Exam (elaborations)
MAR3023 Final Exam Questions with correct answers.
- Course
- Institution
MAR3023 Final Exam Questions with correct answers.
[Show more]
Content preview
MAR3023 Final Exam Questions with correct answersMarket segmentation- Correct Answer-is the process that companies use
to divide large heterogeneous markets into small markets that can be
reached more efficiently and effectively with products and services that
match their unique needs
Ex: Senior citizen market or Hispanic market or College student market.
Market Targeting Correct Answer-is the process of evaluating each
market segment's attractiveness and selecting one or more segments to
enter.
Ex: Tampax, Cigarettes, and Ferrari
Market Position Correct Answer-is the arranging for a product to occupy
a clear, distinctive, and desirable place relative to competing products in
the minds of the target consumer.
Ex: M & M's, American Airlines, Mercedes-Benz
Geographic segmentation Correct Answer-divides the market into
different geographical units such as nations, regions, states, counties, or
cities Ex: Hellman's mayonnaise and McDonalds mustard
Demographic segmentation Correct Answer-divides the market into
groups based on variables such as age, gender, family size, family life
cycle, income, occupation, education, religion, race, generation, and
nationality
,Psychographic segmentation Correct Answer-divides buyers into
different groups based on social class, lifestyle, or personality traits
Behavioral segmentation Correct Answer-divides buyers into groups
based on their knowledge, attitudes, uses, or responses to a product
Measurable Correct Answer-examples include the size, purchasing
power, and profiles of the segments - degree to be measured.
Accessible Correct Answer-refers to the fact that the market can be
effectively reached and served
Substantial Correct Answer-refers to the fact that the markets are large
and profitable enough to serve
Actionable Correct Answer-refers to the fact that effective programs can
be designed for attracting and serving the segments
Undifferentiated marketing Correct Answer-targets the whole market
with one offer. Ex: Hershey bar
• Mass marketing
• Focuses on common needs rather than what's different
Differentiated marketing Correct Answer-targets several different
market segments and designs separate offers for each. Ex: Hellman's
mayonnaise
, • Goal is to achieve higher sales and stronger position
• More expensive than undifferentiated marketing
Concentrated marketing Correct Answer-targets a small share of a large
market
• Limited company resources
• Knowledge of the market
• More effective and efficient
Micromarketing Correct Answer-is the practice of tailoring products and
marketing programs to suit the tastes of specific individuals and
locations
• Local marketing
• Individual marketing
Product Correct Answer-is anything that can be offered in a market for
attention, acquisition, use or consumption that might satisfy a need or a
want.
Ex: soap and toothpaste
Consumer products Correct Answer-are products and services for
personal consumption
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller cracker. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now