Southern Methodist University

Market Segmentation correct answer: aggregate consumers into groups (segments) that have similar needs and will react similarly to a marketing action Segmentation Strategies correct answer: - 1 product w/ multiple target segments (Johnson shampoo for dogs or babies, tums for calcium or antacid) - multiple products/ multiple segments (utility mini van vs. excitement sports car) - mass customization (dell built to order laptop) Criteria for effective market segmentation correct answer: ...

how does idea generation play a role in the new product development process? correct answer: new product development process: strong new product planning, systematic and customer driven for finding and growing new products STEPS: 1. idea generation 2. idea screening 3. concept development and testing 4. marketing strategy development 5. business analysis 6. product development 7. test marketing 8. commercialization idea generation: starts new product development, the systematic se...

Role of Marketing correct answer: Generate profitable revenue When a marketer can describe something it is called a correct answer: product concept After buying an item we experience what? correct answer: cognitive dissonance Ways to engage consumers, directly or indirectly correct answer: -Directly: physically, email newsletters, one to one basis, calling, sending direct ads/texting, create relationship, personalizing advertising toward you -Indirectly: social media, PR, content m...

How do intermediaries create value? correct answer: Transactional Function: buying/selling/risk taking Logistical Function: storing/assorting (mix of products)/sorting(lots of a single product)/bulk breaking(one large item broken down)/transporting Facilitating: financing/grading/marketing info and research We use intermediaries to: correct answer: make a product or service available by consumers or industrial use be more efficient: reduce # of contacts allow firms to focus on core comp...

The marketing Mix correct answer: 4 controllable factors Price Product Promotion Place Target Market correct answer: one or more specific groups of potential customers toward which an organization directs its marketing program Market Segments correct answer: Homogenous group of buyers that: 1) have common needs 2) respond similarly to marketing action Customer Value correct answer: the unique combination of benefits received by target buyers Quality, Convenience, On time deli...

The purpose of marketing is to... correct answer: generate profitable Revenue Which statement is most likely true about idea generation in the new product development process? A. A company can either develop ideas through internal or external sources but not through both. B. Idea generation is usually followed by procedures that reduce the total number of ideas. C. Most companies set a limit for the number of ideas generated to simplify the process. D. Idea generation is most effective w...

How does idea generation play a role in the new product development process? correct answer: Crowd Sourcing, think of ideas, find a good idea, bring it to life Detailed understanding of Jennifer Pritchard and John Eckhardt's presentation content correct answer: Meet needs of airline passengers by creating an experience. AA: Understand the culture and religion SNAP: performance-based marketing: PI-personal identification. 1st person- email and phone #, 2nd person device ID and advertis...

STP correct answer: segment market target market positioning 1 product multiple segments correct answer: tums: you like spicy food you had too much fun last night multiple products and multiple segments correct answer: cars: minivan for family sports car for the CEO mass customization correct answer: dell: gamers students workers STP - M&Ms correct answer: children - sweets/halloween candy adults - richer/creamier chocolate consumption CANDYMAN COMMERCIAL - hits all t...

What are Some Errors in Communication? correct answer: sources may not adequately transform the abstract idea into an effective set of symbols a properly encoded message may be first sent through the wrong channel and never make it to the intended receiver the receiver may not properly transform the set of symbols into the correct abstract idea feedback may be so delayed or distorted that it is of no use it the sender Encoding correct answer: process of having the sender transform...

Alternative Growth Strategies: • Marketing Penetration • Market Development • Product Development • Diversification Alternative Consolidation Strategies: • Harvesting • Pruning • Retrenchment • Divestment Final Exam Review Product Life Cycle: • Introduction • Growth • Maturity • Decline Branding: • Multiproduct vs. Multibranding • Private, Mixed, Sub-branding, Co-Branding • Line vs. Brand Extensions Final Exam Review Variables for Market Segment...