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MBA MFT Study Cards Questions and Answers with
Solutions UPDATED!!!
major segmentation variables (4) - ANSWER (1) geographic, (2)
demographic, (3) psychographic, (4) behavioral
penetrated market - ANSWER set of customers who are buying
the company's product
target market - ANSWER qualified available market the
company decides to pursue
available market - ANSWER set of consumers who have interest,
income, and access to a particular offer
potential market - ANSWER set of consumer with a sufficient
level of interest in a market offer
corporate culture - ANSWER shared experiences, stories,
beliefs, & norms that characterize an organization
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strategic marketing plan - ANSWER lays out the target market
and the firm's value proposition, based on an analysis of the
best market opportunities
5 stages of consumer buying process decision process -
ANSWER (1) need recognition, (2) information search, (3)
evaluation of alternatives, (4) purchase decision, (5) post-
purchase behavior
8 steps of business purchasing process - ANSWER (1) identify
need, (2) select specific product, (3) appoint purchase team, (4)
specify technicalities, (5) budget for purchase, (6) research
potential suppliers, (7) solicit bids, (8) award contracts
4 factors influencing consumer behavior - ANSWER (1) cultural,
(2) social, (3) personal, (4) psychological
4 factors that influence business purchasing behavior - ANSWER
(1) environmental, (2) organizational, (3) interpersonal, (4)
individual
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competitive intelligence - ANSWER defining, gathering,
analyzing, & distributing intelligence about products,
customers, competitors, and any aspects of the environment
needed to support executives & managers making strategic
decisions for an organization
managerial decision making process steps (6) - ANSWER (1)
establish the objective, (2) define the problem, (3) identify
possible solutions, (4) evaluate alternative courses of action, (5)
implement the decision, (6) acquire feedback
8 major models of marketing communication - ANSWER (1)
advertising, (2) sales promotion, (3) events & experiences, (4)
public relations & publicity, (5) direct marketing, (6) interactive
marketing, (7) word-of-mouth marketing, (8) personal selling
pull strategy - ANSWER the manufacturer uses advertising and
other communication to persuade consumers to demand the
product from intermediaries, thus inducing intermediaries to
order it
push strategy - ANSWER uses the manufacturer's sales force,
trade promotion money, or other means to induce
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intermediaries to carry, promote, & sell the product to end
users
points-of-parity (POPs) - ANSWER attributes or benefit
associations that are not necessarily unique to the brand but
may be shared with other brands
points-of-difference (PODs) - ANSWER attributes of benefits
that consumers strongly associate with a brand, positively
evaluate, and believe they could NOT find to the same extent
with a competitive brand
posititioning - ANSWER the act of designing a company's
offering and image to occupy a distinctive place in the minds of
the target market
supersegment - ANSWER set of segments sharing some
exploitable similarity
5 key criteria market segments must rate favorably on to be
useful - ANSWER (1) measurable, (2) sustainable, (3) accessible,
(4) differentiable, (5) actionable
MBA MFT Study Cards Questions and Answers with
Solutions UPDATED!!!
major segmentation variables (4) - ANSWER (1) geographic, (2)
demographic, (3) psychographic, (4) behavioral
penetrated market - ANSWER set of customers who are buying
the company's product
target market - ANSWER qualified available market the
company decides to pursue
available market - ANSWER set of consumers who have interest,
income, and access to a particular offer
potential market - ANSWER set of consumer with a sufficient
level of interest in a market offer
corporate culture - ANSWER shared experiences, stories,
beliefs, & norms that characterize an organization
, Page |2
strategic marketing plan - ANSWER lays out the target market
and the firm's value proposition, based on an analysis of the
best market opportunities
5 stages of consumer buying process decision process -
ANSWER (1) need recognition, (2) information search, (3)
evaluation of alternatives, (4) purchase decision, (5) post-
purchase behavior
8 steps of business purchasing process - ANSWER (1) identify
need, (2) select specific product, (3) appoint purchase team, (4)
specify technicalities, (5) budget for purchase, (6) research
potential suppliers, (7) solicit bids, (8) award contracts
4 factors influencing consumer behavior - ANSWER (1) cultural,
(2) social, (3) personal, (4) psychological
4 factors that influence business purchasing behavior - ANSWER
(1) environmental, (2) organizational, (3) interpersonal, (4)
individual
, Page |3
competitive intelligence - ANSWER defining, gathering,
analyzing, & distributing intelligence about products,
customers, competitors, and any aspects of the environment
needed to support executives & managers making strategic
decisions for an organization
managerial decision making process steps (6) - ANSWER (1)
establish the objective, (2) define the problem, (3) identify
possible solutions, (4) evaluate alternative courses of action, (5)
implement the decision, (6) acquire feedback
8 major models of marketing communication - ANSWER (1)
advertising, (2) sales promotion, (3) events & experiences, (4)
public relations & publicity, (5) direct marketing, (6) interactive
marketing, (7) word-of-mouth marketing, (8) personal selling
pull strategy - ANSWER the manufacturer uses advertising and
other communication to persuade consumers to demand the
product from intermediaries, thus inducing intermediaries to
order it
push strategy - ANSWER uses the manufacturer's sales force,
trade promotion money, or other means to induce
, Page |4
intermediaries to carry, promote, & sell the product to end
users
points-of-parity (POPs) - ANSWER attributes or benefit
associations that are not necessarily unique to the brand but
may be shared with other brands
points-of-difference (PODs) - ANSWER attributes of benefits
that consumers strongly associate with a brand, positively
evaluate, and believe they could NOT find to the same extent
with a competitive brand
posititioning - ANSWER the act of designing a company's
offering and image to occupy a distinctive place in the minds of
the target market
supersegment - ANSWER set of segments sharing some
exploitable similarity
5 key criteria market segments must rate favorably on to be
useful - ANSWER (1) measurable, (2) sustainable, (3) accessible,
(4) differentiable, (5) actionable
