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MBA 706 - Exam 3 Questions and Answers 100% VerifiedMBA 706 - Exam 3 Questions and Answers 100% VerifiedMBA 706 - Exam 3 Questions and Answers 100% VerifiedMBA 706 - Exam 3 Questions and Answers 100% VerifiedMBA 706 - Exam 3 Questions and Answers 100% Verified Market Segmentation - ANSWER-The proc...

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  • October 10, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mba 706 exam 3 questions and answers 100 verifi
  • mba 706 exam 3 questions and answers stuvia
  • market segmentation answer the process of dividi

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MBA 706 - Exam 3 Questions and

Answers 100% Verified


Market Segmentation - ANSWER-The process of dividing consumers into

groups with similar consumer characteristics and product needs.




Market Segmentation - ANSWER-Allows managers to break the market into

small manageable groups, so that firms can tailor their offerings to satisfy

different needs and wants.




Three Marketing Strategies - ANSWER-Undifferentiated (Mass Marketing),

Differentiated (Product-Variety), Concentrated (Target)




Undifferentiated (Mass Marketing) - ANSWER-Firms sell a single product (with

same marketing approach) to all consumers.




Advantage to Undifferentiated Marketing - ANSWER-Economies of scale in

production, promotion, and distribution

,Benefit Segmentation - ANSWER-Based on the benefits that consumers seek

from a product. Ex: Toothpaste segmentation based on benefits like teeth

whitening, cavity protection, etc.




User Status - ANSWER-Markets can be divided on the basis of user status,

including non-users, first-time users, and regular users.




Loyalty Status/Brand Enthusiasm - ANSWER-Markets are divided on the basis

of the extent and depth of their loyalty to particular brands or stores. Ex:

Airline frequent flyer programs.




Disadvantage to Undifferentiated Marketing - ANSWER-Intense competition

and more sophisticated consumers




Survey Stage - ANSWER-understand consumer motivations, attitudes, and

behavior




Analysis Stage - ANSWER-identify consumer groups with similar

characteristics

, Profiling Stage - ANSWER-Profile each group in terms of their attitudes,

behavior, demographics, psychographics and media habits




Factors affecting the feasibility of segmentation - ANSWER-A marketing

segment must be: measurable, accessible, substantial, unique, appropriate,

and stable




Example of Undifferentiated Marketing - ANSWER-Ford's Model T, Black &

Decker




Differentiated (Product-Variety Marketing) - ANSWER-Firms provide a wide

variety of differentiated offerings to different segments (sometimes to all

consumers).




Advantage of Differentiated Marketing - ANSWER-Greater variety to

consumers




Disadvantage of Differentiated Marketing - ANSWER-Increased Costs




Example of Differentiated Marketing - ANSWER-Coca-Cola

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