Ba 303 Exam 2 Psu Updated Questions And Correct Answers

BA 303 EXAM 2 PSU UPDATED QUESTIONS AND
CORRECT ANSWERS
Question:
1. three steps in developing suc-cessful market-ing plan
Answer:
1) develop clear understanding of customers
2) develop a product and marketing mix that is sensitive to the desire and needs
of customers
3) develop positioning strategy that differentiates product from competitive alter-
natives

Question:
2. target marketing
Answer:
process of choosing a market segment in order to concentrate marketing effort (selecting of the
segment and these are the ones i want to market to)

Question:
3. majority fallacy
Answer:
most markers are attracted to the biggest and most lucrative segments because thats where the most
business can be done... downside is have the most compe-tition

Question:
4. mass marketing
Answer:
one product sold aimlessly to any and all prospective customers

Question:
5. product differen-tiated marketing
Answer:
2 or more differentiated forms of the same product sold aimlessly to any and all prospective
customers

Question:
6. target marketing purpose
Answer:
marketer distinguishes between different types of customers and then chooses one or a few to
concentrate their efforts. actually develop a marketing mix to appeal and cater to each specific
segment chosen

Question:
7. marketing seg-ments require ...
Answer:
marketers to look for similar traits that will allow for sub grouping (members of the same one have
same tendencies in buying tastes/habits)

,Question:
8. marketing seg-menting is im-portant be-cause...
Answer:
-enables marketers to identify groups of customers that share similar tastes, preferences and buying
behavior -provides valuable info that can help in the deign of effective marketing strategies -may
result in discovery of marketing opportunities by revealing viable segments that are presently
unsatisfied -forces marketers to look at different types of customers

Question:
9. criteria for forc-ing viable market segment
Answer:
-identifiable (modern bride can get people from bridal registries to be inter-ested) accessible
(reachable), significant/substantial (a good size), responsive (customers must read positively),
heterogenous -multi-yigmant segmenti -valid group needs to past test

Question:
10. undifferentiated target marketing strategy
Answer:
adopt a mass marketing type strategy that views the market as one large market segment (no
individual segments, one marketing mix). Appeal to what is common to the market

Question:
11. advantage of undifferentiated marketing strategy
Answer:
potential savings on production and marketing costs

Question:
12. disadvantage of undifferentiated marketing strategy
Answer:
unimaginative product offerings, company more susceptible to competition

Question:
13. differentiated target marketing strategy
Answer:
adopt a multi - segment approach that chooses more than one segment to target, but develop a special
marketing mix for each segment chosen, multiple niche marketing, specific product marketing (four
segments)

Question:
14. advantage for dif-ferentiated mar-keting strategy
Answer:
greater financial success, economic of scale

Question:
15. disadvantage for differentiated marketing strategy
Answer:
high costs, cannibalization (sales that take away from yourself)

, Question:
16. concentrated marketing strategy
Answer:
niche (undifferenced) marketing, one segment is chosen and a marketing mix is developed to cater to
this target (product 1, segment 2)

Question:
17. advantage of concentrated marketing strategy
Answer:
concentration of resources, meets narrowly defined segment, small firms can compete, strong
positioning

Question:
18. disadvantages of concentrated marketing strategy
Answer:
segments too small or changing, large competitors may market to niche segment

Question:
19. factors to consid-er when choos-ing target market strategy
Answer:
company resources, product characteristics, product life cycle issues, market characteristics,
competitor strategies

Question:
20. product position-ing
Answer:
refers to developing specific marketing mix to influence potential customers as to their overall
perceptions of brand, product line or organization in general

Question:
21. position
Answer:
the place a product, brand, or group of products occupies in a customers mind relative to competitive
alternatives

Question:
22. perceptual map-ping
Answer:
mapping process of contrasting two of the most important dimensions and determine where
competitive products fall with regard to these criteria

Question:
23. your biggest competitors are those most simi-lar to you (what is the example of this)
Answer:
Nissan and Toyota