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MGT 103 Quiz 3 Questions and Answers (100% Pass)
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MGT 103 Quiz 3 Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+MGT 103 Quiz 3 Questions and
Answers (100% Pass)
What is market segmentation?
✓ aggregating prospective buyers into groups that have common needs
and will respond similarly to a marketing action
5 steps of segmenting and targeting markets
✓ 1. Group potential buyers into segments
✓ 2. Group products to be sold into categories
✓ 3. Develop a market-product grid and estimate size of markets
✓ 4. Select target markets
✓ 5. Take marketing actions to reach target markets
4 bases used to segment consumer markets
✓ geographic, demographic, pyschographic, and behavioral
market-product grid
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ a framework to relate the market segments of potential buyers to
products offered or potential marketing actions by an organization
(graph showing market penetration, diversification, product
development, market development)
Explain how marketing managers use perceptual maps to position products
in the marketplace
✓ 4 steps:
✓ 1. identify the important attributes for a product brand or class
✓ 2. discover how target customers rate competing products or brands
with respect to these attributes
✓ 3. discover where the customer's product or brand is on these attributes
in the minds of potential customers
✓ 4. Reposition the company's product or brand in the minds of potential
customers
examples of demographic variables
✓ age, gender, race, ethnicity
examples of geographic variables
Master01 | October, 2024/2025 | Latest update
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