MAR3023 HESI EXAM COMPLETE ACTUAL EXAM WITH
ALL 175 QUESTIONS AND VERIFIED ANSWERS GRADED A+
LATEST VERSION 2024-2025.
Generation Y - ANSWER-1980-1996
marketing mix includes - ANSWER-product, pricing, promotion and distribution(place)
a group of people who, as individuals, or as organizations, have needs for products in a product class and
have the ability, willingness, and authority to purchase such products - ANSWER-market
a group of people who, as individuals, or as organizations, have needs for products in a product class and
have the ability, willingness, and authority to purchase such products - ANSWER-market
individuals or groups that purchase a specific kind of product for resale, direct use in producing other
products, or use in daily operations. - ANSWER-business market
group of people or organizations for which a business creates and maintains a marketing mix specifically
designed to satisfy the needs of group members - ANSWER-target market
a strategy in which an organization designs a single marketing mix and directs it at an entire market for a
particular product
a) This mix consists of one type of product with little or no variation, one price, one promotional
program aimed at everybody, and one distribution system.
b) Often include commodities and some food items such as sugar and salt
c) Must have homogenous market - ANSWER-undifferentiated target strategy
- a market in which a large proportion of customers have similar needs for a product - ANSWER-
homogenous market
,a market made up of individuals or organizations with diverse needs for products in a specific product
class - ANSWER-heterogenous market
- the process of dividing a total market into groups with relatively similar product needs to design a
marketing mix that matches those needs - ANSWER-market segmentation
- consist of individuals, groups, or organizations that share one or more similar characteristics that cause
them to have relatively similar product needs - ANSWER-market segmentation
a market segmentation strategy, in which an organization targets a single market segment using one
marketing mix - ANSWER-concentrated targeting strategy
a strategy in which an organization targets 2 or more segments by developing a marketing mix for each
segment - ANSWER-differentiated targeting strategy
characteristics of individuals, groups, or organizations used to divide a market into segments - ANSWER-
segmentation variables
income (most used) age, gender, ethnicity, social class, occupation etc - ANSWER-demographic variables
region, city size, market density, climate, terrain etc - ANSWER-geographic variables
personality attributes, lifestyle, motives - ANSWER-psychological variables
volume usage, benefit expectations, brand loyalty etc - ANSWER-behavioristic variables
the idea that marital status and the age and presence of children influence household income and
product needs - ANSWER-family life cycle
the number of potential customers within a unit of land area - ANSWER-market density
,segmentation method that clusters people in zip code areas and smaller neighborhood units based on
lifestyle and demographic information - ANSWER-geodemographic segmentation
an approach to market segmentation where organizations focus precise marketing efforts on very small
geographic markets - ANSWER-micromarketing
the division of a market according to benefits that consumers want from the product
• the benefits consumers seek ARE their product needs
• ex: Tylenol cold and flu provides the benefit of ridding cold and flu to consumers (segment is for
consumers who have a cold or flu) - ANSWER-benefit segmentation
total amount of a product that customers will purchase within a specified period at a specific level of
industrywide marketing activity
a) Expressed in dollars or units - ANSWER-market potential
the maximum percentage of market potential that an individual firm within an industry can expect to
obtain for a specific product - ANSWER-company sales potential
measuring company sales potential based on general economic forecast for a specific period and the
market potential derived from it - ANSWER-breakdown approach
measuring company sales potential by estimating how much of a product a potential buyer in a
geographic area will purchase in a given period, multiplying the estimate by the number of potential
buyers, and adding the totals of all the geographic areas considered - ANSWER-buildup approach
are theyre already competitors in the segment? What are their prices, can I compete in this segment? Is
it worth to enter this segment? - ANSWER-competitive assessment
creating and maintaining a certain concept of a product in customers minds - ANSWER-product
positioning
, changing a products target market and altering the perception of the product and who it is for -
ANSWER-repositioning
the amount of a product a company expects to sell during a specific period at a specified level of
marketing activity - ANSWER-sales forecast
5 steps of target market selection process - ANSWER-• Identity targeting strategy, pick which
segmentation variables to use, develop market segment profiles, evaluate relevant profiles, select
specific target markets
• 5 categories of sales forecasting: - ANSWER-executive judgment, surveys, forecasting surveys,
regression analysis, and market tests
a sales forecasting method based on the intuition of one or more executives (fastest and cheapest) -
ANSWER-executive judgements
a survey of customers regarding the types and quantities of products they intend to buy during a specific
period - ANSWER-customer forecasting survey
a survey of a firms sales force regarding anticipated sales in their territories for a specific period
a) Sales team is closest to a company's actual customers - ANSWER-sales force forecasting survey
sales forecasts prepared by experts outside the firm, such as economists, management consultants,
advertising executives, or college professors - ANSWER-expert forecasting survey
experts make forecasts and submit them to the company, the company then compares them with their
own and sends them back to the experts for final analysis (most accurate) - ANSWER-delphi technique
a forecasting method that uses historical sales data to discover patterns in the firms sales over time and
generally involves trend, cycle, seasonal, and random factor analysis (assumes previous sales patterns
will keep occurring) - ANSWER-time series analysis
