MGT 103 Final Exam (Fundamentals of Marketing) Questions with Correct Answers
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Course
MGT103
Institution
MGT103
Market segmentation involves aggregating prospective buyers into groups that have two key characteristics, what are they? - Answer-common needs and similar response to marketing action
in terms of market segments and products, what are the three market segmentation strategies? - Answer-1 one pro...
MGT 103 Final Exam (Fundamentals of
Marketing) Questions with Correct
Answers
Market segmentation involves aggregating prospective buyers into groups that have two
key characteristics, what are they? - Answer-common needs and similar response to
marketing action
in terms of market segments and products, what are the three market segmentation
strategies? - Answer-1 one product, multiple market segments
2 multiple products multiple segments
3 segments of one, aka mass customization
The process of segmenting and targeting markets is a bridge between which two
marketing activities? - Answer-identifying market needs and executing the marketing
program
what is the difference between the demographic and behavioral bases of market
segmentation - Answer-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 -
Answer-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? - Answer-
possible criteria include market size, expected growth, competitive position, etc
How are marketing and product synergies different in a market-product grid? - Answer-
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 - Answer-
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? - Answer-
perceptual maps are a means of displaying in two dimensions the location of products
or brands in the minds of customers
80/20 rule - Answer-20% of users account for 80% of sales
, Market Segmentation - Answer-the process of dividing a market into meaningful,
relatively similar, and identifiable segments or groups
usage rate - Answer-the quantity consumed or the number of store visits during a
specific period
what are the four main types of consumer products - Answer-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 - Answer-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? - Answer-continuous
innovation - no new learning required by consumers
Why can an "insignificant point of difference" lead to new-product failure? - Answer-the
product must have superior characteristics that deliver unique benefits to the user
compared to those of competitors that must be sufficient enough to motivate a change
in consumer behavior.
what marketing metric might you use in a marketing dashboard to discover which states
have weak sales? - Answer-the marketing metric "annual percentage change in unit
volume by state" will help
what is the new product strategy development stage in the new product development
process - Answer-both SWOT analysis and environmental scanning to asses its
strengths and weaknesses
what are the main sources of new product ideas? - Answer-1:employee and coworkers
suggestions
2:customer and supplier suggestion
3:r&d labs
4:analysis of competitors products
5: smaller tech firms
What is a test market, and what are the three kinds? - Answer-test marketing involves
offering a product for sale on a limited basis in a defined area for a specific time period
1) standard
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