MKT 320F EXAM #1 Questions and
Answers
Segmentation & Targeting Steps/Overview - Answer-1. Defining markets
2. Understanding dimensions to use
3. Identifying segments
4. Deciding on segments to target
5. Using segmentation approaches
Differentiation & Positioning Steps/Overview - Answer-1. Understanding customer's
views
2. Using positioning techniques
3. Evaluating segment preferences
4. Differentiating the marketing mix
5. Knowing relationship between Positioning & targeting
A Market is: - Answer-people or organizations with needs or wants and with the ability
and willingness to buy
- ALL FOUR CHARACTERISTICS MUST BE PRESENT TO BE A MARKET
Search for opportunities begin by: - Answer-Understanding markets.
Such as...
- understanding what a companies market is
- don't just focus on the product
- generic markets to product-markets
- BROADEN market definitions to find opportunities
Market Segment - Answer-a subgroup of people or organizations sharing one or more
characteristics that cause them to have similar product needs
Market Segmentation - Answer-The process of dividing a market into meaningful,
relatively similar, identifiable segments or groups
Criteria for Market Segmentation - Answer-1. Sustainability: Large enough
2. Identifiable & Measurable
3. Accessibility: must be reachable!
4. Responsiveness: must respond differently in order to warrant a separate marketing
mix to be necessary
Two steps to segimentation - Answer-1. Making broad product markets
2. Segmenting markets to select target markets and develop marketing mixes
T/F: Market Segmentation defines possible target markets. - Answer-True
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