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MGT 103: Chapter 13 Exam Questions and Answers 100% Pass Elements that make up a price - -it must generate enough sales dollars to pay for the cost of developing, producing, and marketing the product -customers must be willing to pay it -it must earn a pr £9.60
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MGT 103: Chapter 13 Exam Questions and Answers 100% Pass Elements that make up a price - -it must generate enough sales dollars to pay for the cost of developing, producing, and marketing the product -customers must be willing to pay it -it must earn a pr
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MGT 103: Chapter 13 Exam Questions and Answers 100% Pass Elements that make up a price - -it must generate enough sales dollars to pay for the cost of developing, producing, and marketing the product -customers must be willing to pay it -it must earn a profit for the company price - the money...

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  • January 8, 2025
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 chapter 13 exam questions and answers 100

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MGT 103: Chapter 9 (STP) Questions
and Answers 100% Pass

Why segment markets? - ✔✔A business firm segments its markets so it can respond more effectively to

the wants of groups of potential buyers and thus increase its sales and profits.


Market Segmentation - ✔✔aggregating prospective buyers into groups that (1) have common needs and

(2) will respond similarly to a marketing action


Market Segments - ✔✔- the relatively homogeneous groups of prospective buyers that result from the

market segmentation process


- each segment consists of people who are relatively similar to each other in terms of consumption

behavior


product differentiation - ✔✔- the creation of real or perceived product differences


- a positioning strategy that some firms use to distinguish their products from those of competitors (have

consumers perceive the product as being different and better than competing products)


- involves a firm using different marketing mix actions, like product features and advertising


- firms use this strategy as a result of different market segments


Segmentation: Linking Needs to Actions - ✔✔The process of segmenting a market and selecting specific

segments as targets is the link between the various buyers' needs and the organization's marketing

program




Author. Barrett, ©2025 All Rights Reserved.

, 2|Page


- leads to tangible marketing actions that can increase sales and profitability


market-product grid - ✔✔a framework to relate the market segments of potential buyers to products

offered or potential marketing actions


When and How to Segment Markets - ✔✔- a business segments its markets *when* it expects that this

extra effort will increase its sales, profit, and return on investment


- when expenses > potentially increased sales from segmentation, a firm should *not* attempt to segment

its market




1. One Product and Multiple Market Segments


2. Multiple Products and Multiple Market Segments (Ford having multiple models)


3. Segments of One (Mass Customization)


One Product and Multiple Market Segments - ✔✔Pros: Avoids the extra costs of developing and

producing additional versions of the product.




Example: Magazines/Books


- Although separate covers for magazines or separate advertisements for books (to attract the different

market segments) are expensive, these expenses are minor compared with the costs of producing

multiple versions of magazines or books for several different market segments


Multiple Products and Multiple Market Segments - ✔✔Example: Ford's different lines of cars, SUVs, and

pickup trucks are each targeted at a different type of customer




Author. Barrett, ©2025 All Rights Reserved.

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