Busn Marketing Unit 4 Exam Study Guide

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... [continues]

Read full essay