MKT 305 Exam queries and answers
graded A+
Market segmentation - ANS✅✅aggregates potential buyers into groups that have common needs
and will respond similarly to a marketing action.
Market segments - ANS✅✅the relatively homogeneous groups of prospective buyers that result
from the market segmentation process
product differentiation - ANS✅✅the strategy of using different marketing mix activities to help
consumers perceive a product as being different and better than competing products.
step 1 in segmenting and targeting markets - ANS✅✅group potential buyers into segments
- geographic segmentation (Region)
-demographic segmentation (household size)
-Psycho graphic segmentation (Lifestyle)
-Behavioral segmentation (Product features)
step 2 in segmenting and targeting markets - ANS✅✅Group products to be sold into categories
- things can be sold separate but they can also be grouped and sold together an example of this
selling a single burger or frosty from Wendy's but ones these are put together with others they are
then a meal.
step 3 in segmenting and targeting markets - ANS✅✅Develop a market-product grid and estimate
size of markets
-first develop a market product grid which is identifying and labeling the market or grouping
products.
- estimate the size of the market is as it sound you estimate how many people are going to be in a
specific market.
step 4 in segmenting and targeting markets - ANS✅✅Select target markets
-Market size
- expected growth
, -competitive advantage
-cost of reaching the segment
-compatibility with the organizations objectives and resources
step 5 in segmenting and targeting markets - ANS✅✅Take marketing action to reach target
markets
-day commuters
-Between meal snacks
-dinners to night communters
product positioning - ANS✅✅The place a product occupies in consumers minds based on
important features relative to competitive products
product repositioning - ANS✅✅changing the place a product occupies in consumers minds relative
to competitors products
Two approaches to product reposentioning - ANS✅✅1.head to head positioning
-competind directly with compeditiors on similar product attributes in the same large target market.
2.Differentiation positioning
-seeks a less competitive, smaller market niche in which to locate a brand.
perpetual map - ANS✅✅A means of displaying the position of products or brands in consumers
minds
Product - ANS✅✅A good, service, or idea consisting of tangible and intangible features that
satisfies consumers needs and is recived in exchange for money or something else of value
services - ANS✅✅intangible activities or benefits that an organization provides to satisfy
consumers needs in exchange for money or something else of value.
consumer products - ANS✅✅products purchased by the ultimate consumer
graded A+
Market segmentation - ANS✅✅aggregates potential buyers into groups that have common needs
and will respond similarly to a marketing action.
Market segments - ANS✅✅the relatively homogeneous groups of prospective buyers that result
from the market segmentation process
product differentiation - ANS✅✅the strategy of using different marketing mix activities to help
consumers perceive a product as being different and better than competing products.
step 1 in segmenting and targeting markets - ANS✅✅group potential buyers into segments
- geographic segmentation (Region)
-demographic segmentation (household size)
-Psycho graphic segmentation (Lifestyle)
-Behavioral segmentation (Product features)
step 2 in segmenting and targeting markets - ANS✅✅Group products to be sold into categories
- things can be sold separate but they can also be grouped and sold together an example of this
selling a single burger or frosty from Wendy's but ones these are put together with others they are
then a meal.
step 3 in segmenting and targeting markets - ANS✅✅Develop a market-product grid and estimate
size of markets
-first develop a market product grid which is identifying and labeling the market or grouping
products.
- estimate the size of the market is as it sound you estimate how many people are going to be in a
specific market.
step 4 in segmenting and targeting markets - ANS✅✅Select target markets
-Market size
- expected growth
, -competitive advantage
-cost of reaching the segment
-compatibility with the organizations objectives and resources
step 5 in segmenting and targeting markets - ANS✅✅Take marketing action to reach target
markets
-day commuters
-Between meal snacks
-dinners to night communters
product positioning - ANS✅✅The place a product occupies in consumers minds based on
important features relative to competitive products
product repositioning - ANS✅✅changing the place a product occupies in consumers minds relative
to competitors products
Two approaches to product reposentioning - ANS✅✅1.head to head positioning
-competind directly with compeditiors on similar product attributes in the same large target market.
2.Differentiation positioning
-seeks a less competitive, smaller market niche in which to locate a brand.
perpetual map - ANS✅✅A means of displaying the position of products or brands in consumers
minds
Product - ANS✅✅A good, service, or idea consisting of tangible and intangible features that
satisfies consumers needs and is recived in exchange for money or something else of value
services - ANS✅✅intangible activities or benefits that an organization provides to satisfy
consumers needs in exchange for money or something else of value.
consumer products - ANS✅✅products purchased by the ultimate consumer
