MKT 305 Exam questions and
answers well graded 100%
One of the most important contributions of marketing to business - ANS✅✅basis for
differentiation
Theory of segmentation - ANS✅✅Segment --> differentiate --> profits
Practical marketing implication, a segment must be: - ANS✅✅Identifiable
Accessible
Predictive of future profits
Market segmentation is the ______ - ANS✅✅process of identifying relatively homogeneous
groups of consumers with respect to needs for specific product benefits and purchasing behavior
and response to 4Ps
Identifiable segments - ANS✅✅possible to assign individual to segments based on some
measurable traits
Accessible segments - ANS✅✅should be possible to reach the segment's member with a targeted
communication strategy
Segments systematically behaved - ANS✅✅members of a segment should respond in a similar
manner to a particular marketing mix.
Internal homogeneity helps.
Segmentation more profitable than a uniform strategy - ANS✅✅A segment-specific marketing
strategy should be potentially more profitable than a
uniform strategy for each segment.
Why segment? - ANS✅✅Reduce risks in marketing
- avoid being misled by "average consumer"
- Avoid "if I build it, they will come" blunders
, Focus on marketing
Design more effective Positioning
Focus marketing efforts
Why segment markets? - ANS✅✅-One-Size-Fits-All Mass Markets No Longer Exist
-One Product and Multiple Market Segments
-Multiple Products and Multiple Market Segments
Primary segmentation variable - ANS✅✅Demographics (who)
Behaviors (what)
Preferences (why)
Preferences (why) - ANS✅✅observable
Evolution of Segmentation Practice - ANS✅✅Emphasis on:
accessibility
past behavior
prediction of future behavior
*one-to-one marketing, mass customization (expensive)
2 segmentation approaches - ANS✅✅Descriptive vs. benefit
Descriptor variables - ANS✅✅location
demographics
psychographics
decision making
media behavior
decision making - ANS✅✅high or low involvement purchase, knowledge about product class
answers well graded 100%
One of the most important contributions of marketing to business - ANS✅✅basis for
differentiation
Theory of segmentation - ANS✅✅Segment --> differentiate --> profits
Practical marketing implication, a segment must be: - ANS✅✅Identifiable
Accessible
Predictive of future profits
Market segmentation is the ______ - ANS✅✅process of identifying relatively homogeneous
groups of consumers with respect to needs for specific product benefits and purchasing behavior
and response to 4Ps
Identifiable segments - ANS✅✅possible to assign individual to segments based on some
measurable traits
Accessible segments - ANS✅✅should be possible to reach the segment's member with a targeted
communication strategy
Segments systematically behaved - ANS✅✅members of a segment should respond in a similar
manner to a particular marketing mix.
Internal homogeneity helps.
Segmentation more profitable than a uniform strategy - ANS✅✅A segment-specific marketing
strategy should be potentially more profitable than a
uniform strategy for each segment.
Why segment? - ANS✅✅Reduce risks in marketing
- avoid being misled by "average consumer"
- Avoid "if I build it, they will come" blunders
, Focus on marketing
Design more effective Positioning
Focus marketing efforts
Why segment markets? - ANS✅✅-One-Size-Fits-All Mass Markets No Longer Exist
-One Product and Multiple Market Segments
-Multiple Products and Multiple Market Segments
Primary segmentation variable - ANS✅✅Demographics (who)
Behaviors (what)
Preferences (why)
Preferences (why) - ANS✅✅observable
Evolution of Segmentation Practice - ANS✅✅Emphasis on:
accessibility
past behavior
prediction of future behavior
*one-to-one marketing, mass customization (expensive)
2 segmentation approaches - ANS✅✅Descriptive vs. benefit
Descriptor variables - ANS✅✅location
demographics
psychographics
decision making
media behavior
decision making - ANS✅✅high or low involvement purchase, knowledge about product class
