Marketing 351 Exam 2
Questions and Complete
Solutions Graded A+
set of buyers who have some interest in the product - Answer: Market
measurable, accessible, responsive, and substantial (MARS) - Answer: Segmentation must be
judging how large the market is and how many customers are in that market - Answer: Measureable
judging how to reach and identify your market - Answer: Accessible
the awareness to make the marketing strategy different for each segment - Answer: Responsive
market must be large enough that people buy enough of the product for the firm to be profitable -
Answer: Substantial
very widely used and easy to get - Answer: Demographics used in segmenting the market
for instance: east coast or west coast; small town or big city - Answer: Geographics used in segmenting
the market
when a customers seeks different benefits the same product. Markets for a product may be segmented
based on what customers are seeking from it. - Answer: Benefits-Sought used in segmenting the market
small segment may be buying a large portion of the market (ex: cigarettes or airline tickets) - Answer:
Usage Rate used in segmenting the market
make it so your target market finds your products more appealing - Answer: Product Differrentiation
, how you position your products in the mind of the customer - Answer: Product Positioning
when you change an outdated image appeal... very difficult to do and causes confusion in the minds of
the consumers (not easy to change beliefs and attitudes) - Answer: Repositioning
thrilling vs. functional; upscale vs downscale - Answer: Perceptual Mapping
helps managers make better decisions - Answer: Decision Support Systems (DDS)
"on-going" research about the market and the competition - Answer: Competitive Market Intelligence
need driven; project based on research and relies on data - Answer: Marketing Research
identify and formulate the research problem - Answer: Step 1 in Marketing Research Process
secondary data and planning of primary data collection - Answer: Step 2 in Marketing Research Process
door-to-door, mail (slow!), and telephone - Answer: Primary Data Collection
go get your information from data that has already been gathered (quick and cheap) ... may be outdated
and unreliable though... includes syndicated data - Answer: Secondary Data Collection
sampling procedures (non-probability, and probability) - Answer: Step 3 in Marketing Research Process
convenience, judgement, quota, snow ball - Answer: Non-Probability Sampling
simple (random), stratified, cluster, systematic) - Answer: Probability Sampling
Questions and Complete
Solutions Graded A+
set of buyers who have some interest in the product - Answer: Market
measurable, accessible, responsive, and substantial (MARS) - Answer: Segmentation must be
judging how large the market is and how many customers are in that market - Answer: Measureable
judging how to reach and identify your market - Answer: Accessible
the awareness to make the marketing strategy different for each segment - Answer: Responsive
market must be large enough that people buy enough of the product for the firm to be profitable -
Answer: Substantial
very widely used and easy to get - Answer: Demographics used in segmenting the market
for instance: east coast or west coast; small town or big city - Answer: Geographics used in segmenting
the market
when a customers seeks different benefits the same product. Markets for a product may be segmented
based on what customers are seeking from it. - Answer: Benefits-Sought used in segmenting the market
small segment may be buying a large portion of the market (ex: cigarettes or airline tickets) - Answer:
Usage Rate used in segmenting the market
make it so your target market finds your products more appealing - Answer: Product Differrentiation
, how you position your products in the mind of the customer - Answer: Product Positioning
when you change an outdated image appeal... very difficult to do and causes confusion in the minds of
the consumers (not easy to change beliefs and attitudes) - Answer: Repositioning
thrilling vs. functional; upscale vs downscale - Answer: Perceptual Mapping
helps managers make better decisions - Answer: Decision Support Systems (DDS)
"on-going" research about the market and the competition - Answer: Competitive Market Intelligence
need driven; project based on research and relies on data - Answer: Marketing Research
identify and formulate the research problem - Answer: Step 1 in Marketing Research Process
secondary data and planning of primary data collection - Answer: Step 2 in Marketing Research Process
door-to-door, mail (slow!), and telephone - Answer: Primary Data Collection
go get your information from data that has already been gathered (quick and cheap) ... may be outdated
and unreliable though... includes syndicated data - Answer: Secondary Data Collection
sampling procedures (non-probability, and probability) - Answer: Step 3 in Marketing Research Process
convenience, judgement, quota, snow ball - Answer: Non-Probability Sampling
simple (random), stratified, cluster, systematic) - Answer: Probability Sampling
