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MAR3023 Final Exam Questions with correct answers.
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MAR3023 Final Exam Questions with correct answers.
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MAR3023 Final Exam Questions with correct answersMarket segmentation- Correct Answer-is the process that companies use
to divide large heterogeneous markets into small markets that can be
reached more efficiently and effectively with products and services that
match their unique needs
Ex: Senior citizen market or Hispanic market or College student market.
Market Targeting Correct Answer-is the process of evaluating each
market segment's attractiveness and selecting one or more segments to
enter.
Ex: Tampax, Cigarettes, and Ferrari
Market Position Correct Answer-is the arranging for a product to occupy
a clear, distinctive, and desirable place relative to competing products in
the minds of the target consumer.
Ex: M & M's, American Airlines, Mercedes-Benz
Geographic segmentation Correct Answer-divides the market into
different geographical units such as nations, regions, states, counties, or
cities Ex: Hellman's mayonnaise and McDonalds mustard
Demographic segmentation Correct Answer-divides the market into
groups based on variables such as age, gender, family size, family life
cycle, income, occupation, education, religion, race, generation, and
nationality
,Psychographic segmentation Correct Answer-divides buyers into
different groups based on social class, lifestyle, or personality traits
Behavioral segmentation Correct Answer-divides buyers into groups
based on their knowledge, attitudes, uses, or responses to a product
Measurable Correct Answer-examples include the size, purchasing
power, and profiles of the segments - degree to be measured.
Accessible Correct Answer-refers to the fact that the market can be
effectively reached and served
Substantial Correct Answer-refers to the fact that the markets are large
and profitable enough to serve
Actionable Correct Answer-refers to the fact that effective programs can
be designed for attracting and serving the segments
Undifferentiated marketing Correct Answer-targets the whole market
with one offer. Ex: Hershey bar
• Mass marketing
• Focuses on common needs rather than what's different
Differentiated marketing Correct Answer-targets several different
market segments and designs separate offers for each. Ex: Hellman's
mayonnaise
, • Goal is to achieve higher sales and stronger position
• More expensive than undifferentiated marketing
Concentrated marketing Correct Answer-targets a small share of a large
market
• Limited company resources
• Knowledge of the market
• More effective and efficient
Micromarketing Correct Answer-is the practice of tailoring products and
marketing programs to suit the tastes of specific individuals and
locations
• Local marketing
• Individual marketing
Product Correct Answer-is anything that can be offered in a market for
attention, acquisition, use or consumption that might satisfy a need or a
want.
Ex: soap and toothpaste
Consumer products Correct Answer-are products and services for
personal consumption
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