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Marketing 706 Minseong Kim Exam 2 - LSUS MBA Exam Questions with Complete Solutions Graded
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  • LSUS MHA 706
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  • LSUS MHA 706

Segmentation and Target Marketing - Answer: Consider markets as individuals, institutions, or a group of people Have similar needs that can be met by a specific offering Aim to identify specific customer needs and design marketing programs to satisfy those needs Firms must comprehensively: Under...

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  • August 12, 2024
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  • 2024/2025
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  • marketing 706 minseong kim exam 2 lsus mba exam

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Marketing 706 Minseong
Kim Exam 2 - LSUS MBA
Exam Questions with
Complete Solutions
Graded A+
Denning [Date] [Course title]

,Segmentation and Target Marketing - Answer: Consider markets as individuals, institutions, or a group
of people Have similar needs that can be met by a specific offering

Aim to identify specific customer needs and design marketing programs to satisfy those needs

Firms must comprehensively: Understand current and potential customers Know customer motivations,
behaviors, needs and wants

Marketers must comprehend and define consumer needs better to help attain success Easier for
marketers to make distinctions among smaller segments



Issues in the buying process - Answer: 1. Describes the possible range of activities that may occur in
consumers' making purchase decisions. Consumers don't always follow these processes in sequence and
may even skip stages en route to making a purchase (e.g. impulse purchases or loyalty toward a product
or brand)

2. Often involves a parallel sequence of activities associated with finding the most suitable merchant of
the product in question. Consumers consider what product to buy and where they might buy it at the
same time. In the case of name brand products, this selection process may focus on the product's price
and availability at different stores or online merchants

3. choice of a suitable merchant may actually take precedence over the choice of a specific product. In
some cases, consumers are so loyal to a particular merchant that they will not consider looking
elsewhere. For example, if some consumers are fiercely loyal to American car manufacturers, they may
limit their product selection to a single brand or dealership, greatly limiting their range of potential
product choices



Need - Answer: Occurs when the customer's existing level of satisfaction and desired level of
satisfaction are not the same

Based on the internal (e.g., hunger, thirst and fatigue) or external (e.g., advertising, window shopping,
interacting with sales people) stimuli



Want - Answer: Consumers' desire for a specific product that will satisfy the need



Demand - Answer: Occurs only when a consumer's ability and willingness to purchase a specific product
backs up the want for that product



Passive Information Search - Answer: consumer becomes more attentive and receptive to information.
E.g. noticing and paying attention to automobile ads if the customer has a want for a specific car/brand

,Active Information Search - Answer: customer purposely seeks additional information, e.g. browsing the
internet, asking friends, or visiting dealer showrooms



Sources of Information - Answer: External sources

Internal sources



Internal sources - Answer: personal experiences and memories



External sources - Answer: advertising, websites, packaging, display and salespeople



Amount of time, effort, and expense dedicated to information search depends on: - Answer: Degree of
risk involved in the purchase.

Amount of expertise with the product category.

Actual cost of the search (time and money).



Evoked Set - Answer: Narrowing down potential product choices to a few products that can meet
consumer needs

Represents the outcome of information search and the beginning of the next stage of the buying
process

Eliminating brands from further consideration after research



Consumers evaluate products as bundles of attributes - Answer: Each attribute has a different level of
importance

Priority of choice criteria can change during the process (i.e. buying a car and deciding on bundle
features, safety vs prices)



Important marketing considerations during the evaluation stage: - Answer: 1. The marketer's products
must be in the evoked set of potential alternatives. For this reason, marketers must constantly remind
consumers of their company and its product offerings

2. Marketers must take steps to understand consumers' choice criteria and the importance they place
on specific product attributes. Understanding the connection between customers' needs and product
attributes is an important consideration in market segmentation and target marketing decisions.

, 3. Marketers must often design marketing programs that change the priority of choice criteria or change
consumers' opinions about a product's image.



Purchase Decision - Answer: Unforeseen circumstances can interfere with consumer's decision to buy a
product

Marketers overcome these factors by:

Reducing the risk of purchase

Making purchase easy

Finding creative solutions to unexpected problems



Key issues in the purchase decision stage: - Answer: Product availability

Possession utility



Product availability - Answer: closely related to the distribution component of the marketing program;
convenience. It's goal is to put the product within the consumer's reach wherever that consumer
happens to be



Possession Utility - Answer: being very easy for customers to find a product; the ease of taking
possession of the product. To increase it, marketers may have to offer financing or layaway for large
dollar purchases, delivery and installation of products, such as home delivery of convenience items, or
proper packaging and prompt shipment through mail



4 Possible Outcomes of Postpurchase Evaluation - Answer: Delight

Satisfaction

Dissatisfaction

Cognitive dissonance (post-purchase doubt)



Delight - Answer: products performance greatly exceeds buyer expectations



Satisfaction - Answer: the product's performance "matches" the buyer's expectations

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