Today was the BMA/Chicago luncheon featuring two of Google’s best and brightest, Jim Lecinski and Penry Price. The format was a bit different than previous BMA luncheons in that it was a question and answer format, where the audience submitted questions to Jim and Penry prior to and during the luncheon.

Some of the topics they covered were:

What is the best form of targeting? How do marketers go about segmentation online? Behaviorial? Psychographical? Geospecific?

Penry mentioned that Google is working to provide increased targeting and segmentation capabilities as soon as they are available to Google. Google’s mission is to provide “one result for one query.” He joked that “the people in the audience from Google appear to have some job security, as it is going to take a long time to get to that point.” He also mentioned Google Trends as way to follow and target specific demographics.

Google’s acquisition of DoubleClick, where do they go from here?

Penry reported that Google’s acquisition of DoubleClick represents a step forward for online metrics and towards providing the same metrics that have come to be expected in offline advertising.

Will will we see a 30 second ad for Google during the Super Bowl?

Penry said, “Most likely not in the near future. We do a lot of branding with our products and our partner websites.”

How do vertical search engines figure in to the larger b-to-b search picture?

Currently, there are a number of niche search engines that are very specific to their content areas, but only represent 1% of total search traffic.

How do b-to-b marketers utilize YouTube?

Product demonstrations or do-it-yourself videos—and videos of trade show activities. There are lots of uses for both consumer and business marketing opportunities, he said.

With the recent ComScore report saying fewer clicks are coming out of Google, what does Google think is occuring?

Penry mentioned that Google has instituted internal filtering policies that have limited the number of clicks being reported, as many of the clicks previously reported may have been inaccurate. New systems are in place to limit the effects of click fraud.

Why was Google bidding in the FCC spectrum auction?

Google was trying to force other telecoms to open their portion of the spectrum so that cellular use becomes a more open format. He likened it to “Compuserve circa 1997″ in that the entire experience is controlled from hardware, to software, to access—each portion of a cellular experience is controlled by the provider and the end user is stifled as a result.

Overall, it was a great talk and very informative. If I forgot anything above, please let me know in the comments. If there was a point you thought was especially informative or interesting or a question you’d still like to see answered, post it below.