Exam (elaborations)
BUSML 3250 Marketing Exam 2 Questions with Latest Update
- Course
- Institution
BUSML 3250 Marketing Exam 2 Questions with Latest Update
[Show more]
Content preview
BUSML 3250 Marketing Exam 2Questions with Latest Update
Market Segmentation - Answer-the process of dividing a market into meaningful,
relatively similar, and identifiable segments or groups; grouping customers based on
similar needs and profiling each segment
Market Segments - Answer-groups of customers within a large market who share
common characteristics
Target Market - Answer-a set of buyers sharing common needs or characteristics that
the company decides to serve; found by assessing attractiveness of each segment and
selecting segments to target
Product Differentiation - Answer-a positioning strategy that some firms use to
distinguish their products from those of competitors
Mass Customization - Answer-The ability of an organization to tailor its products or
services to the customers' specifications (normally through the use of technology)
Build-to-Order - Answer-produce to customer order rather than to a forecast
Cannibalization - Answer-a situation that occurs when sales of a new product cut into
sales of a firm's existing products
Geographic Segmentation - Answer-Segmentation based on country, state, zip code,
etc.
Demographic Segmentation - Answer-Segmentation based on age, gender, income,
etc.
Psychographic Segmentation - Answer-Segmentation based on values, interests, and
opinions
Behavioral Segmentation - Answer-Segmentation based on purchasing habits or brand
interactions
80/20 Rule - Answer-20% of users account for 80% of sales
Customer Lifetime Value - Answer-the value of the entire stream of purchases a
customer makes over a lifetime of patronage
Personas - Answer-fictional profiles that represent groups of similar people in a target
audience
, Product Positioning - Answer-Creating and maintaining a certain concept of a product in
customers' minds
Product Repositioning - Answer-changing the place a product occupies in a consumer's
mind relative to competitive products
Positioning Statement - Answer-internal statement that communicates the unique value
brands offer and the statement should last a long time; four components: for who/for
when/ for where, relative to whom, what benefit, and why/how
Perceptual Maps - Answer-a positioning tool that visualizes how consumers perceive
brands across key attributes
Usage Rate - Answer-the quantity consumed or the number of store visits during a
specific period
Product - Answer-an article or substance that is manufactured or refined for sale
Nondurable Good - Answer-item that wears out, is used up, or lasts for fewer than three
years when used regularly (ie. food or clothing)
Durable Good - Answer-long-lasting good like a car or a refrigerator
Services - Answer-Actions or activities that one person performs for another
Consumer Products - Answer-products and services used by people for their personal
use
Business Products - Answer-products meant for use in producing other products
Convenience Products - Answer-Relatively inexpensive, frequently purchased items for
which buyers exert minimal purchasing effort
Shopping Products - Answer-items for which the consumer compares several
alternatives on criteria such as price, quality, or style
Specialty Products - Answer-items that the consumer makes a special effort to search
out and buy
Unsought Products - Answer-items that the consumer does not know about or knows
about but does not initially want
Derived Demand - Answer-Business demand that ultimately comes from (derives from)
the demand for consumer goods
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now