MARKETING 201 MIDTERM 2 REVIEW - BYU SWENSON UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

MARKETING 201 MIDTERM 2 REVIEW - BYU
SWENSON UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Question:
MARKETING 201 MIDTERM 2 REVIEW
ACTUAL QUESTIONS AND CORRECT
Why do companies promote?
to increase the price of their products
1
immediately




Answer:
- BYU SWENSON UPDATED
ANSWERS

, to communicate value to their chosen
2
customers

Question:
Marketing Creates Value
Answer:
For the firm's chosen customers.
If there is no value, customers leave. Without customers, companies fail. Value is
created by meeting customer's functional and emotional needs

Question:
How do we want customers to think and feel about our brand?
How do we position the product in the customers mind?
Answer:
Positioning

Question:
Ways to Segment the Market
- from most used to most useful
Answer:
geographic- region or city, density, climate
demographic- age, gender, family size, etc..
psychographic- lifestyle, personality, values
behavioral- usage situations, benefits

Question:
Unique Selling Proposition (USP)
Answer:
1. Each add must make a proposition
2. Proposition cannot or is not offered by anyone else - unique
3. Proposition must be strong

Question:
Perceptual Mapping
Answer:
provide insight about differentiating benefits and opportunities for new products
usually drawn with a vertical and horizontal dimension. Brands located near each
other on the map are believed to be similar by customers and, thus, in direct
competition.
**only judgements on performance of features and benefits**

Question:
Gap Analysis
Answer:
Gap analysis compares brands based on the importance and performance of
their differentiating features and benefits.