Mgt 103 Final Exam; Questions and Answers 100% Pass
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Course
Mgt 103
Institution
Mgt 103
Mgt 103 Final Exam; Questions and Answers
100% Pass
Market segmentation involves aggregating prospective buyers into groups that have two key
characteristics, what are they? Correct answer-common needs and similar response to
marketing action
in terms of market segments and products, what a...
Mgt 103 Final Exam ; Questions and Answers 100% Pa ss Market segmentation involves aggregating prospective buyers into groups that have two key characteristics, what are they? Correct answer -common needs and similar response to marketing action in terms of market segments and products, what are the three market segmentation strategies? Correct answer -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? Correct answer -identifying market needs and executing the marketing program what is the difference between the demographic and behavioral bases of market segmentation Correct 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 Correct answer -each cell in the grid can show the estimated market size of a given product sold to a specific market segmentation. Mgt 103 Final Exam ; Questions and Answers 100% Pa ss what are some criteria used to decide which segment to choose for targets? Correct answer -possible criteria include market size, expected growth, competitive position, etc How are marketing and product synergies different in a market -product grid? Correct 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 Correct 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? Correct 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 Correct answer -20% of users account for 80% of sales Market Segmentation Correct answer -the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups usage rate Correct answer -the quantity consumed or the number of store visits during a specific period Mgt 103 Final Exam ; Questions and Answers 100% Pa ss what are the four main types of consumer products Correct 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 Correct 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? Correct answer -
continuous innovation - no new learning required by consumers Why can an "insignificant point of difference" lead to new -product failure? Correct 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? Correct answer -the marketing metric "annual percentage change in unit volume by state" will help
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