BUAD 332 Exam 2 | 89 QUESTIONS AND
CORRECT ANSWERS (GRADED A+) |
NEW UPDATE 2025
Goal of Customer- Driven marketing strategy - ANSWER to create VALUE for
targeted customers
Market Segmentation - ANSWER Dividing a market into smaller groups with
distinct needs, characteristics, or behaviors that might require separate marketing
strategies or mixes.
(taking heterogeneous customers and dividing them into more homogeneous
groups)
selecting customers to serve - ANSWER - "Who is our customer?"
-Selecting customers to serve using segmentation and targeting
-We cannot make any other decisions as marketers until we figure this out.
deciding on a value proposition - ANSWER -"What do our customers think
about when they think of us?"
-Differentiation and Positioning
Key market segmentation variables - ANSWER -geographic (region, state,
density, climate)
-demographic (gender, age, etc)
-psychographic
,-behavioral
(no single way to segment is best. often we combine MORE THAN ONE)
demographic segmentation - ANSWER dividing the market into segments
based on variables such as age, life-cycle stage, gender, income, occupation,
education, religion, ethnicity, and generation.
MOST POPULAR basis for segmentation
easier to measure than most variables
gender segmentation - ANSWER -often requires different products variations
for men and women.
-neglected segments can offer new opportunities
Income segmentation - ANSWER Identifies and targets the affluent for luxury
goods.
People with lower levels can be a lucrative market.
Some manufacturers have different grades of products for different markets.
(Honda and Acura)
psychographic segmentation - ANSWER Dividing a market into different groups
based on social class, lifestyle, or personality characteristics.
, Behavioral Segmentation - ANSWER Dividing buyers into groups based on
consumer attitudes, uses, or responses to a product
(ex: non-users, ex users, first-time users
light usage, medium usage, heavy usage
loyalty status)
Multiple Segmentation - ANSWER -Marketers will frequently use more than
one segmentation variable
-Use bases in order to identify smaller, better-defined target groups.
-Start with a single base and then expand to other bases.
-The goal: Create a homogeneous customer group that might be a good target for
marketing activity
Segmenting Business Markets - ANSWER -use many of the same variables as
consumer marktetsfor segmentation.
-can also use:
Operating characteristics
CORRECT ANSWERS (GRADED A+) |
NEW UPDATE 2025
Goal of Customer- Driven marketing strategy - ANSWER to create VALUE for
targeted customers
Market Segmentation - ANSWER Dividing a market into smaller groups with
distinct needs, characteristics, or behaviors that might require separate marketing
strategies or mixes.
(taking heterogeneous customers and dividing them into more homogeneous
groups)
selecting customers to serve - ANSWER - "Who is our customer?"
-Selecting customers to serve using segmentation and targeting
-We cannot make any other decisions as marketers until we figure this out.
deciding on a value proposition - ANSWER -"What do our customers think
about when they think of us?"
-Differentiation and Positioning
Key market segmentation variables - ANSWER -geographic (region, state,
density, climate)
-demographic (gender, age, etc)
-psychographic
,-behavioral
(no single way to segment is best. often we combine MORE THAN ONE)
demographic segmentation - ANSWER dividing the market into segments
based on variables such as age, life-cycle stage, gender, income, occupation,
education, religion, ethnicity, and generation.
MOST POPULAR basis for segmentation
easier to measure than most variables
gender segmentation - ANSWER -often requires different products variations
for men and women.
-neglected segments can offer new opportunities
Income segmentation - ANSWER Identifies and targets the affluent for luxury
goods.
People with lower levels can be a lucrative market.
Some manufacturers have different grades of products for different markets.
(Honda and Acura)
psychographic segmentation - ANSWER Dividing a market into different groups
based on social class, lifestyle, or personality characteristics.
, Behavioral Segmentation - ANSWER Dividing buyers into groups based on
consumer attitudes, uses, or responses to a product
(ex: non-users, ex users, first-time users
light usage, medium usage, heavy usage
loyalty status)
Multiple Segmentation - ANSWER -Marketers will frequently use more than
one segmentation variable
-Use bases in order to identify smaller, better-defined target groups.
-Start with a single base and then expand to other bases.
-The goal: Create a homogeneous customer group that might be a good target for
marketing activity
Segmenting Business Markets - ANSWER -use many of the same variables as
consumer marktetsfor segmentation.
-can also use:
Operating characteristics
