MKTG 351 Exam 2 questions with answers |\ |\ |\ |\ |\ |\
target market - CORRECT ANSWERS ✔✔a set of buyers who have
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some interest in the product and ability to buy
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MARS segmentation - CORRECT ANSWERS ✔✔Measurable: the
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size of the segments marketers wish to target
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Accessible: the segments should be easy to find
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Responsiveness: is 2 segments respond the same way there is no |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
need to split them up
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Substantial: each segment should be large enough that a
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meaningful market strategy can be devised to be profitable
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Bases for Segmenting Consumer Markets - CORRECT ANSWERS
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✔✔demographic, psychographic, geographic, benefit sought, |\ |\ |\ |\ |\
usage rate |\
Bases for Segmenting Business markets - CORRECT ANSWERS
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✔✔Often segmented based on company characteristics and
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buying process; company size, type of company, nature of
|\ |\ |\ |\ |\ |\ |\ |\ |\
industry, geographical location, etc.
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undifferentiated market - CORRECT ANSWERS ✔✔segments are |\ |\ |\ |\ |\ |\ |\
practically ignored and a company may decide to go after the
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entire market (rarely succeeds)
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, Concentrated (niche) market - CORRECT ANSWERS ✔✔going after
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a single segment
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Multisegment targeting - CORRECT ANSWERS ✔✔companies offer|\ |\ |\ |\ |\ |\
different brands for different segments
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product differentiation - CORRECT ANSWERS ✔✔a way to
|\ |\ |\ |\ |\ |\ |\ |\
distinguish a product from competitors |\ |\ |\ |\
product positioning - CORRECT ANSWERS ✔✔how consumers
|\ |\ |\ |\ |\ |\ |\
perceive the brand |\ |\
perceptual mapping - CORRECT ANSWERS ✔✔a technique used
|\ |\ |\ |\ |\ |\ |\ |\
to picture the relative position of products on two or more
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
product dimensions important to consumer purchase decisions
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STP - CORRECT ANSWERS ✔✔Segmentation, Targeting,
|\ |\ |\ |\ |\ |\
Positioning
Exploratory research - CORRECT ANSWERS ✔✔gives a fee for the
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situation, findings are not conclusive; 1st step to other types of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
research |\
small samples, focus groups, open-ended questions
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Descriptive research - CORRECT ANSWERS ✔✔Describes
|\ |\ |\ |\ |\ |\
characteristics of the market in a conclusive manner |\ |\ |\ |\ |\ |\ |\
target market - CORRECT ANSWERS ✔✔a set of buyers who have
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
some interest in the product and ability to buy
|\ |\ |\ |\ |\ |\ |\ |\
MARS segmentation - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\
✔✔demographic, psychographic, geographic, benefit sought, |\ |\ |\ |\ |\
usage rate |\
Bases for Segmenting Business markets - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\
✔✔Often segmented based on company characteristics and
|\ |\ |\ |\ |\ |\ |\
buying process; company size, type of company, nature of
|\ |\ |\ |\ |\ |\ |\ |\ |\
industry, geographical location, etc.
|\ |\ |\
undifferentiated market - CORRECT ANSWERS ✔✔segments are |\ |\ |\ |\ |\ |\ |\
practically ignored and a company may decide to go after the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
entire market (rarely succeeds)
|\ |\ |\
, Concentrated (niche) market - CORRECT ANSWERS ✔✔going after
|\ |\ |\ |\ |\ |\ |\
a single segment
|\ |\ |\
Multisegment targeting - CORRECT ANSWERS ✔✔companies offer|\ |\ |\ |\ |\ |\
different brands for different segments
|\ |\ |\ |\ |\
product differentiation - CORRECT ANSWERS ✔✔a way to
|\ |\ |\ |\ |\ |\ |\ |\
distinguish a product from competitors |\ |\ |\ |\
product positioning - CORRECT ANSWERS ✔✔how consumers
|\ |\ |\ |\ |\ |\ |\
perceive the brand |\ |\
perceptual mapping - CORRECT ANSWERS ✔✔a technique used
|\ |\ |\ |\ |\ |\ |\ |\
to picture the relative position of products on two or more
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
product dimensions important to consumer purchase decisions
|\ |\ |\ |\ |\ |\
STP - CORRECT ANSWERS ✔✔Segmentation, Targeting,
|\ |\ |\ |\ |\ |\
Positioning
Exploratory research - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔Describes
|\ |\ |\ |\ |\ |\
characteristics of the market in a conclusive manner |\ |\ |\ |\ |\ |\ |\
