MBA 706 STUDY GUIDE EXAM 2025/2026 GRADED A+
QUESTIONS AND 100% ANSWERS
Market segment - Consists of a group of customers who share a similar set of needs and wants
Descriptive characteristics - Geographic, demographic, and psychographic
Behavioural considerations - Consumer responses to benefits, usage occasions, or brands
Geographic segmentation - Divides the market into geographical units such as nations, states,
regions, counties, cities, or neighbourhoods
Grassroots marketing - Activities that concentrate on getting as close and personally relevant to
individual customers as possible
Customer cloning - Assuming the best prospects live where most of the customers already come
from
Demographic segmentation - Divide the market on variables such as age, family size, family life cycle,
gender, income, occupation, education, religion, race, generation, nationality, and social class
Life stage - A person's major concern, such as going through a divorce, going into a second marriage,
taking care of an older parent, deciding to cohabit with another person, deciding to buy a new home,
and so on
Cohort - A generation of people born at the same time
Millenials/Gen Y - Born between 1979 and 1994, aka Echo Boomers, "wired" from birth, have a sense
of entitlement and abundance from growing up during the economic boom and being pampered by
boomer parents, highly socially conscious and concerned about environmental issues,
selective/confident/impatient
Gen X - born 1964-1978, Self-sufficiency and ability to handle any circumstance, technology is an
enabler not a barrier, pragmatic and individualistic, appealed to clear value
, Baby Boomers - born 1946-1964, controls three quarters of country's wealth, actively resisting aging
process, retirement as a new chapter, hate being sold to
Silent Generation - born 1925-1845, redefining old age, interested in active and vibrant lives,
emphasize role as grandparents, demanding and willing to pay full price
Multicultural marketing - An approach recognizing that different ethnic and cultural segments have
sufficiently different needs and wants to require target marketing activities
Psychographics - The science of using psychology and demographics to better understand consumers
Psychographic segmentation - Buyers are divided into different groups on the basis of
psychological/personality traits, lifestyle, or values
Innovators - Successful, sophisticated, take-charge people with high self esteem; purchases often
reflect cultivated tastes for relatively upscale, niche-oriented products/services
Thinkers - Mature, satisfied, and reflective people motivated by ideals and who value order,
knowledge, and responsibility; Seek durability, functionality, and value
Achievers - Successful, goal-oriented people who focus on career and family; favor premium products
that demonstrate success to peers
Experiencers - Young, enthusiastic, impulsive people who seek variety and excitement; spend a
comparatively high proportion of income on fashion, entertainment, and socializing
Believers - Conservative, conventional, and traditional people with concrete beliefs; prefer familiar,
US made products and loyal to established brands
Strivers - Trendy and fun loving people who are resource-constrained; favor stylish products that
emulate the purchases of those with greater material wealth
Makers - Practical, down to earth, self-sufficient people who like to work with their hands; seek US
made products with practical or functional purpose
QUESTIONS AND 100% ANSWERS
Market segment - Consists of a group of customers who share a similar set of needs and wants
Descriptive characteristics - Geographic, demographic, and psychographic
Behavioural considerations - Consumer responses to benefits, usage occasions, or brands
Geographic segmentation - Divides the market into geographical units such as nations, states,
regions, counties, cities, or neighbourhoods
Grassroots marketing - Activities that concentrate on getting as close and personally relevant to
individual customers as possible
Customer cloning - Assuming the best prospects live where most of the customers already come
from
Demographic segmentation - Divide the market on variables such as age, family size, family life cycle,
gender, income, occupation, education, religion, race, generation, nationality, and social class
Life stage - A person's major concern, such as going through a divorce, going into a second marriage,
taking care of an older parent, deciding to cohabit with another person, deciding to buy a new home,
and so on
Cohort - A generation of people born at the same time
Millenials/Gen Y - Born between 1979 and 1994, aka Echo Boomers, "wired" from birth, have a sense
of entitlement and abundance from growing up during the economic boom and being pampered by
boomer parents, highly socially conscious and concerned about environmental issues,
selective/confident/impatient
Gen X - born 1964-1978, Self-sufficiency and ability to handle any circumstance, technology is an
enabler not a barrier, pragmatic and individualistic, appealed to clear value
, Baby Boomers - born 1946-1964, controls three quarters of country's wealth, actively resisting aging
process, retirement as a new chapter, hate being sold to
Silent Generation - born 1925-1845, redefining old age, interested in active and vibrant lives,
emphasize role as grandparents, demanding and willing to pay full price
Multicultural marketing - An approach recognizing that different ethnic and cultural segments have
sufficiently different needs and wants to require target marketing activities
Psychographics - The science of using psychology and demographics to better understand consumers
Psychographic segmentation - Buyers are divided into different groups on the basis of
psychological/personality traits, lifestyle, or values
Innovators - Successful, sophisticated, take-charge people with high self esteem; purchases often
reflect cultivated tastes for relatively upscale, niche-oriented products/services
Thinkers - Mature, satisfied, and reflective people motivated by ideals and who value order,
knowledge, and responsibility; Seek durability, functionality, and value
Achievers - Successful, goal-oriented people who focus on career and family; favor premium products
that demonstrate success to peers
Experiencers - Young, enthusiastic, impulsive people who seek variety and excitement; spend a
comparatively high proportion of income on fashion, entertainment, and socializing
Believers - Conservative, conventional, and traditional people with concrete beliefs; prefer familiar,
US made products and loyal to established brands
Strivers - Trendy and fun loving people who are resource-constrained; favor stylish products that
emulate the purchases of those with greater material wealth
Makers - Practical, down to earth, self-sufficient people who like to work with their hands; seek US
made products with practical or functional purpose
