Marketing 201 Midterm 2 BYU questions
and answers
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
Segmentation - ANSWER Who could we exchange with?
Targeting - ANSWER Who should we exchange with?
Positioning - ANSWER How do we want customers to think and feel about our brand?
How do we position the product in the customers mind?
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
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
Positioning Methods - ANSWER Perceptual Mapping, Gap Analysis, Hierarchical Values
, 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***
Gap Analysis - ANSWER Gap analysis compares brands based on the importance and
performance of their differentiating features and benefits.
***judgments regarding the importance of brand's features and benefits to the buying
decision***
Hierarchal Values - ANSWER (1) eliciting distinctions
(2) pyramiding down
(3) laddering up
Find the bridge between product benefit and personal benefit!
Types of Buyers - ANSWER Innovators - first to try new stuff - 2.5%
Early adopters - first to follow, just want a green
light - 13.5%
Early majority - Buy products proven successful
first hand sampling is very important
Late majority - skeptical of innovations, only
reasonable alternative - 34%
and answers
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
Segmentation - ANSWER Who could we exchange with?
Targeting - ANSWER Who should we exchange with?
Positioning - ANSWER How do we want customers to think and feel about our brand?
How do we position the product in the customers mind?
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
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
Positioning Methods - ANSWER Perceptual Mapping, Gap Analysis, Hierarchical Values
, 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***
Gap Analysis - ANSWER Gap analysis compares brands based on the importance and
performance of their differentiating features and benefits.
***judgments regarding the importance of brand's features and benefits to the buying
decision***
Hierarchal Values - ANSWER (1) eliciting distinctions
(2) pyramiding down
(3) laddering up
Find the bridge between product benefit and personal benefit!
Types of Buyers - ANSWER Innovators - first to try new stuff - 2.5%
Early adopters - first to follow, just want a green
light - 13.5%
Early majority - Buy products proven successful
first hand sampling is very important
Late majority - skeptical of innovations, only
reasonable alternative - 34%
