MKT 300 Exam 1 Chapter 4 Final Exam And All Correct Answers.
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Course
MKT 300
Institution
MKT 300
Market - Answer Group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services.
Generic market - Answer Market with BROADLY similar needs, and sellers offering various, OFTEN DIVERSE, ways of satisfying those nee...
MKT 300 Exam 1 Chapter 4 Final Exam
And All Correct Answers.
Market - Answer Group of potential customers with similar needs who are willing to exchange
something of value with sellers offering various goods or services.
Generic market - Answer Market with BROADLY similar needs, and sellers offering various, OFTEN
DIVERSE, ways of satisfying those needs.
Product-market - Answer Market with VERY similar needs and sellers offering various CLOSE
SUBSTITUTE ways of satisfying those needs.
Market segmentation - Answer Two-step process of
1) NAMING broad product-markets
2) SEGMENTING these broad product-markets in order to select target markets and develop suitable
marketing mixes.
Segmenting - Answer An aggregating process - clustering people with similar needs into a "market
segment."
Market segment - Answer A (relatively) homogeneous group of customers who will respond to a
marketing mix in a similar way.
Single target market approach - Answer Segmenting the market and picking one of the homogeneous
segments as the firm's target market.
Multiple target market approach - Answer Segmenting the market and choosing two or more segments,
and then treating each as a separate target market.
Combined target market approach - Answer Combining two or more submarkets into one larger target
market as a basis for one strategy.
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