MBA 706 - Exam 3 Final Exam Questions And All Correct Answers.
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Course
WGU C706
Institution
WGU C706
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 n...
MBA 706 - Exam 3 Final Exam Questions
And All Correct Answers.
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.
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
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