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What are the requirements for effective segmentation

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Reference no: EM131963624

Question: Chapter 1: What is Marketing?

1. Know the definition of marketing.

2. Know the 4 Ps of marketing (product, price, promotion, and place) a.k.a. Marketing Mix

3. Have a general idea of the marketing evolution process (e.g. production era to marketing company era).

4. Know what the Marketing Concept is and think about how it relates to and affects a firm & the marketing mix.

5. What are the environmental forces?

Chapter 3: Consumer Behavior

1. Be able to list and describe the antecedents to the consumer buying decision process (psychological, social, and purchase situation variables.).

2. What are the five stages of the buying decision process? Does every consumer employ every stage every time? Are the stages equally important?

3. What are the three types of decision-making? How do these relate to the decision process referenced above?

Chapter 5: Segmentation, Targeting, and Positioning

1. What is a target market?

2. What are the steps in the STP process?

3. What are the segmentation variables or bases (e.g., demographic, psychographic, etc.)?

4. What are the requirements for effective segmentation?

5. What are the types of segmentation strategies or coverage strategies (undifferentiated, differentiated, concentration/niche, OR single target market, multiple target market, combined, etc.)? What are the advantages and disadvantages of employing each strategy?

6. Be familiar with the positioning strategies.

Chapters 6 & 7: Product Offerings

1. Be able to distinguish between a product line and a product mix. What is meant by "depth" and "width" of a product mix?

2. What are the different types or classifications of consumer products?

3. Know about the product decisions of branding, packaging, and labeling.

4. What is a brand and what are the benefits of branding?

5. What are the various types/kinds of brands? Be able to describe and give and example of each kind.

6. What branding policies/strategies are available to firms?

7. What are the stages of new product development process?

8. What are the stages of the product life cycle? How does the stage of the life cycle a product is in affect marketing strategy (e.g., decisions regarding pricing, promotion, place, and product)?

9. Why is services marketing important? What are the characteristics of services (vs. goods)?

Chapter 8: Marketing Channels (Place)

1. What is a marketing channel? What function does it perform?

2. What are the tasks of intermediaries (a.k.a. middlemen)?

3. What is vertical integration? What are the different types of vertical integration (VMS)? How is horizontal integration different from vertical integration?

4. What are the levels of market coverage (a.k.a. market exposure)? How does this relate to the types of products or product classifications as discussed in the chapters on product?

5. What are the various types of channel structures for consumer products? Be able to recognize examples of products distributed through each type of channel structure.

Chapter 11: Promotion Strategies

1. What is the primary role of promotion (i.e., what function does it serve)?

2. What are the four elements of the promotion mix? Be able to list and describe them, as well as knowing the advantage and disadvantage of each element.

3. Why use advertising?

4. What are the main differences between publicity and advertising?

5. Why would we want publicity? (i.e., under what conditions would we not want publicity and what are the limitations of publicity)?

6. What is personal selling?

7. What is the definition of a sales promotion?

8. What are some consumer sales promotions? Be able to give a few examples.

Chapter 15: Pricing Strategies

1. What is the definition of price? What is one of the distinguishing features of the element of price?

2. Can a manufacturer ignore the issue of price? Must a manufacturer always compete on the basis of price?

3. What is meant by the concept of price elasticity, how can knowing the elasticity of a product help determine the price that should be charged (think about market structures - monopoly, oligopoly, etc.)?

4. What are the pricing policies? Marginal analysis? Breakeven analysis?

5. What constitutes illegal pricing?

Reference no: EM131963624

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