WVU ADV 215 Exam 2 Questions & Answers Already Graded A+

Product Utility - How it Relates to Value - The products ability to satisfy both needs and wants. (Gives the product more value) Consumers - People who buy or use products or adopt ideas to satisfy needs and wants. Customers - Consumers who buy particular brands or patronize specific stores Prospects - Potential Customers who are likely to buy the product or brand Market Segmentation Process - Identify Groups of people or organizations based on shared characteristics, as well as needs and wants Types of Market Segmentation - -Behavioristic Segmentation -Geographic Segmentation -Demographic Segmentation -Psychographic Segmentation PRIZM and VALS - Zip codes and Surveys Target Marketing Process - Marketers identify, evaluate and select a group of people with similar needs Niche Segments and Consumer Profiles - Sub-segments of a more general market Demographics - Defining groups by age, sex, ethnicity, occupation, education and other characteristics.Product Life Cycle - A product's position in the life cycle influences the target market selected and the marketing mix used. Primary Audience - Who the company wants to sell to. Who the company targets with their ads. Secondary Audience - Consumers that the company wants to sell to but doesn't target them. What is Positioning - Real / Perceived - How the product is perceived in the marketplace Differentiation (with examples) - Creating a difference in the product that helps is appeal to a market segment. (BK veggie) Brand Equity - The totality of what consumers, distributors, dealers and competitors feel and think about the brand over an extended period of time. Intensive Distribution - Making goods available at every possible location. Selective Distribution - Limiting the number of outlets or dealers Exclusive Distribution - Granting exclusive rights to one dealer in an area The Communication Process - Source, Encoding, Message, Channel, Decoding, Receiver Steps of Consumer Decision Process - 1. Problem Recognition 2.Information search 3.Evaluation and selection 4.Store choice and purchase 5.Post-purchase behaviorBrand Awareness Handout (Recall / Recognition) - Buyer's ability to identify the brand in sufficient detail to make a purchase. Types of Motivation - Informational (negatively), Transformational (positively) Types of persuasion - Low Involvement (risk), High involvement. (risk) Left Brain - Reasoning, controls verbal skills, Processes information Right Brain - Intuition, Controls the creative process, thinks non-verbally, responds to color, artistic. Evoked Set - Brands that make up selection alternatives