mgt 103 final exam | Questions & Answers (100 %Score) Latest Updated 2024/2025
Comprehensive Questions A+ Graded Answers | With Expert Solutions
Market segmentation involves aggregating prospective buyers into groups that have two key
characteristics, what are they? - common needs and similar response to marketing action
in terms of market segments and products, what are the three market segmentation strategies? - 1 one
product, multiple market segments
2 multiple products multiple segments
3 segments of one, aka mass customizaton
The process of segmenting and targeting markets is a bridge between which two marketing activities? -
identifying market needs and executing the marketing program
what is the difference between the demographic and behavioral bases of market segmentation -
demographic segmentation is based on some objective physical, measurable, or other classification.
Behavioral segmentation is based on some observable actions, where they buy, what benefits they seek.
what factor is estimated or measured for each of the cells in a market-product grid - each cell in the grid
can show the estimated market size of a given product sold to a specific market segmentation.
what are some criteria used to decide which segment to choose for targets? - possible criteria include
market size, expected growth, competitive position, etc
How are marketing and product synergies different in a market-product grid? - marketing synergies run
horizontally across a market product grid. each row represents an oppourtunity for efficiency in the
marketing efforts to a market segment.
what is the difference between product positioning and product repositioning - product positions refers
to the place a product occupies in consumers minds. product repositioning involves changing the place a
product occupies in a customers mind relative to competitors.
,Why do marketers use perceptual maps in product positioning decisions? - perceptual maps are a means
of displaying in two dimensions the location of products or brands in the minds of customers
80/20 rule - 20% of users account for 80% of sales
Market Segmentation - the process of dividing a market into meaningful, relatively similar, and
identifiable segments or groups
usage rate - the quantity consumed or the number of store visits during a specific period
what are the four main types of consumer products - They are: (1) convenience products—items that
the consumer purchases frequently, conveniently, and with a minimum of shopping effort; (2) shopping
products—items for which the consumer compares several alternatives on criteria such as price, quality,
or style; (3) specialty products—items that the consumer makes a special effort to search out and buy;
and (4) unsought products—items that the consumer does not know about or knows about but does not
initially want.
what is the difference between a product line and a product mix - a product line is a group of products
or service items that are closely related because they satisfy a class of needs, are used together, etc. a
product mix is all of the products lines offered by an organization
What kind of innovation would an improved electric toothbrush be? - continuous innovation - no new
learning required by consumers
Why can an "insignificant point of difference" lead to new-product failure? - the product must have
superior characteristics that deliver unique benefits to the user compared to those of competitors that
must be sufficient enough to motivate a change in consumer behavior.
what marketing metric might you use in a marketing dashboard to discover which states have weak
sales? - the marketing metric "annual percentage change in unit volume by state" will help
what is the new product strategy development stage in the new product development process - both
SWOT analysis and environmental scanning to asses its strengths and weaknesses
, what are the main sources of new product ideas? - 1:employee and coworkers suggestions
2:customer and supplier suggestion
3:r&d labs
4:analysis of competitors products
5: smaller tech firms
What is a test market, and what are the three kinds? - test marketing involves offering a product for sale
on a limited basis in a defined area for a specific time period
1) standard
2)controlled
3)simulated
what is the commercialization of a new product? - Commercialization, the most expensive stage for
most new products, is the last stage of the new-product process that involves positioning and launching
a new product in full-scale production and sales.
idea generation - the systematic search for new product ideas
convenience products - items that the consumer purchases frequently, conveniently, and with a
minimum of shopping effort
shopping products - items for which the consumer compares several alternatives on criteria such as
price, quality, or style
specialty products - items with unique characteristics that buyers are willing to expend considerable
effort to obtain
unsought products - items that the consumer does not know about or knows about but does not initially
want
advertising plays a major role in the _____ stage of the product life cycle, and ___________ plays a
major role in maturity - introduction ;product differentiation or finding new buyers
Comprehensive Questions A+ Graded Answers | With Expert Solutions
Market segmentation involves aggregating prospective buyers into groups that have two key
characteristics, what are they? - common needs and similar response to marketing action
in terms of market segments and products, what are the three market segmentation strategies? - 1 one
product, multiple market segments
2 multiple products multiple segments
3 segments of one, aka mass customizaton
The process of segmenting and targeting markets is a bridge between which two marketing activities? -
identifying market needs and executing the marketing program
what is the difference between the demographic and behavioral bases of market segmentation -
demographic segmentation is based on some objective physical, measurable, or other classification.
Behavioral segmentation is based on some observable actions, where they buy, what benefits they seek.
what factor is estimated or measured for each of the cells in a market-product grid - each cell in the grid
can show the estimated market size of a given product sold to a specific market segmentation.
what are some criteria used to decide which segment to choose for targets? - possible criteria include
market size, expected growth, competitive position, etc
How are marketing and product synergies different in a market-product grid? - marketing synergies run
horizontally across a market product grid. each row represents an oppourtunity for efficiency in the
marketing efforts to a market segment.
what is the difference between product positioning and product repositioning - product positions refers
to the place a product occupies in consumers minds. product repositioning involves changing the place a
product occupies in a customers mind relative to competitors.
,Why do marketers use perceptual maps in product positioning decisions? - perceptual maps are a means
of displaying in two dimensions the location of products or brands in the minds of customers
80/20 rule - 20% of users account for 80% of sales
Market Segmentation - the process of dividing a market into meaningful, relatively similar, and
identifiable segments or groups
usage rate - the quantity consumed or the number of store visits during a specific period
what are the four main types of consumer products - They are: (1) convenience products—items that
the consumer purchases frequently, conveniently, and with a minimum of shopping effort; (2) shopping
products—items for which the consumer compares several alternatives on criteria such as price, quality,
or style; (3) specialty products—items that the consumer makes a special effort to search out and buy;
and (4) unsought products—items that the consumer does not know about or knows about but does not
initially want.
what is the difference between a product line and a product mix - a product line is a group of products
or service items that are closely related because they satisfy a class of needs, are used together, etc. a
product mix is all of the products lines offered by an organization
What kind of innovation would an improved electric toothbrush be? - continuous innovation - no new
learning required by consumers
Why can an "insignificant point of difference" lead to new-product failure? - the product must have
superior characteristics that deliver unique benefits to the user compared to those of competitors that
must be sufficient enough to motivate a change in consumer behavior.
what marketing metric might you use in a marketing dashboard to discover which states have weak
sales? - the marketing metric "annual percentage change in unit volume by state" will help
what is the new product strategy development stage in the new product development process - both
SWOT analysis and environmental scanning to asses its strengths and weaknesses
, what are the main sources of new product ideas? - 1:employee and coworkers suggestions
2:customer and supplier suggestion
3:r&d labs
4:analysis of competitors products
5: smaller tech firms
What is a test market, and what are the three kinds? - test marketing involves offering a product for sale
on a limited basis in a defined area for a specific time period
1) standard
2)controlled
3)simulated
what is the commercialization of a new product? - Commercialization, the most expensive stage for
most new products, is the last stage of the new-product process that involves positioning and launching
a new product in full-scale production and sales.
idea generation - the systematic search for new product ideas
convenience products - items that the consumer purchases frequently, conveniently, and with a
minimum of shopping effort
shopping products - items for which the consumer compares several alternatives on criteria such as
price, quality, or style
specialty products - items with unique characteristics that buyers are willing to expend considerable
effort to obtain
unsought products - items that the consumer does not know about or knows about but does not initially
want
advertising plays a major role in the _____ stage of the product life cycle, and ___________ plays a
major role in maturity - introduction ;product differentiation or finding new buyers
