BA 370 Exam 2

How does market segmentation provide value to marketers?

By allowing more efficient marketing and by bringing more value to the customer

Which answer below is an example of psychographic segmentation?

Marketing to regular gym goers

"According to Nielsen research, 40 percent of U.S. consumers are responsible for 75 percent of music spending" This quote is an important example to remember why we segment the market by _____.

Usage rate

How should you decide what to decide the market based on?

Meaningful characteristics

Which of the following factors below do NOT suggest you have chosen a desirable target market?

If its controversial

A _____ is a tool used by marketers to bring their target market to life.

Buyer Persona

What items are generally listed for a buyer persona?

All of these items are generally listed for a buyer persona

Differentiated marketing is defined as _____.

A targeted marketing strategy where the company targets more than one market segment and develops a unique marketing mix to target each segment separately

Demographic Segmentation is defined as _____.

Segmenting the market according to statistics such as age, gender, income, ethnicity, and education

True or False: A smaller market segment will always be more effective.

False

True or False: A great product comes from having good differentiation.

True

Which one of these is NOT an example of a common positioning error?

Mixed positioning

What is a positioning statement?

A succinct expression of a product's market position

True or False: One of the biggest mistakes a brand can make is having a product positioning that is inconsistent with the brand's positioning.

True

One of the mistakes marketers can make is positioning a product around features or technical aspects of products, rather than positioning around the _____ products create.

Value

What do brands gain when they position their products well?

Both sustainable advantage and competitive advantage

Positioning is _____.

A strategy for defining and portraying brands/products in ways that cause ideal customers to perceive them as the best solution for their needs

Which tool is useful when trying to visualize how the product is positioned compared to competitors?

Matrix

What is the most important thing a marketer can do to ensure success of product?

Position it well

\\_____ positioning occurs when the way a product is positioned touts benefits that are simply not believable or too good to be true.

Doubtful