MGT 103 FINAL EXAM WITH GUARANTEED ACCURATE ANSWERS|VERIFIED
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Course
MGT 103
Institution
MGT 103
MGT 103 FINAL EXAM
MGT 103 FINAL EXAM WITH GUARANTEED ACCURATE ANSWERS|VERIFIED
Market segmentation involves aggregating prospective buyers into groups that have two key characteristics, what are they? - Accurate Answercommon needs and similar response to marketing action
In terms of ma...
MGT 103 FINAL EXAM 2024\2025
MGT 103 FINAL EXAM 2024\2025 WITH GUARANTEED ACCURATE ANSWERS|
VERIFIED
Market segmentation involves aggregating prospective buyers into groups that have two key
characteristics, what are they? - Accurate Answer✅✅common needs and similar response to marketing
action
In terms of market segments and products, what are the three market segmentation strategies? - Accurate
Answer✅✅1 one product, multiple market segments
2 multiple products multiple segments
3 segments of one, aka mass customizaton
The process of segmenting and targeting markets is a bridge between which two marketing activities? -
Accurate Answer✅✅identifying market needs and executing the marketing program
What is the difference between the demographic and behavioral bases of market segmentation - Accurate
Answer✅✅demographic segmentation is based on some objective physical, measurable, or other
classification. Behavioral segmentation is based on some observable actions, where they buy, what
benefits they seek.
,What factor is estimated or measured for each of the cells in a market-product grid - Accurate
Answer✅✅each cell in the grid can show the estimated market size of a given product sold to a specific
market segmentation.
What are some criteria used to decide which segment to choose for targets? - Accurate
Answer✅✅possible criteria include market size, expected growth, competitive position, etc
How are marketing and product synergies different in a market-product grid? - Accurate
Answer✅✅marketing synergies run horizontally across a market product grid. Each row represents an
oppourtunity for efficiency in the marketing efforts to a market segment.
What is the difference between product positioning and product repositioning - Accurate
Answer✅✅product positions refers to the place a product occupies in consumers minds. Product
repositioning involves changing the place a product occupies in a customers mind relative to competitors.
Why do marketers use perceptual maps in product positioning decisions? - Accurate
Answer✅✅perceptual maps are a means of displaying in two dimensions the location of products or
brands in the minds of customers
80/20 rule - Accurate Answer✅✅20% of users account for 80% of sales
Market Segmentation - Accurate Answer✅✅the process of dividing a market into meaningful, relatively
similar, and identifiable segments or groups
Usage rate - Accurate Answer✅✅the quantity consumed or the number of store visits during a specific
period
What are the four main types of consumer products - Accurate Answer✅✅They are: (1) convenience
products—items that the consumer purchases frequently, conveniently, and with a minimum of shopping
effort; (2) shopping products—items for which the consumer compares several alternatives on criteria
such as price, quality, or style; (3) specialty products—items that the consumer makes a special effort to
search out and buy; and (4) unsought products—items that the consumer does not know about or knows
about but does not initially want.
, What is the difference between a product line and a product mix - Accurate Answer✅✅a product line is a
group of products or service items that are closely related because they satisfy a class of needs, are used
together, etc. A product mix is all of the products lines offered by an organization
What kind of innovation would an improved electric toothbrush be? - Accurate Answer✅✅continuous
innovation - no new learning required by consumers
Why can an "insignificant point of difference" lead to new-product failure? - Accurate Answer✅✅the
product must have superior characteristics that deliver unique benefits to the user compared to those of
competitors that must be sufficient enough to motivate a change in consumer behavior.
What marketing metric might you use in a marketing dashboard to discover which states have weak
sales? - Accurate Answer✅✅the marketing metric "annual percentage change in unit volume by state"
will help
What is the new product strategy development stage in the new product development process - Accurate
Answer✅✅both SWOT analysis and environmental scanning to asses its strengths and weaknesses
What are the main sources of new product ideas? - Accurate Answer✅✅1:employee and coworkers
suggestions
2:customer and supplier suggestion
3:r&d labs
4:analysis of competitors products
5: smaller tech firms
What is a test market, and what are the three kinds? - Accurate Answer✅✅test marketing involves
offering a product for sale on a limited basis in a defined area for a specific time period
1) standard
2)controlled
3)simulated
What is the commercialization of a new product? - Accurate Answer✅✅Commercialization, the most
expensive stage for most new products, is the last stage of the new-product process that involves
positioning and launching a new product in full-scale production and sales.
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