100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
MKTG 350 Exam 2 Study Guide || All Correct. $11.29
Add to cart
Quickly navigate to
Preview
  2.  
  3. MKTG 350
  4.  
  5. MKTG 350

Exam (elaborations)

MKTG 350 Exam 2 Study Guide || All Correct.
 0 purchase
  • Course
  • MKTG 350
  • Institution
  • MKTG 350

Segmentation, Targeting, Positioning correct answers STP stands for ? Market segmentation correct answers The process of dividing a total market into groups consisting of people or organizations with relatively similar product needs in order to design a marketing mix that matches those needs ...

[Show more]

Preview 2 out of 9  pages

Document information

  • August 28, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • segmentation targeting positioning

Written for

  • MKTG 350
  • MKTG 350

Seller

avatar-seller
FullyFocus

Reviews received

Content preview

MKTG 350 Exam 2 Study Guide || All Correct.
Segmentation, Targeting, Positioning correct answers STP stands for ?

Market segmentation correct answers The process of dividing a total market into groups
consisting of people or organizations with relatively similar product needs in order to design a
marketing mix that matches those needs

heterogeneous market correct answers A market made up of individuals or organizations with
diverse needs for products in a specific product class

homogeneous market correct answers A market in which a large proportion of customers have
similar needs for a product

Consumer market correct answers Purchasers and household members who intend to consume or
benefit from the purchased products and do not buy products to make a profit

business market correct answers Individuals, organizations, or groups that purchase a specific
kind of product for resale, direct use in producing other products, or use in general daily
operations

undifferentiated, concentrated, differentiated correct answers 3 basic strategies

undifferentiated correct answers A strategy in which an organization designs a single marketing
mix and directs it at the entire market for a particular product (used the least)

concentrated correct answers A market segmentation strategy in which an organization targets a
single market segment using one marketing mix

differentiated correct answers A strategy in which an organization targets two or more segments
by developing a marketing mix for each segment

1. customers' needs for the product must be heterogenous
2. segments mist be identifiable and divisible
3. marketers must be able to compare the different market segments with respect to estimated
sales potential, costs, and profits
4. at least one segment must have enough profit potential to justify developing and maintaining a
special marketing mix for it
5. the company must be able to reach the chosen segment with a particular marketing mix correct
answers 5 conditions necessary for segmenting a mark

Segmentation variables correct answers Characteristics of individuals, groups, or organizations
used to divide a market into segments

demographic, geographic, psychographic, behaviorisitic correct answers Variables for
segmenting consumer markets

, demographic correct answers aggregate population characteristics such as the distribution of age
and gender, fertility rates, migration patterns, and mortality rates. Characteristics that marketers
commonly use include age, gender, race, ethnicity, income, education, occupation, family size,
family life cycle, religion, and social class.

geographic correct answers variables—climate, terrain, city size, population density, and
urban/rural areas—also influence consumer product needs.

psychographic correct answers variables, such as personality characteristics, motives, and
lifestyles, to segment markets. Variable can be used by itself or in combination with other types
of segmentation variables

geodemographic correct answers A way of segmenting the market that clusters people by zip
codes or neighborhood units based on lifestyle and demographic information

behavioristic (usage) correct answers Firms can divide a market according to consumer behavior
toward a product, which commonly involves an aspect of product use. Therefore, a market may
be separated into users—classified as heavy, moderate, or light—and nonusers. To satisfy a
specific group, such as heavy users, marketers may create a distinctive product and price or
initiate special promotion and distribution activities. Per capita consumption data help determine
different levels of usage by product category. To satisfy customers who use a product in a certain
way, some feature—packaging, size, texture, or color—may be designed precisely to make the
product easier to use, safer, or more convenient.

Market potential correct answers The total amount of a product that customers will purchase
within a specified period at a specific level of industry-wide marketing activity

company sales potential correct answers The maximum percentage of a market that an individual
firm within an industry can expect to obtain for a specific product

1. Problem Recognition
2. Information Search
3. Alternative Evaluation
4. Purchase
5. Post Purchase correct answers Consumer Decision Process 5 steps

Consumer buying behavior correct answers The decision processes and purchasing activities of
people who purchase products for personal or household use and not for business purposes

Consumer Decision Process correct answers A five-stage purchase decision process that includes
problem recognition, information search, evaluation of alternatives, purchase, and postpurchase
evaluation

Internal search correct answers An information search in which buyers search their memories for
information about products that might solve their problem

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.29. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69052 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$11.29
  • (0)
Add to cart
Added