over time
  • Focus is on segment characteristics for stability and consistency

Profitability

  • Evaluation of the segment's profitability is crucial
  • Considerations include segment size, growth rate, and competitive advantage, as well as other applicable marketing criteria
  • Marketing strategy must align with the mission in the long run

Primary-Demand Strategies

  • Strategies to increase the overall demand for a product type (e.g., disposable diapers)
  • Strategies are designed to increase the purchase rate and develop market share
  • Focuses on appealing to nonusers and increasing the benefits to current users

Strategies for Expanding the Served Market

  • Expand the served market, acquire competitors' customers, improve retention among existing customers
  • Understanding the scope and segments of a market to be served

Broadening Distribution

  • Effective distribution channels and outlets to make products accessible to the target market
  • Firms that expand distribution and sales networks often develop a larger market share.

Product-Line Extension

  • Adds new products to the current line (vertical vs horizontal extension: price vs features)

Head-To-Head Positioning

  • Offering same benefits as competition but with improved qualities, a more extensive marketing effort, or recognized brand name recognition.
  • Direct and explicit competition with regards to similar products

Differentiated Positioning

  • Distinguishing oneself with unique attributes or by targeting a particular customer segment
  • Indirect competition that capitalizes on different advantages and benefits
  • Develop a competitive edge to attract target audience

Positioning and Brand Equity

  • Creating brand equity by focusing on extensive brand awareness and strong brand associations.
  • Maintaining high customer satisfaction,
  • Developing complementary products, and building relationships

Relationship Marketing

  • Aims to build close relationships with buyers for repeat business
  • Membership programs, contractual guarantees, simplifying programs
  • Increasing customer base responsiveness and loyalty by improving customer relations

Marketing Strategy

  • Changing strategies for products over time due to competition

Product Life Cycle

  • Product's sales over time (introduction, growth, maturity, decline)
  • Marketing strategy adaptation over the product cycle

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Related Documents

Strama Final Quiz PDF

Description

Test your understanding of marketing strategies and market segmentation. This quiz covers key concepts such as market segments, customer needs analysis, and targeted marketing strategies. Challenge yourself with real-world examples and scenarios in market segmentation.

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser