MKT 301 Exam 2 Ben Ash University of Miami Questions and Answers Fully Solved Graded A+
Total market strategy - Answerscommon practice of integrating ethnic themes and cross-cultural
perspectives within their mainstream marketing
Social classes - Answersshow distinct product and brand preferences in areas such as clothing, home
furnishings, travel and leisure activities, financial services, and automobiles
Lifestyle - Answersa persons pattern of living as expressed in his or her psychographics; how you choose
to spend your time and money
Self-concept - Answerspremise that people's possessions contribute to and reflect their identities; we
are what we have
Perception - Answersprocess by which people select, organize, and interpret info to form a meaningful
picture of the world
Selective attention - Answerstendency for people to screen out most of the information to which they
are exposed
Selective distortion - Answersthe tendency of people to interpret info in a way that will support what
they already believe
Habitual buying behaviour - Answersoccurs under conditions of low consumer involvement and little
significant brand difference
Buyer decision process - AnswersNeed recognition, information search, evaluation of alternatives,
purchase decision, post-purchase behaviour
Post-purchase behaviour - AnswersDifference between the consumer's expectations and the perceived
performance of the item purchased determines the degree of consumer satisfaction
Market targeting (targeting) - Answersconsists of evaluating each market segment's attractiveness and
selecting one or more market segments to enter
Positioning - Answersconsists of arranging for a market offering to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of target consumers
Psychographic segmentation - Answersdivides buys into different groups based on social class, lifestyle,
or personality characteristics
Occassion segmentation - Answersgrouping buys according to occasions when they get the idea to buy,
actually make their purchase, or use the purchased item
Benefit segmentation - Answersgrouping buyers according to the different benefits that they seek from
the product
, Loyalty status - Answersdividing buyers into groups according to their degree of loyalty
Intermarket segmentation - Answerssegmenting consumers with similar needs and buying behaviour
even though they are located in different countries
Requirements for effective segmentation - AnswersMeasurable, accessible, substantial, differentiable,
actionable
Evaluating market segments - Answers1. segment size and growth 2. segment structural attractiveness
3. company objectives and resources
Value proposition - AnswersHow a company will create differentiated value for targeted segments and
what positions it wants to occupy in those segments
Which differences to promote - AnswersImportant, distinctive, superior, communicable, preemptive,
affordable, profitable
Services - AnswersA form of product that consists of activities, benefits, or satisfactions offered for sale
that are essentially intangible and do not result in the ownership of anything
Levels of products and services levels - AnswersCore customer value, actual product, augmented
product
Core cutomer value - Answersaddresses what is the buyer really buying
Shopping products - Answersless frequently purchased consumer products and services that customers
compare carefully on suitability, quality, price, and style
Individual product decisions - Answersbenefits are communicated and delivered by product attributes
like quality, features, and style and design
Product quality - AnswersTwo dimensions: level and consistency
Style - Answersappearance of a product
Design - Answerscontributes to a product's usefulness as well as its looks
Brand - Answersa name, term, symbol, sign, or design, or combo of these, that identifies the maker or
seller of a product or service
Product line - Answersgroup of products that are closely related because they function in a similar
manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall
within given price ranges
The nature and characteristics of a service - Answers1. intangibility, inseparability, variability,
perishability
Total market strategy - Answerscommon practice of integrating ethnic themes and cross-cultural
perspectives within their mainstream marketing
Social classes - Answersshow distinct product and brand preferences in areas such as clothing, home
furnishings, travel and leisure activities, financial services, and automobiles
Lifestyle - Answersa persons pattern of living as expressed in his or her psychographics; how you choose
to spend your time and money
Self-concept - Answerspremise that people's possessions contribute to and reflect their identities; we
are what we have
Perception - Answersprocess by which people select, organize, and interpret info to form a meaningful
picture of the world
Selective attention - Answerstendency for people to screen out most of the information to which they
are exposed
Selective distortion - Answersthe tendency of people to interpret info in a way that will support what
they already believe
Habitual buying behaviour - Answersoccurs under conditions of low consumer involvement and little
significant brand difference
Buyer decision process - AnswersNeed recognition, information search, evaluation of alternatives,
purchase decision, post-purchase behaviour
Post-purchase behaviour - AnswersDifference between the consumer's expectations and the perceived
performance of the item purchased determines the degree of consumer satisfaction
Market targeting (targeting) - Answersconsists of evaluating each market segment's attractiveness and
selecting one or more market segments to enter
Positioning - Answersconsists of arranging for a market offering to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of target consumers
Psychographic segmentation - Answersdivides buys into different groups based on social class, lifestyle,
or personality characteristics
Occassion segmentation - Answersgrouping buys according to occasions when they get the idea to buy,
actually make their purchase, or use the purchased item
Benefit segmentation - Answersgrouping buyers according to the different benefits that they seek from
the product
, Loyalty status - Answersdividing buyers into groups according to their degree of loyalty
Intermarket segmentation - Answerssegmenting consumers with similar needs and buying behaviour
even though they are located in different countries
Requirements for effective segmentation - AnswersMeasurable, accessible, substantial, differentiable,
actionable
Evaluating market segments - Answers1. segment size and growth 2. segment structural attractiveness
3. company objectives and resources
Value proposition - AnswersHow a company will create differentiated value for targeted segments and
what positions it wants to occupy in those segments
Which differences to promote - AnswersImportant, distinctive, superior, communicable, preemptive,
affordable, profitable
Services - AnswersA form of product that consists of activities, benefits, or satisfactions offered for sale
that are essentially intangible and do not result in the ownership of anything
Levels of products and services levels - AnswersCore customer value, actual product, augmented
product
Core cutomer value - Answersaddresses what is the buyer really buying
Shopping products - Answersless frequently purchased consumer products and services that customers
compare carefully on suitability, quality, price, and style
Individual product decisions - Answersbenefits are communicated and delivered by product attributes
like quality, features, and style and design
Product quality - AnswersTwo dimensions: level and consistency
Style - Answersappearance of a product
Design - Answerscontributes to a product's usefulness as well as its looks
Brand - Answersa name, term, symbol, sign, or design, or combo of these, that identifies the maker or
seller of a product or service
Product line - Answersgroup of products that are closely related because they function in a similar
manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall
within given price ranges
The nature and characteristics of a service - Answers1. intangibility, inseparability, variability,
perishability
