MGT 103 - Week 3 Lecture Exam Questions
and Answers with Verified Solutions | Latest
Updated 2026
Market Segmentation Is the process of dividing a market into
groups of
similar consumers. This process enables
the firm to
select the most appropriate group or
groups to
serve.
Identify Market Needs 1. Group potential buyers into segments
2. Group products sold into categories
3. Develop a market-product grid and
estimate size
of markets
4. Select target Markets
5. Take marketing actions to reach target
markets
Product Positioning The process marketers use to determine
how best
to communicate their products' benefits to
target
customers and satisfy those customer
wants and
needs
, Demographic Variables Demo means "people'; these variables are
useful
when describing populations; e.g., age,
sex,
ethnicity, socioeconomic status, percent
urban, etc.
Psychographic Variables Psyche means "mind" or "spirit"; these
variables are
useful when describing the psychological
structure
of individuals; e.g., activities, interests,
opinions,
values, attitudes, lifestyles, etc.
Purchasing Behavior What are the types of items and frequency
of
purchase for a typical group of
consumers?
and Answers with Verified Solutions | Latest
Updated 2026
Market Segmentation Is the process of dividing a market into
groups of
similar consumers. This process enables
the firm to
select the most appropriate group or
groups to
serve.
Identify Market Needs 1. Group potential buyers into segments
2. Group products sold into categories
3. Develop a market-product grid and
estimate size
of markets
4. Select target Markets
5. Take marketing actions to reach target
markets
Product Positioning The process marketers use to determine
how best
to communicate their products' benefits to
target
customers and satisfy those customer
wants and
needs
, Demographic Variables Demo means "people'; these variables are
useful
when describing populations; e.g., age,
sex,
ethnicity, socioeconomic status, percent
urban, etc.
Psychographic Variables Psyche means "mind" or "spirit"; these
variables are
useful when describing the psychological
structure
of individuals; e.g., activities, interests,
opinions,
values, attitudes, lifestyles, etc.
Purchasing Behavior What are the types of items and frequency
of
purchase for a typical group of
consumers?
