MKT 320F EXAM #1 with comprehensive Questions and Answers
Segmentation & Targeting Steps/Overview✔️✔️1. Defining markets
2. Understanding dimensions to use
3. Identifying segments
4. Deciding on segments to target
5. Using segmentation approaches
Differentiation & Positioning Steps/Overview✔️✔️1. Understanding customer's views
2. Using positioning techniques
3. Evaluating segment preferences
4. Differentiating the marketing mix
5. Knowing relationship between Positioning & targeting
A Market is:✔️✔️people or organizations with needs or wants and with the ability and willingness
to buy
- ALL FOUR CHARACTERISTICS MUST BE PRESENT TO BE A MARKET
Search for opportunities begin by:✔️✔️Understanding markets.
Such as...
- understanding what a companies market is
- don't just focus on the product
- generic markets to product-markets
- BROADEN market definitions to find opportunities
Market Segment✔️✔️a subgroup of people or organizations sharing one or more characteristics
that cause them to have similar product needs
, Market Segmentation✔️✔️The process of dividing a market into meaningful, relatively similar,
identifiable segments or groups
Criteria for Market Segmentation✔️✔️1. Sustainability: Large enough
2. Identifiable & Measurable
3. Accessibility: must be reachable!
4. Responsiveness: must respond differently in order to warrant a separate marketing mix to be
necessary
Two steps to segementation✔️✔️1. Making broad product markets
2. Segmenting markets to select target markets and develop marketing mixes
T/F: Market Segmentation defines possible target markets.✔️✔️True
3 Dimensions for segmenting consumer markets✔️✔️Behavioral
Geographic
Demographic
Women make x% of consumer goods purchases annually:✔️✔️70%
T/F: Many marketers of male dominated arenas are targeting women, and the opposite is also
happening.✔️✔️True
Income Segmentation✔️✔️Determines consumer wants
Determines buying power
Retailers can appeal to:
low-income (Walmart)
High-income (Saks Fifth Avenue)
Segmentation & Targeting Steps/Overview✔️✔️1. Defining markets
2. Understanding dimensions to use
3. Identifying segments
4. Deciding on segments to target
5. Using segmentation approaches
Differentiation & Positioning Steps/Overview✔️✔️1. Understanding customer's views
2. Using positioning techniques
3. Evaluating segment preferences
4. Differentiating the marketing mix
5. Knowing relationship between Positioning & targeting
A Market is:✔️✔️people or organizations with needs or wants and with the ability and willingness
to buy
- ALL FOUR CHARACTERISTICS MUST BE PRESENT TO BE A MARKET
Search for opportunities begin by:✔️✔️Understanding markets.
Such as...
- understanding what a companies market is
- don't just focus on the product
- generic markets to product-markets
- BROADEN market definitions to find opportunities
Market Segment✔️✔️a subgroup of people or organizations sharing one or more characteristics
that cause them to have similar product needs
, Market Segmentation✔️✔️The process of dividing a market into meaningful, relatively similar,
identifiable segments or groups
Criteria for Market Segmentation✔️✔️1. Sustainability: Large enough
2. Identifiable & Measurable
3. Accessibility: must be reachable!
4. Responsiveness: must respond differently in order to warrant a separate marketing mix to be
necessary
Two steps to segementation✔️✔️1. Making broad product markets
2. Segmenting markets to select target markets and develop marketing mixes
T/F: Market Segmentation defines possible target markets.✔️✔️True
3 Dimensions for segmenting consumer markets✔️✔️Behavioral
Geographic
Demographic
Women make x% of consumer goods purchases annually:✔️✔️70%
T/F: Many marketers of male dominated arenas are targeting women, and the opposite is also
happening.✔️✔️True
Income Segmentation✔️✔️Determines consumer wants
Determines buying power
Retailers can appeal to:
low-income (Walmart)
High-income (Saks Fifth Avenue)
