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BUSML 3250 Exam 2 Questions and Answers
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BUSML 3250 Exam 2 Questions and Answers
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BUSML 3250 Exam 2 Questions andAnswers
Market Segmentation - Answer-involves aggregating prospective buyers into groups, or
segments, that (1) have common needs and (2) will respond similarly to a marketing
action.
Market Segments - Answer-the relatively homogeneous groups of prospective buyers
that result from the market segmentation process
Target Market - Answer-one or more specific groups of potential consumers toward
which an organization directs its marketing program
Product Differentiation - Answer-a marketing strategy that involves a firm using different
marketing mix actions to help consumers perceive the product as being different and
better than competing products
Mass Customization - Answer-a strategy that uses technology to deliver customized
services on a mass basis
Build-to-Order - Answer-involves manufacturing a product only when there is an order
from a customer
Cannibalization - Answer-the loss of sales of an existing brand when a new item in a
product line or product family is introduced
Geographic Segmentation - Answer-dividing a market into different geographical units,
such as nations, states, regions, counties, cities, or even neighborhoods
Demographic Segmentation - Answer-dividing the market into segments based on
variables such as age, life-cycle stage, gender, income, occupation, education, religion,
ethnicity, and generation
Psychographic Segmentation - Answer-dividing a market into different segments based
on social class, lifestyle, or personality characteristics
Behavioral Segmentation - Answer-dividing a market into segments based on consumer
knowledge, attitudes, uses of a product, or responses to a product
80/20 Rule - Answer-a concept that suggests 80 percent of a firm's sales are obtained
from 20 percent of its customers
Customer Lifetime Value - Answer-represents the financial worth of a customer to a
company over the course of their relationship
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