1. What are the 3 types of markets?
    • Consumer
    • Business
    • Government
  2. How do companies assess the needs of the market(s)?
    They look at a product or service and ask themselves why does a customer purchase it and for what reason.
  3. Why is positioning so important in the design of a marketing strategy?
    Gives direction to the marketing plan
  4. What are some of the benefits of having a marketing plan?
    • Establish goals
    • Terms of reference
    • Budget resources
    • Measure success
  5. What is the difference between a strategic and operational marketing plan?
    One is long term and one is short term
  6. Why do companies segment markets?
    To satisfy different needs and wants of different groups of people.
  7. What are the various ways to segment the consumer
    • Geographic
    • Demographic
    • Psychographic
  8. Why is geographic segmentation usually the first basis of segmentation?
    This is because geographic segmentation forms the basis of the marketing size.
  9. Why is demographic segmentation used by most businesses?
    • This is used by most businesses because it is the easier to measure than most other types of variables. (e.g.
    • age, sex, life cycle, income, job)
  10. What is the basis of psychographic segmentation?
    Divides the market into groups according to customers’ lifestyles, personalities and etc.
  11. Why is it useful to combine various segmentation variables to describe a market?
    • It is useful to combine segmentation together because to sell to a demographic you need a geographic
    • area and psychographic because you need to know what they like and want to use or have.
  12. What criteria should a business consider
    when trying to decide which segment to target?
    • A business should consider to which segment it has the capability to make itself attractive to a
    • target market
  13. What does positioning mean?
    • A communication strategy to establish an image for a product or service in relation to others in the
    • minds of consumers.
  14. How can companies trigger a consumer need?
    • By finding out what a consumer wants and making a product that consumers will think they can’t live
    • without.
  15. Where is the first place that consumers go
    for information when considering a purchase?
    Source of information
  16. What do consumers use to evaluate different
    purchase options?
    Consumers weight positive and negative aspects of the purchase.
  17. What factors influence where and when a
    purchase decision is made?

    is cognitive dissonance and how can a company lessen its impact?
    • A customer’s uncertainty after making a purchase a company can lessen this from happening by doing a
    • follow up call to a customer about the product or service they just bought.
  18. What are the 4 types of influences that
    could impact a consumer’s behavior?
    Cultural, Social, Physical, and Psychological
  19. What is the difference between push and
    pull motivators?
    Push motivators is a need and want such as adventure and a pull is attributes such as a beach at a hotel.
  20. How do psychological factors influence
    consumer behaviour?
    They motivate them they alter their perception
  21. What is the main advantage of tracking the success of
    your marketing strategy?
    • To see if your idea worked and if that is a marketing idea
    • that you should go through with again.
  22. What is a SWOT analysis and how does it relate to designing a marketing strategy?
    SWOT is= Strengths, Weaknesses, Opportunities, Threats and it relates to designing a marketing strategy by pointing out the strengths and weaknesses of the marketing strategy as well as new opportunities and possible threats to your marketing strategy.
Card Set
marketing test 1