MKT Exam 2

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MKT Exam 2
2011-04-12 08:04:30

Marketing Exam Review
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  1. Marketing Plan
    An outline of a process that allows marketers to develop marketing plans for a specific product or line of products (or brands) while taking into account organization's strategic plan and thus product's future growth strategy.
  2. Product forms
    Goods, services, business-to-business services, ideas, places, people and everything in between.
  3. Product classes
    Durable, non-durable, convenience, shopping, specialty, unsought products
  4. Product layers
    Elements of a product through which its value is communicated to the customer
  5. Core benefit
    Satisfies the customers lowest possible need and represents product's basic value
  6. Actual
    the medium that delivers the core benefit (product,'s quality and features, brand name, packaging, labeling)
  7. Augmented
    product’s supporting benefits that come with the actual product (warranty, credit, delivery, financing, installation, and other services)
  8. Basic functions of packaging
    Contains/protects products, facilitates storage, use, reuse, and recycling, and provides important marketing communications (instructions, nutritional information, etc..)
  9. Value function of packaging
    Reveal brand meaning, differentiate a product form the competition, facilitate greater exposure and shelf-visibility and manipulate perceptions of quality
  10. Persuasive labeling
    Focuses on promotional theme or logo (brand logo, organic..) that further enhances product's value.
  11. Informational labeling
    Designed to help customers to make a right product selection and reduce their dissatisfaction with a purchase (product information, nutritional facts, warranty)
  12. product-level SWOT
    Allows the marketer to identify product level marketing opportunities and thus benefits that could differentiate the product from the competition and increase its perceived value
  13. Target Marketing
    A process that allows marketers to divide a particular market into segments which display similar characteristics or behavior and are attractive enough to be worth the marketing effort
  14. Segment profile
    A description of the typical customer in the target market segment that is based on selected segmentation variable(s) and thus allows marketers to better understand the needs and wants that those customers share together.
  15. Segmentation
    The process of dividing a larger market into smaller target market segments
  16. Targeting strategies
    Allow marketers to determine whether they can go after one total market, one or several target market segments, or after individual customers and thus determines how many marketing mixes (products, prices, promotions, places) they have to create.
  17. Segmentation variables
    Dimension that divides the market into fairly homogeneous groups, each with distinct needs and wants
  18. Demographic
    Variables derived from people's vital statistics
  19. Ethnic
    Variables based on people's ethnicity
  20. Geodemographic
    A segmentation variable that combines demographics with geography
  21. Psychographic
    Psychographic variables based on psychological and behavioral similarities
  22. Behavioral
    Variables based on how consumers use the product, or what they do with it.
  23. Competitive advantage
    Consists of the unique benefits of a product (or products, product line, firm or brand) that are perceived by the target market as important and superior to those offered by the competition.
  24. Positioning
    A process that allows marketers to create an image or identity in the minds of their target market for the product -that is, how a particular target segment perceives the product in comparison to the competition.
  25. Perceptual Map
    A tool that allows marketers to construct a vivid picture of where products or brands are "located" in consumers' minds by identifying what benefits of a product are important for a target customer, and how would competing alternatives rate on those benefits.
  26. Value proposition
    Customer's perceptions of the benefits he or she would receive if he or she bought a product.