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mgt 103 final exam questions and answers (100% pass)
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©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PMmgt 103 final exam questions and answers (100% pass)
Market segmentation involves aggregating prospective buyers into groups that have two key
characteristics, what are they? - ✔️✔️common needs and similar response to marketing action
in terms of market segments and products, what are the three market segmentation strategies? -
✔️✔️1 one product, multiple market segments
2 multiple products multiple segments
3 segments of one, aka mass customizaton
The process of segmenting and targeting markets is a bridge between which two marketing
activities? - ✔️✔️identifying market needs and executing the marketing program
what is the difference between the demographic and behavioral bases of market segmentation -
✔️✔️demographic segmentation is based on some objective physical, measurable, or other
classification. Behavioral segmentation is based on some observable actions, where they buy,
what benefits they seek.
what factor is estimated or measured for each of the cells in a market-product grid - ✔️✔️each cell
in the grid can show the estimated market size of a given product sold to a specific market
segmentation.
what are some criteria used to decide which segment to choose for targets? - ✔️✔️possible criteria
include market size, expected growth, competitive position, etc
How are marketing and product synergies different in a market-product grid? - ✔️✔️marketing
synergies run horizontally across a market product grid. each row represents an oppourtunity for
efficiency in the marketing efforts to a market segment.
what is the difference between product positioning and product repositioning - ✔️✔️product
positions refers to the place a product occupies in consumers minds. product repositioning
involves changing the place a product occupies in a customers mind relative to competitors.
1
, ©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PM
Why do marketers use perceptual maps in product positioning decisions? - ✔️✔️perceptual maps
are a means of displaying in two dimensions the location of products or brands in the minds of
customers
80/20 rule - ✔️✔️20% of users account for 80% of sales
Market Segmentation - ✔️✔️the process of dividing a market into meaningful, relatively similar,
and identifiable segments or groups
usage rate - ✔️✔️the quantity consumed or the number of store visits during a specific period
what are the four main types of consumer products - ✔️✔️They are: (1) convenience products—
items that the consumer purchases frequently, conveniently, and with a minimum of shopping
effort; (2) shopping products—items for which the consumer compares several alternatives on
criteria such as price, quality, or style; (3) specialty products—items that the consumer makes a
special effort to search out and buy; and (4) unsought products—items that the consumer does
not know about or knows about but does not initially want.
what is the difference between a product line and a product mix - ✔️✔️a product line is a group of
products or service items that are closely related because they satisfy a class of needs, are used
together, etc. a product mix is all of the products lines offered by an organization
What kind of innovation would an improved electric toothbrush be? - ✔️✔️continuous innovation
- no new learning required by consumers
Why can an "insignificant point of difference" lead to new-product failure? - ✔️✔️the product
must have superior characteristics that deliver unique benefits to the user compared to those of
competitors that must be sufficient enough to motivate a change in consumer behavior.
what marketing metric might you use in a marketing dashboard to discover which states have
weak sales? - ✔️✔️the marketing metric "annual percentage change in unit volume by state" will
help
what is the new product strategy development stage in the new product development process -
✔️✔️both SWOT analysis and environmental scanning to asses its strengths and weaknesses
what are the main sources of new product ideas? - ✔️✔️1:employee and coworkers suggestions
2:customer and supplier suggestion
3:r&d labs
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