Marketing segments correct answers - The relatively homogenous group of prospective buyers that result from the market segmentation process
- All marketing is about segmentation
But what does the percentages say about the prevalence of segmentation? correct answers - Very prevalent to the com...
MKTG 3310 EXAM 2 || WITH ACCURATE ANSWERS
100%.
Marketing segments correct answers - The relatively homogenous group of prospective buyers
that result from the market segmentation process
- All marketing is about segmentation
But what does the percentages say about the prevalence of segmentation? correct answers - Very
prevalent to the companies using it
The purpose of segmentation correct answers The purpose would be to target specific markets, in
order to sell products to them; can increase sales and profitability
What is the long tail? correct answers The long tail is the niche products that businesses focus on
What is the long tail enabled by? correct answers Technology
What does this concept mean for marketing? correct answers As technology increases, niche
becomes more obtainable economically
Where does the majority of potential revenue fall, in the head or the tail? correct answers In the
tail
Segmentation correct answers Involves aggregating prospective buyers into groups that
(1) have common need
(2) will respond similarly to a marketing action
*links market needs to an organizations marketing program through marketing mix program
How prevalent is the idea of segmentation? correct answers Purpose is to identify and target a
select group of customers for a particular product *Very Prevalent
But what does the percentages say about the prevalence of segmentation? correct answers -
Percentages show that while segmentation is a popular marketing strategy, it doesn't appear to be
very successful
- More companies are abandoning the idea
What is the long tail? correct answers Represents a wide array of products with small popularity.
They are generally niche products
What is the long tail enabled by? correct answers Technology, breaking the free constraints of
physical space (internet), finding ways to talk to market segments economically, new
distribution,
, What does this concept mean for marketing? correct answers This concept means that marketing
should be focused on satisfying the wide array of very particular tastes of the customers in the
"tail" (?)
Where does the majority of potential revenue fall, in the head or the tail? correct answers For
Amazon, the majority of revenue came from the long tail and not from the head
What are the five steps to segmenting? correct answers 1. Creating Segments
2. Group Products to be Sold into Categories
3. Develop Marketing Product Grid
4. Select Target Market out of Grid
5. Take Marketing Actions to Reach Target Markets
Creating Segments correct answers - Simplicity and cost effectiveness, potential for increased
profit, p. 228 book
- Must have variability
Select Target Market out of Grid correct answers - Market size
- Expected growth
- Competitive position
- Cost of reaching segment
- Compatibility with organizations resources and objectives
- Customer lifetime value
Customer lifetime value correct answers Some market may not be valuable right now but has
potential
Geographic correct answers Based on where prospective customers live or work
Demographic correct answers Based on some:
- Objective physical (gender, race),
- Measurable (age, income)
- Other classification attribute (birth era, occupation)
...of prospective customers
Psychographic correct answers which is based on some:
- Subjective mental or emotional attributes (personality)
- Aspirations (lifestyle)
- Needs of prospective customers
Behavioral correct answers Based on some:
- Observable actions or attitudes by prospective customers such as where they buy
- What benefits they seek
- How frequently they buy
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