MKT Exam 2

An outline of a process that allows marketers to develop marketing plans for a specific product or line of products (or brands) while taking into account organization's strategic plan and thus product's future growth strategy.

Goods, services, business-to-business services, ideas, places, people and everything in between.

Durable, non-durable, convenience, shopping, specialty, unsought products

Elements of a product through which its value is communicated to the customer

Satisfies the customers lowest possible need and represents product's basic value

the medium that delivers the core benefit (product,'s quality and features, brand name, packaging, labeling)

product’s supporting benefits that come with the actual product (warranty, credit, delivery, financing, installation, and other services)

Contains/protects products, facilitates storage, use, reuse, and recycling, and provides important marketing communications (instructions, nutritional information, etc..)

Reveal brand meaning, differentiate a product form the competition, facilitate greater exposure and shelf-visibility and manipulate perceptions of quality

Focuses on promotional theme or logo (brand logo, organic..) that further enhances product's value.

Designed to help customers to make a right product selection and reduce their dissatisfaction with a purchase (product information, nutritional facts, warranty)

Allows the marketer to identify product level marketing opportunities and thus benefits that could differentiate the product from the competition and increase its perceived value

A process that allows marketers to divide a particular market into segments which display similar characteristics or behavior and are attractive enough to be worth the marketing effort

A description of the typical customer in the target market segment that is based on selected segmentation variable(s) and thus allows marketers to better understand the needs and wants that those customers share together.

The process of dividing a larger market into smaller target market segments

Allow marketers to determine whether they can go after one total market, one or several target market segments, or after individual customers and thus determines how many marketing mixes (products, prices, promotions, places) they have to create.

Dimension that divides the market into fairly homogeneous groups, each with distinct needs and wants

Variables derived from people's vital statistics

Variables based on people's ethnicity

A segmentation variable that combines demographics with geography

Psychographic variables based on psychological and behavioral similarities

Variables based on how consumers use the product, or what they do with it.

Consists of the unique benefits of a product (or products, product line, firm or brand) that are perceived by the target market as important and superior to those offered by the competition.

A process that allows marketers to create an image or identity in the minds of their target market for the product -that is, how a particular target segment perceives the product in comparison to the competition.

A tool that allows marketers to construct a vivid picture of where products or brands are "located" in consumers' minds by identifying what benefits of a product are important for a target customer, and how would competing alternatives rate on those benefits.

Customer's perceptions of the benefits he or she would receive if he or she bought a product.