Marketing Exam II

Ways to Segment the Market
Geographic, Demographic, Psychographic, and Behavioral
Target Strategies
Undifferentiated (non-segmented), concentrated (go deep), differentiated (segmented), and micro-marketing (see individual)
Re-Positioning
How customers perceive your product
Ways to Differentiate Product
Image, people, product/services, channel, price
Types of Consumer Products
Convenience, shopping, specialty, unsought
Types of Consumer Decisions
Routine, extended, and limited
Product mix assortments
Width vs. length
Unique Characteristics of Service Products
Intangibility, perishability, variability, inseparability
Intangibility
Services cannot be seen, tasted, felt, or heard before being bought (i.e.: plastic surgery)
Perishability
Services cannot be saved for a later use (i.e.: plane tickets)
Variability
the quality of the services depends on who provides them and when, where, and how provided
Inseparability
services cannot be separated from providers
Two types of brands
National and private
Co-branding
Combination of two non-competing brands
Branding strategies
Line extension, brand extension, multi-brand, and new brands
Line extension
Cannibalism
Types of new products
Continuous innovation, dynamically continuous, and dis-continuous
Continuous Innovation
Small, constant Improvements upon existing products
Dynamically continuous
PRONOUNCED modification to existing products
Marketing Tactics for New Product Adoption (Demonstrate)
Relative advantage, compatibility, simplicity, trial ability, obserability
Stages of PLC
Intro, growth, maturity, decline
New Product Pricing Strategies
Skimming, penetration
Product-Mix Pricing
Product-Line pricing, optional product pricing, captive product, by-product, product bundle
Product-line pricing
Setting prices across an entire product line
Optional Product Pricing
Pricing optional or accessory products sold with the product
Captive Product Pricing
Pricing products that must be used with the main product
By-product
Pricing low-value by-products to get rid of or make money on them
Product Bundle
Pricing of bundles of products sold together
Segmented pricing
Location based
Time
Customer Segment
Price Adjustments..
Quantity discount, psychological pricing, loss leader, dynamic pricing, international pricing