COMM 465 FINAL EXAM STUDY GUIDE
Marketing - Answers -creating, capturing, communicating, delivering and exchanging
offerings that have value
Cost leadership - Answers -low cost operation w/in niche, used to gain advantage over
competitors through low cost
Differentiation strategy - Answers -value beyond the lowest price, unique products for
different customer segments
Product - Answers -create value for customer
Price - Answers -what a buyer gives up in exchange for product, need to: find customer
WTP + assess whether profit possible
Place - Answers -supply chain management; get product to right customer at right time;
delivering value
Promotion - Answers -inform, persuade and remind potential buyers; influence opinions
or elicit response
Transaction-based marketing - Answers -simple exchanges
Relationship/value marketing - Answers -goal: new customers -> advocates; lifetime
value of consumer important
Product excellence - Answers -relative advantage to other products, quality,
observability, compatibility, ease of use
Customer excellence - Answers -intangible advantage, needs understanding of
customer expectations
Locational excellence - Answers -marketing by location + its features; targeting impulse
buying behavior, need to have high visibility of brand/product
Operational excellence - Answers -quality at affordable price; b/c of efficiency and
ability to maintain quality; minimizes waste and has excellent supply chain management
SETCR - Answers -Social, Economic, Technological, Competitive, Regulatory
Immediate environment - Answers -Suppliers, Organization, Customers
, Time-Poor Society - Answers -Firms notice time-budget of customer, use marketing
mix to make product available wherever and whenever
Levels of Competition - Answers -Product Form, Product Category, Generic
Competition, Budget-dollar Competiton
Product Form Comp. - Answers -look the same
Product Category Comp. - Answers -similar features
Generic Comp. - Answers -addressing similar consumer needs
Budget-dollar comp. - Answers -competing for same customer dollar
Slow Competitive Market - Answers -monopoly power; strong brand loyalty
Standard Competitive Market - Answers -highly competitive, sustained comp
advantage is possible
Fast Competitive Market - Answers -intensely dynamic, no 1st mover advantage, no
competitive advantage
Demographic Segmentation - Answers -most common, what kind of customer? gender,
age, ethnicity...
Geographic Segmentation - Answers -used if customer characteristics differ in regions,
where are customers?
Psychographic Segmentation - Answers -used in highly comp. multicultural
environments, who are the consumers? ex. green, healthy living, self value...
Behavioural Segmention - Answers -how do customers spend? innovators, price
buyers, influencers...
Benefit Segmentation - Answers -what benefit does the company get from customers?
ex. loyal customers, frequent users, occasional buyers
STP - Answers -Segmentation, Targeting + Positioning
Segment Attractiveness - Answers -Substantial? Identifiable? Profitable? Reachable?
Responsive?
Undifferentiated Targeting - Answers -Same promotional message to everyone. Reqs.:
product readily available, affordable and have same benefits for all customers
Marketing - Answers -creating, capturing, communicating, delivering and exchanging
offerings that have value
Cost leadership - Answers -low cost operation w/in niche, used to gain advantage over
competitors through low cost
Differentiation strategy - Answers -value beyond the lowest price, unique products for
different customer segments
Product - Answers -create value for customer
Price - Answers -what a buyer gives up in exchange for product, need to: find customer
WTP + assess whether profit possible
Place - Answers -supply chain management; get product to right customer at right time;
delivering value
Promotion - Answers -inform, persuade and remind potential buyers; influence opinions
or elicit response
Transaction-based marketing - Answers -simple exchanges
Relationship/value marketing - Answers -goal: new customers -> advocates; lifetime
value of consumer important
Product excellence - Answers -relative advantage to other products, quality,
observability, compatibility, ease of use
Customer excellence - Answers -intangible advantage, needs understanding of
customer expectations
Locational excellence - Answers -marketing by location + its features; targeting impulse
buying behavior, need to have high visibility of brand/product
Operational excellence - Answers -quality at affordable price; b/c of efficiency and
ability to maintain quality; minimizes waste and has excellent supply chain management
SETCR - Answers -Social, Economic, Technological, Competitive, Regulatory
Immediate environment - Answers -Suppliers, Organization, Customers
, Time-Poor Society - Answers -Firms notice time-budget of customer, use marketing
mix to make product available wherever and whenever
Levels of Competition - Answers -Product Form, Product Category, Generic
Competition, Budget-dollar Competiton
Product Form Comp. - Answers -look the same
Product Category Comp. - Answers -similar features
Generic Comp. - Answers -addressing similar consumer needs
Budget-dollar comp. - Answers -competing for same customer dollar
Slow Competitive Market - Answers -monopoly power; strong brand loyalty
Standard Competitive Market - Answers -highly competitive, sustained comp
advantage is possible
Fast Competitive Market - Answers -intensely dynamic, no 1st mover advantage, no
competitive advantage
Demographic Segmentation - Answers -most common, what kind of customer? gender,
age, ethnicity...
Geographic Segmentation - Answers -used if customer characteristics differ in regions,
where are customers?
Psychographic Segmentation - Answers -used in highly comp. multicultural
environments, who are the consumers? ex. green, healthy living, self value...
Behavioural Segmention - Answers -how do customers spend? innovators, price
buyers, influencers...
Benefit Segmentation - Answers -what benefit does the company get from customers?
ex. loyal customers, frequent users, occasional buyers
STP - Answers -Segmentation, Targeting + Positioning
Segment Attractiveness - Answers -Substantial? Identifiable? Profitable? Reachable?
Responsive?
Undifferentiated Targeting - Answers -Same promotional message to everyone. Reqs.:
product readily available, affordable and have same benefits for all customers
