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MBA 706 - Exam 3 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution $7.99   Add to cart

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MBA 706 - Exam 3 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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MBA 706 - Exam 3 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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  • June 23, 2024
  • 12
  • 2023/2024
  • Exam (elaborations)
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MBA 706 - Exam 3



Market Segmentation - ANSWER-The process of dividing consumers into groups
with similar consumer characteristics and product needs.

Market Segmentation - ANSWER-Allows managers to break the market into
small manageable groups, so that firms can tailor their offerings to satisfy
different needs and wants.

Three Marketing Strategies - ANSWER-Undifferentiated (Mass Marketing),
Differentiated (Product-Variety), Concentrated (Target)

Undifferentiated (Mass Marketing) - ANSWER-Firms sell a single product (with
same marketing approach) to all consumers.

Advantage to Undifferentiated Marketing - ANSWER-Economies of scale in
production, promotion, and distribution

Disadvantage to Undifferentiated Marketing - ANSWER-Intense competition and
more sophisticated consumers

Example of Undifferentiated Marketing - ANSWER-Ford's Model T, Black &
Decker

Differentiated (Product-Variety Marketing) - ANSWER-Firms provide a wide
variety of differentiated offerings to different segments (sometimes to all
consumers).

Advantage of Differentiated Marketing - ANSWER-Greater variety to consumers

Disadvantage of Differentiated Marketing - ANSWER-Increased Costs

Example of Differentiated Marketing - ANSWER-Coca-Cola

, Concentrated (Target) Marketing - ANSWER-Firms identify major market
segments, and then target a single segment with a single marketing mix.

Advantage of Concentrated Marketing - ANSWER-Concentrated effort to that
specific segment; control cost to appeal only to that primary target segment.

Disadvantage of Concentrated Marketing - ANSWER-Possibility of missed
opportunities; vulnerable to competition.

Example of Concentrated Marketing - ANSWER-Piano Maker

Multiple Segmentation - ANSWER-Firms target different segments with a unique
marketing mix for each segment.

Procedures of Segmentation - ANSWER-1. Survey Stage
2. Analysis Stage
3. Profiling Stage

Survey Stage - ANSWER-understand consumer motivations, attitudes, and
behavior

Analysis Stage - ANSWER-identify consumer groups with similar characteristics

Profiling Stage - ANSWER-Profile each group in terms of their attitudes,
behavior, demographics, psychographics and media habits

Factors affecting the feasibility of segmentation - ANSWER-A marketing segment
must be: measurable, accessible, substantial, unique, appropriate, and stable

Bases for Segmentation - ANSWER-•Geographic and geodemographic
•Demographic
•Behavioral
•Psychographic

Geographic - ANSWER-One of the easiest and most commonly used methods.
Markets are divided into groups based on region, climate, population density.

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