MKTG 351 Exam 2 Questions
and Complete Solutions
Graded A+
target market - Answer: a set of buyers who have some interest in the product and ability to buy
MARS segmentation - Answer: Measurable: the size of the segments marketers wish to target
Accessible: the segments should be easy to find
Responsiveness: is 2 segments respond the same way there is no need to split them up
Substantial: each segment should be large enough that a meaningful market strategy can be devised to
be profitable
Bases for Segmenting Consumer Markets - Answer: demographic, psychographic, geographic, benefit
sought, usage rate
Bases for Segmenting Business markets - Answer: Often segmented based on company characteristics
and buying process; company size, type of company, nature of industry, geographical location, etc.
undifferentiated market - Answer: segments are practically ignored and a company may decide to go
after the entire market (rarely succeeds)
Concentrated (niche) market - Answer: going after a single segment
Multisegment targeting - Answer: companies offer different brands for different segments
product differentiation - Answer: a way to distinguish a product from competitors
product positioning - Answer: how consumers perceive the brand
, perceptual mapping - Answer: a technique used to picture the relative position of products on two or
more product dimensions important to consumer purchase decisions
STP - Answer: Segmentation, Targeting, Positioning
Exploratory research - Answer: gives a fee for the situation, findings are not conclusive; 1st step to other
types of research
small samples, focus groups, open-ended questions
Descriptive research - Answer: Describes characteristics of the market in a conclusive manner
large samples, close-ended questions, probability sampling, surveys
Performance Monitoring research - Answer: tracks a company's or brand's performance over time, with
indicators such as sales, market share, and customer satisfaction
casual research - Answer: aims at establishing causality, experiments, variables held constant
cause and effect relationships (more ads = more sales)
Marketing research process - Answer: 1. Identify and formulate the problem/ opportunity
2. Plan the research design and gather secondary (already published) data
3. Specify the sampling procedures
4. Collect primary data
5. Analyze the data
6. Prepare and present the report
7. Follow up
and Complete Solutions
Graded A+
target market - Answer: a set of buyers who have some interest in the product and ability to buy
MARS segmentation - Answer: Measurable: the size of the segments marketers wish to target
Accessible: the segments should be easy to find
Responsiveness: is 2 segments respond the same way there is no need to split them up
Substantial: each segment should be large enough that a meaningful market strategy can be devised to
be profitable
Bases for Segmenting Consumer Markets - Answer: demographic, psychographic, geographic, benefit
sought, usage rate
Bases for Segmenting Business markets - Answer: Often segmented based on company characteristics
and buying process; company size, type of company, nature of industry, geographical location, etc.
undifferentiated market - Answer: segments are practically ignored and a company may decide to go
after the entire market (rarely succeeds)
Concentrated (niche) market - Answer: going after a single segment
Multisegment targeting - Answer: companies offer different brands for different segments
product differentiation - Answer: a way to distinguish a product from competitors
product positioning - Answer: how consumers perceive the brand
, perceptual mapping - Answer: a technique used to picture the relative position of products on two or
more product dimensions important to consumer purchase decisions
STP - Answer: Segmentation, Targeting, Positioning
Exploratory research - Answer: gives a fee for the situation, findings are not conclusive; 1st step to other
types of research
small samples, focus groups, open-ended questions
Descriptive research - Answer: Describes characteristics of the market in a conclusive manner
large samples, close-ended questions, probability sampling, surveys
Performance Monitoring research - Answer: tracks a company's or brand's performance over time, with
indicators such as sales, market share, and customer satisfaction
casual research - Answer: aims at establishing causality, experiments, variables held constant
cause and effect relationships (more ads = more sales)
Marketing research process - Answer: 1. Identify and formulate the problem/ opportunity
2. Plan the research design and gather secondary (already published) data
3. Specify the sampling procedures
4. Collect primary data
5. Analyze the data
6. Prepare and present the report
7. Follow up
