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MKT 2020 Exam 2 Study Guide

by: Danielle McCarthy

MKT 2020 Exam 2 Study Guide MKT2020

Marketplace > Ohio University > Marketing > MKT2020 > MKT 2020 Exam 2 Study Guide
Danielle McCarthy
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Marketing Exam 2 Study Guide!
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This 4 page Study Guide was uploaded by Danielle McCarthy on Wednesday April 8, 2015. The Study Guide belongs to MKT2020 at Ohio University taught by in Spring 2015. Since its upload, it has received 176 views. For similar materials see in Marketing at Ohio University.


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Date Created: 04/08/15
Exam 2 Review Chapter 6 Key Terms 0 Market Segmentation segmentation can be chosen by different factors demographic geographic etc Helps marketers put their audience in likeminded groups Positioning Maps these show consumer perceptions of their brand and competing brands to decide their positioning strategies Value Proposition Refers to the full mix of bene ts in a brand s positioning More for more More for less same for less less for much less more for same Key Concepts 0 Psychographic Geographic Demographic Segmentation Different types of segmentation Psychographic has to do with social class lifestyle and personality Geographic is location Demographic has to do with different things like age gender income Requirements for effective segmentation Measurable Accessible Substantial Differentiable Actionable Undifferentiated Market coverage strategy where they go after the whole market not just one segment Differentiated Target several marketing segments and creates a different approach for each and Concentrated Marketing Firm goes after a large share of one or very few segments Micromarketing tailoring the marketing to the needs of speci c individuals Chapter 7 amp 8 KEY TERMS O O 0 Brands Represent consumers perceptions and feelings to a product and its performance New Brands Part of the new product development process Brand Equity The effect on a consumer of them knowing the brand and their reaction to the product Product Concepts A detailed version of the new product idea in terms consumers can understand Business Analysis Review of the sales costs and pro t projections for a new product KEY CONCEPTS O 0 Shopping Less frequent purchase much planning and effort Convenience Low customer involvement frequent purchase little planning Specialty Strong brand loyalty special purchase effort Unsought Products Little product awareness necessary for life Service Perishability Services cannot be stored for later sale or use lnseparability Services cannot be separated by their providers Variability The quality of service depends on who is providing the service and when and where Product LifeCycle Stages Introduction Maturity Growth DecHne Pure Goods vs Pure Services Pure good is tangiblePencil Pure LIST 0 service is when the market is entirely a service a good can t replace it DR checkup dentist lawn service etc NewProduct Development Process ldea Generation ldea Screening Concept Development and Testing Market Strategy Business Analysis Product Development Test Marketing Commercialization Chapter 9 KEY TERMS Pricelntensi Customer ValueBased Pricing Uses customer s perception to values as the key to pricing GoodValue Pricing The right combination of quality and good service at a fair price ValueAdded Pricing Attaching value added features and services to differentiate a company and charge higher prices Organizational Pricing Depends on the company who chooses the pricing Can change based on size of company CompetitionBased Pricing Based on competitors strategies prices costs and market offerings Price Elasticity The measure of the sensitivity of demand to changes in price Captive Product Pricing Setting a price for products that must be used along with another product ProductLine Pricing Determining the price steps in a product line based on cost differences in a product Market Penetration Pricing Setting a low price for a new product to attract a large market base DIFFERENCES LIST Variable Costs that change Costs that come at an as needed basis Fixed Same every month Rent wages utilities etc Total Costs Both of those costs added together Pure Buyers and sellers trading in uniform competition Monopolistic Buyers and sellers trading over a range of prices Oligopolistic Competition Only a few large sellers Promotional Temporarily pricing products lower to go to short term sales Dynamic Adjusting prices to the needs and demands of individual customers Geographical Pricing Pricing for delivery based on 5 different ways Predatory Pricing Selling below cost with the intention of punishing a competitor Price Fixing Sellers must set prices without talking to competitor Deceptive Pricing Misleading customers about the actual price of a product Segmented Pricing Selling a product or service at two different prices where the difference is not based on cost Promotional Pricing Tasks Discount Special Events Rebates Flash Sales Chapter 10 KEY TERMS Value Delivery Network Customers suppliers distributers that work together to better the system Marketing Channel lnterdependent organizations that help make a product or service available for use Supply Chain Management managing valueadded ow of goods among suppliers Integrated Logistics Management emphasizes teamwork in the company and among marketing channel organizations Marketing Logistics Planning Implementing and controlling the physical ow of goods from points of origin to consumption DIFFERENCES LIST Major Logistic Functions inbound and marketing logistics Channel Con icts Disagreements on goals roles and rewards Horizontal and vertical con ict List the two types of channel con ictsHorizontal and vertical


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