MARK 3000 GRANTHAM CORE REVIEW QUESTIONS
AND ANSWERS SURE A+
✔✔Value and Lifestyle Survey(VALS) - ✔✔A psychographic tool developed by SRI
consulting business intelligence classifies consumers into eight segments, innovators,
thinkers, believer, achievers, strives, experiencers, makers or survivors
✔✔Benefit Segmentation - ✔✔The grouping of consumers on the basis of the benefits
they derive from products or services
✔✔Behavioral Segmentation - ✔✔A segmentation method that divides customers into
groups based on how they use the product or service. Some common behavioral
measures include occasion and loyalty
✔✔Occasion Segmentation - ✔✔A type of behavioral segmentation based on when a
product or service is purchased or consumed
✔✔Loyalty Segmentation - ✔✔Strategy of investing in loyalty initiatives to retain the
firm's most profitable customers
✔✔Geodemographic Segmentation - ✔✔The grouping of consumers on the basis of a
combination of geographic, demographic, and lifestyle characteristics
✔✔Undifferentiated Targeting Strategy - ✔✔A marketing strategy a firm can use if the
product or service is perceived to provide the same benefits to everyone, with no need
to develop separate strategies for different groups
✔✔Differentiated Targeting Strategy - ✔✔A strategy through which a firm targets
several market segments with a different offering for each
,✔✔Concentrated Targeting Strategy - ✔✔A marketing strategy of selecting a single,
primary target market and focusing all energies on providing a product to fit that
market's needs
✔✔Micromarketing(one-to-one) - ✔✔An extreme form of segmentation that tailors a
product or service to suit an individual customer's wants or needs; also called one to
one marketing
✔✔Cookies - ✔✔Computer program, installed on hard drives, that provides identifying
information
✔✔Value Proposition - ✔✔The unique value that a product or service provides to its
customers and how it is better than and different from those of competitors
✔✔Perceptual Map - ✔✔Displays in two or more dimensions the position of products or
brands in the consumer's mind
✔✔Ideal Points - ✔✔The position at which a particular market segment's ideal product
would lie on a perceptual map
✔✔Moral Idealism - ✔✔If any bad occurs, then the action is unethical
✔✔Utilitarianism - ✔✔Balance good versus bad
✔✔Recession - ✔✔Falling income/employment/production. Focus on value
✔✔Recovery - ✔✔Rising income/employment/production. Focus on buy now for better
times later
✔✔Prosperity - ✔✔High income/employment/production. Focus on convenience reward
✔✔Depression - ✔✔Low income/employment/production. Focus on basic needs
✔✔Direct Competition - ✔✔Similar/Same product
✔✔Indirect Competition - ✔✔Substitutable items-perform same function
✔✔Selective Exposure - ✔✔Person opts in to the exposure
✔✔Selective Attention - ✔✔Adds that you cue in on
✔✔Segmentation - ✔✔Identifying and serving homogenous groups of consumers
, ✔✔Product - ✔✔Creating value through a variety of offerings, including goods, services,
and ideas to satisfy customer need
✔✔Price - ✔✔everything a buyer gives up (money, time, energy) in exchange for the
product. Must be amount customer is willing to pay and which gives a profit
✔✔Place - ✔✔Delivering the value proposition; all activities needed to get the product
to the right customer when the customer wants it
✔✔Promotion - ✔✔Communication that informs, persuades, and reminds potential
buyers about a product or service
✔✔Production Orientation - ✔✔Focus is on internal capability and technology. Key
question: what does the firm do best?
✔✔Sales Orientation - ✔✔Focus is on aggressive sales techniques. Key Question: How
can we sell more of what we have?
✔✔Value Based Marketing Orientation - ✔✔Purpose of the organization is to satisfy
consumer needs/wants, while meeting organizational objectives. Provide more value
than competitors. Key Question: What does the customer want?
✔✔Basic Business Values - ✔✔Consumer has right to safety, to be informed, to
choose, and to be heard
✔✔American Marketing Association Code of Ethics - ✔✔Generally accepted code in
marketing, flows from general norms of conduct to specific values, subareas within
marketing have their own code of ethics to deal with specific issues
✔✔Profit Responsibility - ✔✔Companies are responsible only to stockholders and
investors, companies have just one duty: maximize profit within the law
✔✔Stakeholder Responsibility - ✔✔Companies are responsible to owners and to
customers, employees, suppliers
✔✔Marketing Environment - ✔✔Uncontrollable elements outside of any organization
that may affect its performance
✔✔Environmental Scanning - ✔✔Systematic analysis of the uncontrollable elements
outside of any organization that may affect its performance
✔✔Perception - ✔✔How we select, organize, and interpret information. Must be
processed through our perceptual screens of attention, distortion, and retention
AND ANSWERS SURE A+
✔✔Value and Lifestyle Survey(VALS) - ✔✔A psychographic tool developed by SRI
consulting business intelligence classifies consumers into eight segments, innovators,
thinkers, believer, achievers, strives, experiencers, makers or survivors
✔✔Benefit Segmentation - ✔✔The grouping of consumers on the basis of the benefits
they derive from products or services
✔✔Behavioral Segmentation - ✔✔A segmentation method that divides customers into
groups based on how they use the product or service. Some common behavioral
measures include occasion and loyalty
✔✔Occasion Segmentation - ✔✔A type of behavioral segmentation based on when a
product or service is purchased or consumed
✔✔Loyalty Segmentation - ✔✔Strategy of investing in loyalty initiatives to retain the
firm's most profitable customers
✔✔Geodemographic Segmentation - ✔✔The grouping of consumers on the basis of a
combination of geographic, demographic, and lifestyle characteristics
✔✔Undifferentiated Targeting Strategy - ✔✔A marketing strategy a firm can use if the
product or service is perceived to provide the same benefits to everyone, with no need
to develop separate strategies for different groups
✔✔Differentiated Targeting Strategy - ✔✔A strategy through which a firm targets
several market segments with a different offering for each
,✔✔Concentrated Targeting Strategy - ✔✔A marketing strategy of selecting a single,
primary target market and focusing all energies on providing a product to fit that
market's needs
✔✔Micromarketing(one-to-one) - ✔✔An extreme form of segmentation that tailors a
product or service to suit an individual customer's wants or needs; also called one to
one marketing
✔✔Cookies - ✔✔Computer program, installed on hard drives, that provides identifying
information
✔✔Value Proposition - ✔✔The unique value that a product or service provides to its
customers and how it is better than and different from those of competitors
✔✔Perceptual Map - ✔✔Displays in two or more dimensions the position of products or
brands in the consumer's mind
✔✔Ideal Points - ✔✔The position at which a particular market segment's ideal product
would lie on a perceptual map
✔✔Moral Idealism - ✔✔If any bad occurs, then the action is unethical
✔✔Utilitarianism - ✔✔Balance good versus bad
✔✔Recession - ✔✔Falling income/employment/production. Focus on value
✔✔Recovery - ✔✔Rising income/employment/production. Focus on buy now for better
times later
✔✔Prosperity - ✔✔High income/employment/production. Focus on convenience reward
✔✔Depression - ✔✔Low income/employment/production. Focus on basic needs
✔✔Direct Competition - ✔✔Similar/Same product
✔✔Indirect Competition - ✔✔Substitutable items-perform same function
✔✔Selective Exposure - ✔✔Person opts in to the exposure
✔✔Selective Attention - ✔✔Adds that you cue in on
✔✔Segmentation - ✔✔Identifying and serving homogenous groups of consumers
, ✔✔Product - ✔✔Creating value through a variety of offerings, including goods, services,
and ideas to satisfy customer need
✔✔Price - ✔✔everything a buyer gives up (money, time, energy) in exchange for the
product. Must be amount customer is willing to pay and which gives a profit
✔✔Place - ✔✔Delivering the value proposition; all activities needed to get the product
to the right customer when the customer wants it
✔✔Promotion - ✔✔Communication that informs, persuades, and reminds potential
buyers about a product or service
✔✔Production Orientation - ✔✔Focus is on internal capability and technology. Key
question: what does the firm do best?
✔✔Sales Orientation - ✔✔Focus is on aggressive sales techniques. Key Question: How
can we sell more of what we have?
✔✔Value Based Marketing Orientation - ✔✔Purpose of the organization is to satisfy
consumer needs/wants, while meeting organizational objectives. Provide more value
than competitors. Key Question: What does the customer want?
✔✔Basic Business Values - ✔✔Consumer has right to safety, to be informed, to
choose, and to be heard
✔✔American Marketing Association Code of Ethics - ✔✔Generally accepted code in
marketing, flows from general norms of conduct to specific values, subareas within
marketing have their own code of ethics to deal with specific issues
✔✔Profit Responsibility - ✔✔Companies are responsible only to stockholders and
investors, companies have just one duty: maximize profit within the law
✔✔Stakeholder Responsibility - ✔✔Companies are responsible to owners and to
customers, employees, suppliers
✔✔Marketing Environment - ✔✔Uncontrollable elements outside of any organization
that may affect its performance
✔✔Environmental Scanning - ✔✔Systematic analysis of the uncontrollable elements
outside of any organization that may affect its performance
✔✔Perception - ✔✔How we select, organize, and interpret information. Must be
processed through our perceptual screens of attention, distortion, and retention
