UTK Marketing 300 Exam 1 Questions
and Answers
market segmentation - ANSWER-dividing a market into distinct groups of buyers
who have different needs, characteristics, or behaviors, and who might require
separate products or marketing programs
market segment - ANSWER-group of customers who respond in a similar way given
a set of marketing efforts
market targeting - ANSWER-evaluating each market segment's attractiveness and
selecting one or more segments to enter
differentiation - ANSWER-actually differentiating the market offering to create
superior customer value. (once the company has taken this position, it must take
strong steps to deliver and communicate that position to target customers).
positioning - ANSWER-arranging for a product to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of the target consumers.
Marketing Information System - ANSWER-consists of people and procedures for:
1. assessing information needs
2. developing the needed information
3. helping decision makers to use the information
4. to generate and validate actionable customer and market insights
internal databases - ANSWER-collections of consumer and market information
obtained from data sources within the company network.
competitive marketing intelligence - ANSWER-systematic monitoring, collection, and
analysis of information about consumers, competitors, and developments in the
marketing environment.
marketing research - ANSWER-systematic design, collection, analysis, and reporting
of data relavent to a specific marketing situation facing an organization.
marketing research process - ANSWER-1. defining the problem and research
objectives
2. developing the research plan for collecting information
3. implementing the research plan - collecting & analyzing the data
4. interpreting & reporting the findings
Quantitative Data collection methods - ANSWER--telephone survey
, -pen & paper survey
-web-based survey
-face-to-face survey
-mall intercepts
Qualitative Data collection methods - ANSWER--focus groups
-depth interviews
-ethnographic research
marketing analytics - ANSWER-the analysis tools, technologies, and processes by
which marketers dig out meaningful patterns in big data to gain customer insights
and gauge marketing performance.
big data - ANSWER-refers to the huge and complex data sets generated by today's
sophisticated information generation, collection, storage, and analysis technologies.
(90% generated in the last 2 years).
internal database - ANSWER-electronic collections of customers marketing
information obtained from data sources within the company network.
consumer buyer decision process - ANSWER-1. need recognition
2. information research
3. evaluation of alternatives
4. purchase decision
5. post-purchase behavior
segmentation - ANSWER-divide the total market into smaller segments
targeting - ANSWER-select the segment or segments to enter
differentiation - ANSWER-differentiate the market offering to create superior
customer value
geographic segmentation - ANSWER-
demographic segmentation - ANSWER-age, life-cycle stage, gender income,
occupation, education, religion, ethnicity, gemeration.
psychographic segmentation - ANSWER-social class, lifestyle, personality
behavioral segmentation - ANSWER-occasions, benefits, user status, usage rate,
loyalty status
requirements for effective segmentation - ANSWER-1. Measureable
2. Accessible
3. Substancial
4. Differentiable
5. Actionable
and Answers
market segmentation - ANSWER-dividing a market into distinct groups of buyers
who have different needs, characteristics, or behaviors, and who might require
separate products or marketing programs
market segment - ANSWER-group of customers who respond in a similar way given
a set of marketing efforts
market targeting - ANSWER-evaluating each market segment's attractiveness and
selecting one or more segments to enter
differentiation - ANSWER-actually differentiating the market offering to create
superior customer value. (once the company has taken this position, it must take
strong steps to deliver and communicate that position to target customers).
positioning - ANSWER-arranging for a product to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of the target consumers.
Marketing Information System - ANSWER-consists of people and procedures for:
1. assessing information needs
2. developing the needed information
3. helping decision makers to use the information
4. to generate and validate actionable customer and market insights
internal databases - ANSWER-collections of consumer and market information
obtained from data sources within the company network.
competitive marketing intelligence - ANSWER-systematic monitoring, collection, and
analysis of information about consumers, competitors, and developments in the
marketing environment.
marketing research - ANSWER-systematic design, collection, analysis, and reporting
of data relavent to a specific marketing situation facing an organization.
marketing research process - ANSWER-1. defining the problem and research
objectives
2. developing the research plan for collecting information
3. implementing the research plan - collecting & analyzing the data
4. interpreting & reporting the findings
Quantitative Data collection methods - ANSWER--telephone survey
, -pen & paper survey
-web-based survey
-face-to-face survey
-mall intercepts
Qualitative Data collection methods - ANSWER--focus groups
-depth interviews
-ethnographic research
marketing analytics - ANSWER-the analysis tools, technologies, and processes by
which marketers dig out meaningful patterns in big data to gain customer insights
and gauge marketing performance.
big data - ANSWER-refers to the huge and complex data sets generated by today's
sophisticated information generation, collection, storage, and analysis technologies.
(90% generated in the last 2 years).
internal database - ANSWER-electronic collections of customers marketing
information obtained from data sources within the company network.
consumer buyer decision process - ANSWER-1. need recognition
2. information research
3. evaluation of alternatives
4. purchase decision
5. post-purchase behavior
segmentation - ANSWER-divide the total market into smaller segments
targeting - ANSWER-select the segment or segments to enter
differentiation - ANSWER-differentiate the market offering to create superior
customer value
geographic segmentation - ANSWER-
demographic segmentation - ANSWER-age, life-cycle stage, gender income,
occupation, education, religion, ethnicity, gemeration.
psychographic segmentation - ANSWER-social class, lifestyle, personality
behavioral segmentation - ANSWER-occasions, benefits, user status, usage rate,
loyalty status
requirements for effective segmentation - ANSWER-1. Measureable
2. Accessible
3. Substancial
4. Differentiable
5. Actionable
