Marketing 351 Exam 2 questions with answers

Marketing 351 Exam 2 questions with answers |\ |\ |\ |\ |\ |\




set of buyers who have some interest in the product - CORRECT
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ANSWERS ✔✔Market |\




measurable, accessible, responsive, and substantial (MARS) -
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CORRECT ANSWERS ✔✔Segmentation must be
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judging how large the market is and how many customers are in
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that market - CORRECT ANSWERS ✔✔Measureable
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judging how to reach and identify your market - CORRECT
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ANSWERS ✔✔Accessible |\




the awareness to make the marketing strategy different for each
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segment - CORRECT ANSWERS ✔✔Responsive
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market must be large enough that people buy enough of the
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product for the firm to be profitable - CORRECT ANSWERS
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✔✔Substantial


very widely used and easy to get - CORRECT ANSWERS
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✔✔Demographics used in segmenting the market |\ |\ |\ |\ |\

,for instance: east coast or west coast; small town or big city -
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CORRECT ANSWERS ✔✔Geographics used in segmenting the
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market


when a customers seeks different benefits the same product.
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Markets for a product may be segmented based on what
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customers are seeking from it. - CORRECT ANSWERS ✔✔Benefits-
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Sought used in segmenting the market
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small segment may be buying a large portion of the market (ex:
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cigarettes or airline tickets) - CORRECT ANSWERS ✔✔Usage Rate
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used in segmenting the market
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make it so your target market finds your products more
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appealing - CORRECT ANSWERS ✔✔Product Differrentiation
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how you position your products in the mind of the customer -
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CORRECT ANSWERS ✔✔Product Positioning |\ |\ |\




when you change an outdated image appeal... very difficult to do
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and causes confusion in the minds of the consumers (not easy to
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change beliefs and attitudes) - CORRECT ANSWERS
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✔✔Repositioning


thrilling vs. functional; upscale vs downscale - CORRECT
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ANSWERS ✔✔Perceptual Mapping |\ |\

, helps managers make better decisions - CORRECT ANSWERS
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✔✔Decision Support Systems (DDS) |\ |\ |\




"on-going" research about the market and the competition -
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CORRECT ANSWERS ✔✔Competitive Market Intelligence
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need driven; project based on research and relies on data -
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CORRECT ANSWERS ✔✔Marketing Research
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identify and formulate the research problem - CORRECT
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ANSWERS ✔✔Step 1 in Marketing Research Process
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secondary data and planning of primary data collection -
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CORRECT ANSWERS ✔✔Step 2 in Marketing Research Process
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door-to-door, mail (slow!), and telephone - CORRECT ANSWERS
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✔✔Primary Data Collection |\ |\




go get your information from data that has already been
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gathered (quick and cheap) ... may be outdated and unreliable
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though... includes syndicated data - CORRECT ANSWERS
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✔✔Secondary Data Collection |\ |\




sampling procedures (non-probability, and probability) - CORRECT
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ANSWERS ✔✔Step 3 in Marketing Research Process
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