MKTG 3340 Exam 2 Questions With Complete Solutions
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Module
MKTG 3340
Institution
Southern Methodist University
Market Segmentation correct answer: aggregate consumers into groups (segments) that have similar needs and will react similarly to a marketing action
Segmentation Strategies correct answer: - 1 product w/ multiple target segments (Johnson shampoo for dogs or babies, tums for calcium or antacid...
mktg 3340 exam 2 questions with complete solutions
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MKTG 3340
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MKTG 3340 Exam 2 Questions With
Complete Solutions
Market Segmentation correct answer: aggregate consumers into groups (segments) that have similar needs and will react similarly to a marketing action
Segmentation Strategies correct answer: - 1 product w/ multiple
target segments (Johnson shampoo for dogs or babies, tums for calcium or antacid)
- multiple products/ multiple segments (utility mini van vs. excitement sports car)
- mass customization (dell built to order laptop)
Criteria for effective market segmentation correct answer: 1. similarity of needs of potential buyers w/in a segment
2. difference of needs of potential buyers among segments
3. simplicity and cost of assigning potential buyers to segments
4. segment must have enough potential for increased profit and ROI
5. feasibility of reaching a chosen segment w/ a particular marketing action
Variables for market segmentation correct answer: * marketers often use more than 1 of these variables in segmentation (MULTIVARIABLE SEGMENTATION)
1. Geography
2. Psychographics- how we live our lives 3. Usage/ Commitment Patterns (Behavioral)- how much we use
a product/service
4. Benefits (Behavioral)- tumbler keeps water cold
5. Demographics
Demographic Segmentation correct answer: * most used
- Age (or head of household)- can't use in some cultures w/ multigenerational homes (dog food, puppy chow, active dos, senior dog)
- Gender (Faith Popcorn says that the future society will be genderless; deodorant advertised by sex)
- Family Size
- Marital Status
- Income (Rolex vs. timex)
- Education
- Occupation
Geographic Segmentation correct answer: - Country
- Region (ex. raid segmented country by bugs indigenous to that area)
- City vs. Rural ( food manufacturers; Olive Garden found ppl in
n.e. like smooth sauce; some areas like more spice)
- Climate (ex. subaru popular in mountains b/c 4 wheel drive; trying to penetrate new markets)
- Population Density
Psychographics Segmentation correct answer: --> understanding consumer activities, interest, opinions; deals with personality Lifestyle segmentation provides insight into CONSUMER'S MOTIVATIONS
- often used w/ demographics
- seeing multi-tasking rise in pop (ex. supermarket w/ starbucks & atm)
-Lifestyle impacted by Activites, Interests, Opinions(lexus- sophisticated, patagonia- sustainable)
Usage/Commitment Patterns (Behavioral Segmentation) correct answer: 1. Usage - heavy/medium/light users (80/20 RUlE--> 20% of consumers make up 80% sales/complaints, etc; season tix, 87% beer consumer by heavy users "miller light-tastes great, less filling", "Schaefer- the one beer to have when your'e having more than 1") - Nonusers
2. Commitment - Brand-Loyal Users (keep coming back; starbucks) - Switchers/Variety Seekers (hard to keep b/c switch a lot (get bored); influenced by price & mktg activities) - Emergent Consumers (gradual influx of 1st time buyers; having baby- strollers, diapers; 1st job- apparel, desk supplies; college- dorm stuff, laptop)
Benefits (Behavioral Segmentation) correct answer: * one of the MOST POWERFUL b/c hits in your gut
* often combine w/ demographics, lifestyle, usage What consumers value; often focus on results of using product/service (prestige? passenger? safety?)
Target Market correct answer: - a specific group of potential consumers to direct marketing actions; b/c a firm can't satisfy all
consumers' needs
- may select more than 1 target market
- packaging, ads, catch phrases
(Coke Zero, Dr. Pepper 10 to young men)
Criteria for selecting target markets correct answer: * where we have highest chance of success 1. Size of segment (relative to size of company (ex. Frito lay only if 60 mil. category; small co might stay small don't want to be squashed by big co)
2. Expected growth of segment (risk of too many players; ex. streaming, self-driving cars)
3. Competitive Position (do you have a strong one? protect your position; if competitors are gaining traction in new area; ex. engineering school now teaching cyber security; thermos must be able to hold hot & cold b/c yeti can)
4. Compatibility w/ the organization's objectives & resources (Co. DNA; McD's won't go to find dining)
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