UTA MARK-3321 FINAL EXAM
QUESTIONS AND ANSWERS
Environmental Scanning - ANSWER-collection and interpretation of information
about forces, events, and relationships in the external environment that may affect
the future of the organization or the implementation of the marketing plan
Internal Strengths and Weaknesses - ANSWER-company/brand image
employee capabilities
available technology
marketing mix (four Ps) - ANSWER-a unique blend of product, place (distribution),
promotion, and pricing strategies designed to produce mutually satisfying exchanges
with a target market
Product Strategies - ANSWER-The heart of the marketing mix, the starting point.
Product may include not only the physical unit but also packaging/warranty, after-
sale service, brand name, company image, value.
Place (Distribution) strategies - ANSWER-concerned with making products available
when and where customers want them
Promotion Strategies - ANSWER-includes advertising, public relations, sales
promotions, and personal selling activities to mutually satisfy exchanges with target
markets by informing, educating, persuading, and reminding them of the benefits of
an organization or product.
Price Strategies - ANSWER-What a buyer must give up to obtain the product; most
flexible of the four Ps
market segment - ANSWER-a subgroup of people or organizations sharing one or
more characteristics that cause them to have similar product needs
Market Segmentation - ANSWER-the process of dividing a market into meaningful,
relatively similar, and identifiable segments or groups
undifferentiated targeting strategy - ANSWER-a marketing approach that views the
market as one big market with no individual segments and thus uses a single
marketing mix
concentrated targeting strategy - ANSWER-a strategy used to select one segment of
a market for targeting marketing efforts
Niche - ANSWER-one segment of a market
multisegment targeting strategy - ANSWER-a strategy that chooses two or more
well-defined market segments and develops a distinct marketing mix for each
, product differentiation - ANSWER-a positioning strategy that some firms use to
distinguish their products from those of competitors
perceptual mapping - ANSWER-a means of displaying or graphing, in two or more
dimensions, the location of products, brands, or groups of products in customers'
minds
attribute (positioning base) - ANSWER-a product is associated with a characteristic,
product feature, or customer benefit
price and quality (positioning base) - ANSWER-stresses high price as a signal of
quality or emphasize low price as an indication of value
Use or application (positioning base) - ANSWER-stresses uses or applications for
the product
product user (positioning base) - ANSWER-focuses on a personality or type of user
product class (positioning base) - ANSWER-associates the product with a product
with a particular category of prodcuts
competitor (positioning base) - ANSWER-positioning against competitors
emotion (positioning base) - ANSWER-positioning using emotion focuses on how the
product makes customers feel
product - ANSWER-everything, both favorable and unfavorable, that a person
receives in an exchange
convenience products - ANSWER-a relatively inexpensive item that merits little
shopping effort (bread, toilet paper, soft drinks, pain relievers)
shopping products - ANSWER-a product that requires comparison shopping
because it is usually more expensive than a convenience product and is found in
fewer stores (laptop, phone)
specialty products - ANSWER-a particular item for which consumers search
extensively and are very reluctant to accept substitutes (luxury brands)
unsought products - ANSWER-a product unknown to the potential buyer or a known
product that the buyer does not actively seek (insurance, burial plot, nursing home)
product item - ANSWER-a specific version of a product that can be designated as a
distinct offering among an organization's products
product line - ANSWER-a group of closely related product items
product mix - ANSWER-all products that an organization sells
product modification - ANSWER-changing one or more of a product's characteristics
QUESTIONS AND ANSWERS
Environmental Scanning - ANSWER-collection and interpretation of information
about forces, events, and relationships in the external environment that may affect
the future of the organization or the implementation of the marketing plan
Internal Strengths and Weaknesses - ANSWER-company/brand image
employee capabilities
available technology
marketing mix (four Ps) - ANSWER-a unique blend of product, place (distribution),
promotion, and pricing strategies designed to produce mutually satisfying exchanges
with a target market
Product Strategies - ANSWER-The heart of the marketing mix, the starting point.
Product may include not only the physical unit but also packaging/warranty, after-
sale service, brand name, company image, value.
Place (Distribution) strategies - ANSWER-concerned with making products available
when and where customers want them
Promotion Strategies - ANSWER-includes advertising, public relations, sales
promotions, and personal selling activities to mutually satisfy exchanges with target
markets by informing, educating, persuading, and reminding them of the benefits of
an organization or product.
Price Strategies - ANSWER-What a buyer must give up to obtain the product; most
flexible of the four Ps
market segment - ANSWER-a subgroup of people or organizations sharing one or
more characteristics that cause them to have similar product needs
Market Segmentation - ANSWER-the process of dividing a market into meaningful,
relatively similar, and identifiable segments or groups
undifferentiated targeting strategy - ANSWER-a marketing approach that views the
market as one big market with no individual segments and thus uses a single
marketing mix
concentrated targeting strategy - ANSWER-a strategy used to select one segment of
a market for targeting marketing efforts
Niche - ANSWER-one segment of a market
multisegment targeting strategy - ANSWER-a strategy that chooses two or more
well-defined market segments and develops a distinct marketing mix for each
, product differentiation - ANSWER-a positioning strategy that some firms use to
distinguish their products from those of competitors
perceptual mapping - ANSWER-a means of displaying or graphing, in two or more
dimensions, the location of products, brands, or groups of products in customers'
minds
attribute (positioning base) - ANSWER-a product is associated with a characteristic,
product feature, or customer benefit
price and quality (positioning base) - ANSWER-stresses high price as a signal of
quality or emphasize low price as an indication of value
Use or application (positioning base) - ANSWER-stresses uses or applications for
the product
product user (positioning base) - ANSWER-focuses on a personality or type of user
product class (positioning base) - ANSWER-associates the product with a product
with a particular category of prodcuts
competitor (positioning base) - ANSWER-positioning against competitors
emotion (positioning base) - ANSWER-positioning using emotion focuses on how the
product makes customers feel
product - ANSWER-everything, both favorable and unfavorable, that a person
receives in an exchange
convenience products - ANSWER-a relatively inexpensive item that merits little
shopping effort (bread, toilet paper, soft drinks, pain relievers)
shopping products - ANSWER-a product that requires comparison shopping
because it is usually more expensive than a convenience product and is found in
fewer stores (laptop, phone)
specialty products - ANSWER-a particular item for which consumers search
extensively and are very reluctant to accept substitutes (luxury brands)
unsought products - ANSWER-a product unknown to the potential buyer or a known
product that the buyer does not actively seek (insurance, burial plot, nursing home)
product item - ANSWER-a specific version of a product that can be designated as a
distinct offering among an organization's products
product line - ANSWER-a group of closely related product items
product mix - ANSWER-all products that an organization sells
product modification - ANSWER-changing one or more of a product's characteristics
