MARK 301 Final Exam questions well
answered to pass
4 Parts of Defining a Customer-Driven Marketing Strategy - correct answer ✔✔Segmentation, Targeting,
Differentiation, Positioning
Segmentation - correct answer ✔✔Dividing a market into distinct groups of buyers who have different
needs, characteristics, or behaviors, and who might require separate marketing strategies or mixes.
Targeting - correct answer ✔✔The process of evaluating each market segment's attractiveness and
selecting one or more segments to enter.
Differentiation - correct answer ✔✔Actually differentiating the market offering to create superior
customer value.
Positioning - correct answer ✔✔arranging for a market offering to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of target consumers.
Geographic Segmentation - correct answer ✔✔Dividing a market into different geographical units, such
as global regions, countries, regions within a country, provinces, cities or even neighbourhoods.
Demographic Segmentation - correct answer ✔✔divides the market into segments based on variables
such as age, gender, family size, life cycle, household income, occupation, ethnic or cultural group,
education, and generation.
Age and Life Cycle Segmentation - correct answer ✔✔dividing a market into different age and lifecycle
groups
Gender Segmentation - correct answer ✔✔dividing the market into different segments based on gender.
,Example of Age and Life Cycle Segmentation - correct answer ✔✔Disney Cruises
Household Income (HHI) segmentation - correct answer ✔✔dividing a market into different income
segments.
Example of HHI segmentation - correct answer ✔✔No Frills, Giant Tiger
Psychographic Segmentation - correct answer ✔✔dividing a market into different segments based on
social class, lifestyle, or personality characteristics.
Example of psychographic segmentation - correct answer ✔✔Mountain Dew projects a youthful,
rebellious, adventurous, go-your-own-way personality.
Behavioural Segmentation - correct answer ✔✔dividing a market into segments based on consumer
knowledge, attitudes, uses, or responses to a product.
Occasion Segmentation - correct answer ✔✔dividing the market into segments according to occasions
when buyers get the idea to buy, actually make their purchase, or use the purchased item.
Example of occasion segmentation - correct answer ✔✔tools and ties for Father's Day
Benefit Segmentation - correct answer ✔✔dividing the market into segments according to the different
benefits that consumers seek from the product.
Example of benefit segmentation - correct answer ✔✔Trek Bicycle Corporation promoting road bikes,
mountain bikes, and town bikes; you see the benefits that you get from each type of bike.
"80/20 Rule" - correct answer ✔✔80% of sales come from 20% of customers
The Nielsen Company's PRIZM - correct answer ✔✔classifies segments based on demographic,
behavioural, and lifestyle factors; most companies use multiple segmentation bases in an effort to
identify smaller, better-defined target groups.
, Segmenting Business Markets - correct answer ✔✔operating characteristics, purchasing approaches,
situational factors, and personal characteristics.
What is the best basis for segmenting markets? - correct answer ✔✔Buying behaviour and benefits.
Segmenting International Markets - correct answer ✔✔geographic location, economic factors, political
and legal factors, cultural factors
Intermarket (cross-market) segmentation - correct answer ✔✔forming segments of consumers who have
similar needs and buying behaviours even though they are located in different countries.
Requirements for Effective Segmentation - correct answer ✔✔Measurable, accessible, substantial,
differentiable, actionable.
5 Forces to Evaluate Market Segments - correct answer ✔✔competitors, new entrants, substitute
products, power of buyers, power of suppliers.
Target Market - correct answer ✔✔a set of buyers sharing common needs or characteristics that the
company decides to serve.
Undifferentiated (mass) marketing - correct answer ✔✔a market-coverage strategy in which a firm
decides to ignore market segment differences and go after the whole market with one offer
Differentiated (segmented) marketing - correct answer ✔✔A market-coverage strategy in which a firm
decides to target several market segments and designs separate offers for each; ex. Hallmark
Concentrated (niche) marketing - correct answer ✔✔A market-coverage strategy in which a firm goes
after a large share of one or a few segments or niches; ex. Sabian Cymbals.
Micromarketing - correct answer ✔✔the practice of tailoring products and marketing programs to the
needs and wants of specific individuals and local customer segments -- includes local marketing and
individual marketing
answered to pass
4 Parts of Defining a Customer-Driven Marketing Strategy - correct answer ✔✔Segmentation, Targeting,
Differentiation, Positioning
Segmentation - correct answer ✔✔Dividing a market into distinct groups of buyers who have different
needs, characteristics, or behaviors, and who might require separate marketing strategies or mixes.
Targeting - correct answer ✔✔The process of evaluating each market segment's attractiveness and
selecting one or more segments to enter.
Differentiation - correct answer ✔✔Actually differentiating the market offering to create superior
customer value.
Positioning - correct answer ✔✔arranging for a market offering to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of target consumers.
Geographic Segmentation - correct answer ✔✔Dividing a market into different geographical units, such
as global regions, countries, regions within a country, provinces, cities or even neighbourhoods.
Demographic Segmentation - correct answer ✔✔divides the market into segments based on variables
such as age, gender, family size, life cycle, household income, occupation, ethnic or cultural group,
education, and generation.
Age and Life Cycle Segmentation - correct answer ✔✔dividing a market into different age and lifecycle
groups
Gender Segmentation - correct answer ✔✔dividing the market into different segments based on gender.
,Example of Age and Life Cycle Segmentation - correct answer ✔✔Disney Cruises
Household Income (HHI) segmentation - correct answer ✔✔dividing a market into different income
segments.
Example of HHI segmentation - correct answer ✔✔No Frills, Giant Tiger
Psychographic Segmentation - correct answer ✔✔dividing a market into different segments based on
social class, lifestyle, or personality characteristics.
Example of psychographic segmentation - correct answer ✔✔Mountain Dew projects a youthful,
rebellious, adventurous, go-your-own-way personality.
Behavioural Segmentation - correct answer ✔✔dividing a market into segments based on consumer
knowledge, attitudes, uses, or responses to a product.
Occasion Segmentation - correct answer ✔✔dividing the market into segments according to occasions
when buyers get the idea to buy, actually make their purchase, or use the purchased item.
Example of occasion segmentation - correct answer ✔✔tools and ties for Father's Day
Benefit Segmentation - correct answer ✔✔dividing the market into segments according to the different
benefits that consumers seek from the product.
Example of benefit segmentation - correct answer ✔✔Trek Bicycle Corporation promoting road bikes,
mountain bikes, and town bikes; you see the benefits that you get from each type of bike.
"80/20 Rule" - correct answer ✔✔80% of sales come from 20% of customers
The Nielsen Company's PRIZM - correct answer ✔✔classifies segments based on demographic,
behavioural, and lifestyle factors; most companies use multiple segmentation bases in an effort to
identify smaller, better-defined target groups.
, Segmenting Business Markets - correct answer ✔✔operating characteristics, purchasing approaches,
situational factors, and personal characteristics.
What is the best basis for segmenting markets? - correct answer ✔✔Buying behaviour and benefits.
Segmenting International Markets - correct answer ✔✔geographic location, economic factors, political
and legal factors, cultural factors
Intermarket (cross-market) segmentation - correct answer ✔✔forming segments of consumers who have
similar needs and buying behaviours even though they are located in different countries.
Requirements for Effective Segmentation - correct answer ✔✔Measurable, accessible, substantial,
differentiable, actionable.
5 Forces to Evaluate Market Segments - correct answer ✔✔competitors, new entrants, substitute
products, power of buyers, power of suppliers.
Target Market - correct answer ✔✔a set of buyers sharing common needs or characteristics that the
company decides to serve.
Undifferentiated (mass) marketing - correct answer ✔✔a market-coverage strategy in which a firm
decides to ignore market segment differences and go after the whole market with one offer
Differentiated (segmented) marketing - correct answer ✔✔A market-coverage strategy in which a firm
decides to target several market segments and designs separate offers for each; ex. Hallmark
Concentrated (niche) marketing - correct answer ✔✔A market-coverage strategy in which a firm goes
after a large share of one or a few segments or niches; ex. Sabian Cymbals.
Micromarketing - correct answer ✔✔the practice of tailoring products and marketing programs to the
needs and wants of specific individuals and local customer segments -- includes local marketing and
individual marketing
