MARKETING 201 - MIDTERM 2 UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

MARKETING 201 - MIDTERM 2 UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
Diving a market into separate groups (ask "who could
we exchange with?")
Answer:
Segmentation

Question:
Geographic Segmentation
Answer:
Based on differences in geographic regions,
population density, population size, or climate
(LEAST ACCURATE, LEAST EXPENSIVE)

Question:
Demographic Segmentation
Answer:
Based on differences in age, gender, income, level of
education, social class, family composition, religion, or
ethnicity

Question:
Psychographic Segmentation
Answer:
Based on differences in personality, motives, or
lifestyle

Question:
Behavioral Segmentation
Answer:
Based on benefits and usage situations
(MOST ACCURATE, MOST EXPENSIVE)

Question:
Types of Behavioral Segmentation
Answer:
Brand-loyal shoppers - high brand sensitivity, low
price sensitivity
Deal shoppers - high brand sensitivity, high price
sensitivity
Price shoppers - low brand sensitivity, high price
sensitivity
Convenience shoppers - low brand sensitivity, low
price sensitivity

, Question:
5 characteristics of a good
segmentation plan
Answer:
Measurable - individuals can be assigned a segment
and counted
Accessible - individuals in segment can be reached
Durable - membership is constant
Substantial - segment is large enough for profit
Unique needs - needs are homogeneous in segments
and hetero across segments

Question:
Segmentation Matrix
Answer:
Differentiates a type of product by different
characteristics and compares them

Question:
Person by situation matrix
Answer:




Question:
Criteria for selecting segments
Answer:
Market size
Expected growth
Competitive position
Cost to reach
Maximize company profit

Question:
Positioning
Answer:
Developing a unique selling prop for the targeted
groups and delivering on it

Question: