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mgt 103 final exam Questions and Answers
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mgt 103 final exam Questions and Answers
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mgt 103 final examQuestions and Answers
Market segmentation involves aggregating prospective buyers into groups that have
two key characteristics, what are they?
✓✓~ common needs and similar response to marketing action
in terms of market segments and products, what are the three market segmentation
strategies?
✓✓~ 1 one product, multiple market segments
2 multiple products multiple segments
3 segments of one, aka mass customizaton
The process of segmenting and targeting markets is a bridge between which two
marketing activities?
✓✓~ identifying market needs and executing the marketing program
what is the difference between the demographic and behavioral bases of market
segmentation
,✓✓~ demographic segmentation is based on some objective physical,
measurable, or other classification. Behavioral segmentation is based on
some observable actions, where they buy, what benefits they seek.
what factor is estimated or measured for each of the cells in a market-product grid
✓✓~ each cell in the grid can show the estimated market size of a given
product sold to a specific market segmentation.
what are some criteria used to decide which segment to choose for targets?
✓✓~ possible criteria include market size, expected growth, competitive
position, etc
How are marketing and product synergies different in a market-product grid?
✓✓~ marketing synergies run horizontally across a market product grid.
each row represents an oppourtunity for efficiency in the marketing
efforts to a market segment.
what is the difference between product positioning and product repositioning
,✓✓~ product positions refers to the place a product occupies in
consumers minds. product repositioning involves changing the place a
product occupies in a customers mind relative to competitors.
Why do marketers use perceptual maps in product positioning decisions?
✓✓~ perceptual maps are a means of displaying in two dimensions the
location of products or brands in the minds of customers
80/20 rule
✓✓~ 20% of users account for 80% of sales
Market Segmentation
✓✓~ the process of dividing a market into meaningful, relatively similar,
and identifiable segments or groups
usage rate
✓✓~ the quantity consumed or the number of store visits during a
specific period
what are the four main types of consumer products
, ✓✓~ They are: (1) convenience products—items that the consumer
purchases frequently, conveniently, and with a minimum of shopping
effort; (2) shopping products—items for which the consumer compares
several alternatives on criteria such as price, quality, or style; (3)
specialty products—items that the consumer makes a special effort to
search out and buy; and (4) unsought products—items that the consumer
does not know about or knows about but does not initially want.
what is the difference between a product line and a product mix
✓✓~ a product line is a group of products or service items that are
closely related because they satisfy a class of needs, are used together,
etc. a product mix is all of the products lines offered by an organization
What kind of innovation would an improved electric toothbrush be?
✓✓~ continuous innovation - no new learning required by consumers
Why can an "insignificant point of difference" lead to new-product failure?
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