MK4002 weeks 4-6 Exam Study Set
Target marketing - Answer breaking market into segments, concentrating marketing
efforts on one or a few key segments
5 criteria for successful segmentation - Answer • Effective
• Measurable
• Accessible
• Actionable
• Profitable
Undifferentiated marketing - Answer company develops single marketing mix for whole
market, no segmentation, good for brand new market bc there is no other competition,
but rare
-Same product, same price, same distribution, same promotion
Differentiated marketing - Answer company develops specific marketing mixes to
appeal to all or some of the segments, at least 2 mixes
-Different design features in versions of product
Focused marketing - Answer company develops single marketing mix aimed at one
target (niche) market
-Specialized products/services
-Focus on being best at one specific segment
-If niche dries up, market is gone, risk
Customized marketing - Answer company develops discrete marketing mix, different
product, for each customer
-Not common, management consultants can offer this to clients
Positioning - Answer act of designing what company is offering so it occupies
meaningful and distinct position in target consumer's mind
Effective positioning - Answer act of linking products and services to the solutions that
consumers seek
-Consumers don't just buy products, they buy solutions
Developing Positioning Strategy, 3 variables - Answer 1. Customers—what attributes
matter to them
, 2. Competitors—a differential advantage that ideally cannot be easily matched, identify
something that they can't legitimately claim as being part of their product
3. Company—unique sustainable attributes
Keys to Successful Positioning - Answer -Clarity: clear message, purpose (seen in
slogan)
-Consistency: repeat message, stay the same, don't keep changing (repeat slogan)
-Competitiveness: to stay/get on top, look better than competitors, unique
-Credibility: follow through
Perceptual Map - Answer useful tool for determining position of a brand in marketplace,
key steps:
-Identify set of competing brands
-Identify important attributes consumers use when choosing between brands
-Conduct quantitative marketing research where consumers score each brand on all
key attributes
-Plot brands on 2 (or multi) dimensional map
ex: graph on Sulis
Repositioning - Answer involves changing
-Target markets
-Differential advantage
-Or both
branding - Answer process that companies distinguish their product offerings from
competition
-permits customers to develop associations with products, which eases purchase
decisions
-logo does not = brand
-brand is greater than logo
-brand is greater than product
a brand is - Answer a promise to consumers, has psychology involved, think of brand as
a person, must be clear
benefits of brand to organizations - Answer - company value, brand equity
Target marketing - Answer breaking market into segments, concentrating marketing
efforts on one or a few key segments
5 criteria for successful segmentation - Answer • Effective
• Measurable
• Accessible
• Actionable
• Profitable
Undifferentiated marketing - Answer company develops single marketing mix for whole
market, no segmentation, good for brand new market bc there is no other competition,
but rare
-Same product, same price, same distribution, same promotion
Differentiated marketing - Answer company develops specific marketing mixes to
appeal to all or some of the segments, at least 2 mixes
-Different design features in versions of product
Focused marketing - Answer company develops single marketing mix aimed at one
target (niche) market
-Specialized products/services
-Focus on being best at one specific segment
-If niche dries up, market is gone, risk
Customized marketing - Answer company develops discrete marketing mix, different
product, for each customer
-Not common, management consultants can offer this to clients
Positioning - Answer act of designing what company is offering so it occupies
meaningful and distinct position in target consumer's mind
Effective positioning - Answer act of linking products and services to the solutions that
consumers seek
-Consumers don't just buy products, they buy solutions
Developing Positioning Strategy, 3 variables - Answer 1. Customers—what attributes
matter to them
, 2. Competitors—a differential advantage that ideally cannot be easily matched, identify
something that they can't legitimately claim as being part of their product
3. Company—unique sustainable attributes
Keys to Successful Positioning - Answer -Clarity: clear message, purpose (seen in
slogan)
-Consistency: repeat message, stay the same, don't keep changing (repeat slogan)
-Competitiveness: to stay/get on top, look better than competitors, unique
-Credibility: follow through
Perceptual Map - Answer useful tool for determining position of a brand in marketplace,
key steps:
-Identify set of competing brands
-Identify important attributes consumers use when choosing between brands
-Conduct quantitative marketing research where consumers score each brand on all
key attributes
-Plot brands on 2 (or multi) dimensional map
ex: graph on Sulis
Repositioning - Answer involves changing
-Target markets
-Differential advantage
-Or both
branding - Answer process that companies distinguish their product offerings from
competition
-permits customers to develop associations with products, which eases purchase
decisions
-logo does not = brand
-brand is greater than logo
-brand is greater than product
a brand is - Answer a promise to consumers, has psychology involved, think of brand as
a person, must be clear
benefits of brand to organizations - Answer - company value, brand equity
