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Busn Marketing Unit 4 Exam Study Guide

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Busn Marketing Unit 4 Exam Study Guide

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  • November 2011
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BUSN Unit 4 Exam|
15 Points of multiple choice: See chart of terms and definitions 35 Points of short answer/application questions: Segmentation (Figure 9-A); product-market grid; perceptual mapping; positioning and positioning statements; head to head versus differentiation positioning; repositioning; consumer decision process (Figure 5-1); level of involvement; problem solving routines; influences on consumer decision process (Figure 5-4); global companies and market strategies (Figure 7-A)| Term| Definition|

Market Segmentation| Aggregating prospective buyers into groups, or segments, that (1) have common needs and
(2) will respond similarly to a marketing action.|
Product Differentiation| A marketing strategy that involves a firm using different marketing ix activities to help consumers perceive the product as being different and better than competing products.| Market-Product Grid | Framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization.| Product Positioning| The place an offering occupies in consumers’ minds on important attributes relative to competitive products.| Product Repositioning| Changing the place an offering occupies in consumers’ mind relative to competitive products.| Perceptual Map| Displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands and then take marketing actions.| Involvement| The personal, social, and economic significance of the purchase to the consumer.| Perception| Process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world.| Perceived Risk | Anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences.| Brand Loyalty| Favorable attitude toward and consistent...

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