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BUSML 3250-CHAPTER 7 EXAM QUESTIONS AND ANSWERS
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BUSML 3250-CHAPTER 7 EXAM QUESTIONS AND ANSWERS
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BUSML 3250-CHAPTER 7 EXAMQUESTIONS AND ANSWERS
Objective 7-1 - Answer-Marketing Strategy
Steps for a customer value-driven strategy - Answer-1. Market Segmentation
2.Market Targeting
3.Differentiation
4.Positioning
Objective 7-2 - Answer-Market segmentation
Major Segmentation Variables - Answer-1. Geographic
2. Demographic
3. Psychographic
4. Behavioral
Geographic Segmentation - Answer-segmenting markets by region of a country or the
world, market size, market density, or climate
Demographic segmentation - Answer-segmenting markets by age, gender, income,
ethnic background, and family life cycle
Age and life-cycle segmentation - Answer-dividing a market into different age and life-
cycle groups
Gender segmentation - Answer-dividing a market into different segments based on
gender
Income segmentation - Answer-dividing a market into different income groups
Psychographic segmentation - Answer-dividing a market into different segments based
on social class, lifestyle, or personality characteristics
Behavioral Segmentation - Answer-dividing a market into segments based on consumer
knowledge, attitudes, uses of a product, or responses to a product
Occasion Segmentation - Answer-dividing the market into segments according to
occasions when buyers get the idea to buy, actually make their purchase, or use the
purchased item
Benefit Segmentation - Answer-dividing the market into segments according to the
different benefits that consumers seek from the product
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