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  • March 10, 2025
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Foundation of Marketing Peregrine Global Exam Questions
and Correct Answers (100%COMPLETE ANSWERS)
ALREADY GRADED A+ 100% satisfaction guaranteed
The differences between goods and services are all of the following EXCEPT _________. - ANSWER-
marketability



Which one of the following is NOT a stage in the Product Life Cycle? - ANSWER-profitability



For expensive purchases, _________, uniqueness and quality matter. - ANSWER-Brand



Consumer buying is people buying something for ______ - ANSWER-themselves



Why segment markets? - ANSWER-Consumers' needs and preferences are the central part of economics
and marketing. These shifts vary and it is not possible for firms to satisfy everyone's needs with a single
offering. Hence the importance of properly segmenting a market.



Reasons why it is often impractical to market an offering to the entire market - ANSWER-Is it realistic to
think that a marketer could offer a product with sufficient quality to satisfy premium customers, yet
priced low enough to satisfy price-sensitive customers?



Could the marketer afford to place advertising in the many media outlets needed to communicate with
all the different audiences and could a marketer afford the many different versions needed?



Could a marketer effectively develop a brand image that appeals to conformists, non-conformists, and
others seeking to express their individualism?



Segmentation - ANSWER-is breaking the heterogeneous market into small, homogeneous markets.
Instead of trying to appeal to the entire marketplace

a homogenous groups of customers



Mass marketing - ANSWER-means all customers would be treated the same but is unrealistic because
customers differ. Customer needs are not met, but mass marketing is less expensive to implement.

,One-to-one marketing - ANSWER-means each customer serves as his or her own segment. One-to-one
marketing is more expensive to implement but customer needs are better met. Companies that have
experimented with one-to-one marketing have scaled back their attempts to achieve mass
customization because it is not cost effective.



Niche marketing - ANSWER-is a type of segmentation in which the company strategically focuses and
targets a smaller market with particular needs that the company can serve well. N. fall between the one-
to-one and segment strategies. N. markets are not different from segments; they are usually just
smaller.



Demographics - ANSWER-are customer attributes that are easy to identify and commonly used.
Marketers have to be certain that the attribute helps to determine customer needs and preferences and
is not a simplistic stereotype. Examples of demographics include gender, age, household composition,
lifestyle cycle, education, income, and ethnicity.



Geographic - ANSWER-between customers have also been used to segment markets. Examples include
country, area of country, culture, climate, and urban vs. rural.



Psychological /Psychographic variables - ANSWER-are harder to identify but may be more insightful in
determining customer needs and preferences. Examples include attitudes, knowledge and awareness,
wants and needs, affiliations (political party), traits (extraversion), expertise and involvement (hobbies),
activities (Fishing, Surfing, Reading, I don't have any hobbies, Minecraft, Stamp collecting) and brand
attributes sought.



VALS (values and lifestyles) - ANSWER-is a popular tool for segmenting using psychographic data. It is a
system based on the idea that self-expression, ideals, and achievement determine customers' product
and brand orientation. Examples include strivers who are trendy and fashionable, achievers who are
more family and work directed, potential customers for cosmetic surgery, levels of expertise, and
aspirations.



Behaviors - ANSWER-are important because they help marketers predict future purchasing. Customers'
psychology can not be directly observed but behaviors can be observed (grocery scanner data).
Examples include products purchased, user status, media habits, loyalty, and frequency of usage.
Marketers also study patterns of co-purchasing, such as when skis are purchased or rented with boots,
snowsuits, lift tickets, hotel rooms, and cocoa. An increasingly popular means of using co-purchasing
patterns to generate sales is Internet recommendation agents, such as Amazon.

, Bases For B2B Segmentation - ANSWER-Demographics include company size, account size, market share,
and number of employees.



Geographic include country and sales force coverage.

Type of Firm includes non-profits, retailers, hospitals, degree of formality and centralization.



Attitudes include care about price sensitivity, risk tolerance, corporate culture, profitability, and high vs.
low maintenance accounts.



Cluster and Factor Analysis - ANSWER-are research techniques that typically are utilized in market
segmentation.



Effective Segmentation - ANSWER-E.S. utilizes appropriate data: Can marketers identify meaningful
data? Can marketers obtain and afford access to the data?



E.S allows access to customers: Can marketers access the customers who meet data specifications
directly? Is there a database? Can marketers access the customers indirectly? Are there activities
customers participate in or media customers frequently use?



E.S. has profitability potential: Is the profitability potential sufficient? How frequently do customers
purchase? How price sensitive are they? How deep ($) is their purchase? How much growth potential
exists? Segments do not have to be large to be profitable. Marketers need to be careful to avoid
defining segments too narrowly. Marketers always need to ask if the segmentation criteria is
meaningful.



E.S. fits with corporate goals: Does the segment align with the firm's strengths and market image? Is
there limited competition for the segment? The ideal goal for the marketer is to find an untapped group
of customers whose needs can easily and profitably be met.



E.S. is actionable: Can marketers develop an actionable plan to effectively target the segment? Can
marketers visualize who the segment is, where they are, and what they do

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