MKTG 400 Exam questions and
answers graded 100%
market - ANS✅✅people or organizations with needs or wants and the ability and willingness to
buy
market segment - ANS✅✅a subgroup of people or organizations sharing one or more
characteristics that cause them to have similar product needs
cannibalization - ANS✅✅a situation that occurs when sales of a new product cut into sales a firm's
existing products.
market segmentation - ANS✅✅the process of dividing a market into meaningful relatively similar
and identifiable segments or groups.
Criteria for segmentation (when does segmentation make sense) - ANS✅✅Successful market
segmentation depends on 4 basic criteria:
1) a market segment must be substantial and have enough potential customers to be viable.
2) a market segment must be identifiable and measurable
3)members of a market segment must be accessible to marketing efforts.
4) a market segment must respond to particular marketing efforts in a way that distinguishes it from
other efforts.
bases for segmenting, major categories - ANS✅✅geographic segmentation, demographic
segmentation,psychographic segmenation, benefits sought, usage segmentation.
80/20 principle - ANS✅✅a principle holding that 20% of all customers generate 80% of the
demand.
steps for segmenting - ANS✅✅1) selecting a market or product category for study
2) choose a basis for segmenting market.
3) selecting segmenting descriptors
4) profiling and evaluating segments
, 5) selecting target markets
6) designing, implementing, and maintaining appropriate marketing mixes.
target market - ANS✅✅a group of people or organizations for which an organization designs,
implements, and maintains a marketing mix, intended to meet the needs of that group, resulting in
mutually satisfying exchanges.
strategies for selecting target markets - ANS✅✅undifferentiated targeting, concentrated targeting,
multisegment targeting
one to one marketing - ANS✅✅an individualized marketing method that utilizes customer
information to build long-term, personalized, and profitable relationships with each customer.
positioning - ANS✅✅developing a specific marketing mix to influence potential customers' overall
perception of a brand, product line, or organization in general.
perceptual mapping - ANS✅✅a means of displaying or graphing, in 2 or more dimensions, the
location of products, brands, or groups of products in customers' minds
product differentiation - ANS✅✅a positioning strategy that some firms use to distinguish their
products from those of competitors.
position - ANS✅✅the place a product, brand, or group of products occupies in consumers' minds
relative to competing offerings.
repositioning - ANS✅✅changing consumers' perceptions of a brand in relation to competing
brands.
decision support system (dss) - ANS✅✅interactive, flexible, computerized information system.
Allows managers to obtain and manipulate info as they are making decisions.
database marketing - ANS✅✅the creation of a large computerized file of customers' and potential
customers' profiles and purchase patterns.
answers graded 100%
market - ANS✅✅people or organizations with needs or wants and the ability and willingness to
buy
market segment - ANS✅✅a subgroup of people or organizations sharing one or more
characteristics that cause them to have similar product needs
cannibalization - ANS✅✅a situation that occurs when sales of a new product cut into sales a firm's
existing products.
market segmentation - ANS✅✅the process of dividing a market into meaningful relatively similar
and identifiable segments or groups.
Criteria for segmentation (when does segmentation make sense) - ANS✅✅Successful market
segmentation depends on 4 basic criteria:
1) a market segment must be substantial and have enough potential customers to be viable.
2) a market segment must be identifiable and measurable
3)members of a market segment must be accessible to marketing efforts.
4) a market segment must respond to particular marketing efforts in a way that distinguishes it from
other efforts.
bases for segmenting, major categories - ANS✅✅geographic segmentation, demographic
segmentation,psychographic segmenation, benefits sought, usage segmentation.
80/20 principle - ANS✅✅a principle holding that 20% of all customers generate 80% of the
demand.
steps for segmenting - ANS✅✅1) selecting a market or product category for study
2) choose a basis for segmenting market.
3) selecting segmenting descriptors
4) profiling and evaluating segments
, 5) selecting target markets
6) designing, implementing, and maintaining appropriate marketing mixes.
target market - ANS✅✅a group of people or organizations for which an organization designs,
implements, and maintains a marketing mix, intended to meet the needs of that group, resulting in
mutually satisfying exchanges.
strategies for selecting target markets - ANS✅✅undifferentiated targeting, concentrated targeting,
multisegment targeting
one to one marketing - ANS✅✅an individualized marketing method that utilizes customer
information to build long-term, personalized, and profitable relationships with each customer.
positioning - ANS✅✅developing a specific marketing mix to influence potential customers' overall
perception of a brand, product line, or organization in general.
perceptual mapping - ANS✅✅a means of displaying or graphing, in 2 or more dimensions, the
location of products, brands, or groups of products in customers' minds
product differentiation - ANS✅✅a positioning strategy that some firms use to distinguish their
products from those of competitors.
position - ANS✅✅the place a product, brand, or group of products occupies in consumers' minds
relative to competing offerings.
repositioning - ANS✅✅changing consumers' perceptions of a brand in relation to competing
brands.
decision support system (dss) - ANS✅✅interactive, flexible, computerized information system.
Allows managers to obtain and manipulate info as they are making decisions.
database marketing - ANS✅✅the creation of a large computerized file of customers' and potential
customers' profiles and purchase patterns.
