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Marketing 706 Minseong Kim Exam 2 - LSUS MBA Questions and Answers 100% Correct
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Marketing 706 Minseong Kim Exam 2 - LSUS MBA Questions and Answers 100% CorrectMarketing 706 Minseong Kim Exam 2 - LSUS MBA Questions and Answers 100% CorrectMarketing 706 Minseong Kim Exam 2 - LSUS MBA Questions and Answers 100% CorrectMarketing 706 Minseong Kim Exam 2 - LSUS MBA Questions and Ans...

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  • October 10, 2024
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  • 2024/2025
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  • marketing 706 minseong kim exam 2 lsus mba quest
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Marketing 706 Minseong Kim

Exam 2 - LSUS MBA Questions and

Answers 100% Correct


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

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




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

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