New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Marketing 3010 Test 2 Study Guide

Star Star Star Star Star
1 review
by: Hannah Stephens

Marketing 3010 Test 2 Study Guide Mkt 3010-001

Marketplace > Clemson University > Marketing > Mkt 3010-001 > Marketing 3010 Test 2 Study Guide
Hannah Stephens

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Study guide for exam 2.
Principles of Marketing
Carter Willis McElveen
Study Guide
Marketing 3010, Clemson University, Marketing 3010 Exam, Marketing 3010 Study Guide, Study Guide
50 ?




Star Star Star Star Star
1 review
Star Star Star Star Star
"Why didn't I know about this earlier? This notetaker is awesome, notes were really good and really detailed. Next time I really need help, I know where to turn!"
Vinnie Haley

Popular in Principles of Marketing

Popular in Marketing

This 4 page Study Guide was uploaded by Hannah Stephens on Sunday February 28, 2016. The Study Guide belongs to Mkt 3010-001 at Clemson University taught by Carter Willis McElveen in Spring 2016. Since its upload, it has received 240 views. For similar materials see Principles of Marketing in Marketing at Clemson University.

Similar to Mkt 3010-001 at Clemson


Reviews for Marketing 3010 Test 2 Study Guide

Star Star Star Star Star

Why didn't I know about this earlier? This notetaker is awesome, notes were really good and really detailed. Next time I really need help, I know where to turn!

-Vinnie Haley


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 02/28/16
Test  2  Study  Guide  (Ch.  7-­‐11)     • Chapter  7  has  least  amount  of  questions;  most  from  Ch.  11   • Some  questions  from  definitions  in  book  that  we  did  not  go  over  in  class   • Concepts  in  book  from  Ch.  11     Chapter  9   • Step  3:  Evaluative  Segment  Attractiveness   o Profitable—make  $   o Substantial—has  to  be  big  enough  that  a  true  market  exists   o Identifiable—must  be  able  to  identify  the  people   o Reachable—must  be  able  to  get  to  the  people  with  your  campaign   o Responsive—consumers  have  to  be  able  to  respond  and  take  action   • Step  4:  Selecting  a  Target  Market   o Picking  segments  of  customers  that  make  sense   o “No  brainer”  for  that  group  to  pick  you!   o Determining  which  segments  they  can  serve  best   o Should  only  enter  segments  where  company  can  create  superior   customer  loyalty     • Segmentation  Strategy—4  Main  Ways   1. Undifferentiated—(mass  marketing)  is  anti-­‐targeting  and  going  after   whole  market.  Very  rare  but  applicable  to  a  few  products   a. i.e.  sugar,  Coca-­‐Cola   b. Advantages:    potential  savings  on  production  and  marketing   costs   c. Disadvantages—more  susceptible  to  competition       2. Concentrated—(Niche  marketing  strategy)  a  specific  market     a. BMW,  Mercedes-­‐Benz   b. Advantages:  concentration  of  resources,  meets  narrowly   defined  segment,  small  firms  can  compete,  strong  positioning   c. Disadvantages—segments  too  small,  or  changing;  large   competitors  may  market  to  niche  segment   3. Differentiated—picking  multiple  niches/segments  to  go  after—with   their  own  specific  strategies   a. Advantages—greater  financial  success,  economies  of  scale   b. Disadvantages—high  costs,  cannibalization   c. Can  happen  at  corporate  level  as  well  as  product  level   4. One-­‐to-­‐one  Marketing  (Micromarketing)   a. What  Amazon  does   b. Individualized,  information-­‐intensive,  long-­‐term,  personalized   c. Goal  of:    cost  reduction,  customer  retention,  more  revenue,   customer  loyalty   • Positioning   o The  place  the  product  occupies  in  a  consumers  mind  relative  to   competing  products   o Should  be  tied  to  competitive  advantage   o i.e.  Dunkin  Donut:  “America  runs  on  Dunkin”  says  the  message  that  its   for  everyone,  specifically  the  working  man  while  Starbucks  is  more   expensive  and  it’s  not  just  about  getting  a  coffee  it’s  about  the   experience   • Effective  Positioning—know  what  competitors  are  doing   • Repositioning—Arby’s  doesn’t  want  to  be  fast-­‐food  anymore  and  now  wants   to  be  quick  service     Chapter  7   • Eastman  Chemical  Company   • Marketing  research   o The  Role  of  Market  Research   ▯ Descriptive—gathering  and  presenting  factual  statements   ▯ Diagnostic—explaining  data   ▯ Predictive—“what  if?”   1. Global  market   2. Role  in  a  buying  center   3. How  companies  have  failed  in  China     Chapter  8   • Idea  of  Big  Mac—idea  that  you  should  be  able  to  buy  a  good  for  the  same   amount  of  currency—based  on  $1   • Organizations  involved  in  World  Trade  (not  the  specific  countries  but  what   the  organizations  do)   o GATT—became  World  Trade  Organization   o IMF—promotes  monetary  cooperation   o World  Bank—provides  loans  to  developing  countries  for  things  like   infrastructure   o World  Trade  Organization   • Artificial  Inflation—decreases  demand  because  prices  go  up   • Gov’t  action—tariffs  and  quotas     Chapter  10   • Acxiom—largest  data  broker   • Definitions  from  this  chapter   • Geodemographic  segmentation   • Data  Warehouse—storage  facility  for  data   • Data  Mining—looking  for  trends  and  patters  that  are  meaningful  and   explains  things  like  why  customers  buy  specific  products  together     Chapter  11   • Concepts  in  book***   • Breadth-­‐-­‐#  of  product  lines  a  company  has   • Depth-­‐-­‐#  of  categories  within  a  product   • Why  labels  matter   o Most  decisions  about  buying  made  in  store   o Regulations  involved  with  what  has  to  be  on  label   o Packaging   • Private  Labeling—a  company  allows  customers  to  put  their  own  labels  on   products   • Brand  Awareness—in  order  for  a  consumer  to  buy  a  brand  they  have  to   know  it  exists—even  if  it’s  just  20  seconds  before  they  buy  it   • Brand  Equity  Perceived  Value—consumers  perceive  an  additional  value  if  a   product  is  “natural”  or  gluten-­‐free     • Brand  Equity—is  derived  from:   o Effective  marketing  strategies   o Brand’s  stratus  in  the  marketplace   o Brand’s  position  among  customers   • Brand  Associations—can  be  positive  or  negative     o A  mental  link  customers  make  between  your  brand  and  key  attributes   o Volvo  associated  with  safety,  Prius  is  fuel  efficient,  BMW  performance     • Brand  Personality—giving  a  brand  human  characteristics   • Brand  Loyalty—the  degree  of  consumer  attachment  to  a  brand.  3  Levels:   1. Recognition—awareness  of  name,  benefit,  and  package   2. Preference—is  useful,  consumer  will  buy  if  available…evoked  set   3. Insistence—will  search  for;  must  have   • Makes  consumers  less  price  sensitive   • Makes  marketing  cost  of  reaching  loyal  customers  a  lot  less   • Will  insulate  a  firm  from  competition     Roles  of  packaging   1. Protect  the  product   2. Market  the  product   3. Provide  convenience  to  distributors  and  consumers   ***When  products  downsized  during  the  recession  the  packaging  stayed  the  same   but  content  in  package  went  down!***     • Packaging   o Primary  Package—one  consumer  uses   ▯ Toothpaste  tube   o Secondary  Package—wrapper  or  exterior  carton   ▯ Box  toothpaste  comes  in   • Labeling   o Information   o Legal  requirements   ▯ Ingredients   ▯ Fair  Packaging  and  Labeling  Act  of  1967   ▯ Nutritional  Labeling  &  Education  Act  of  1990   ▯ Food  and  Drug  Administration   • Socially  Responsible  Labeling   o Clearly  defined   ▯ Certified  humane  raised  and  handled     ▯ Fair  trade  Certified     ▯ Organic   • Green  washing   o Unclear  terms   ▯ Antibiotic-­‐free   ▯ Free  range/free  roaming—chicken  only  outside  for  5  minutes  a   day   ▯ Hormone  Free   ▯ Natural—No  regulations  by  FDA  to  be  “natural”   ▯ Fresh                


Buy Material

Are you sure you want to buy this material for

50 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Jennifer McGill UCSF Med School

"Selling my MCAT study guides and notes has been a great source of side revenue while I'm in school. Some months I'm making over $500! Plus, it makes me happy knowing that I'm helping future med students with their MCAT."

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.