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BUSML 3250 Marketing Exam 2 Questions with Latest Update
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BUSML 3250 Marketing Exam 2 Questions with Latest Update
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BUSML 3250 Marketing Exam 2Questions with Latest Update
Market Segmentation - Answer-the process of dividing a market into meaningful,
relatively similar, and identifiable segments or groups; grouping customers based on
similar needs and profiling each segment
Market Segments - Answer-groups of customers within a large market who share
common characteristics
Target Market - Answer-a set of buyers sharing common needs or characteristics that
the company decides to serve; found by assessing attractiveness of each segment and
selecting segments to target
Product Differentiation - Answer-a positioning strategy that some firms use to
distinguish their products from those of competitors
Mass Customization - Answer-The ability of an organization to tailor its products or
services to the customers' specifications (normally through the use of technology)
Build-to-Order - Answer-produce to customer order rather than to a forecast
Cannibalization - Answer-a situation that occurs when sales of a new product cut into
sales of a firm's existing products
Geographic Segmentation - Answer-Segmentation based on country, state, zip code,
etc.
Demographic Segmentation - Answer-Segmentation based on age, gender, income,
etc.
Psychographic Segmentation - Answer-Segmentation based on values, interests, and
opinions
Behavioral Segmentation - Answer-Segmentation based on purchasing habits or brand
interactions
80/20 Rule - Answer-20% of users account for 80% of sales
Customer Lifetime Value - Answer-the value of the entire stream of purchases a
customer makes over a lifetime of patronage
Personas - Answer-fictional profiles that represent groups of similar people in a target
audience
, Product Positioning - Answer-Creating and maintaining a certain concept of a product in
customers' minds
Product Repositioning - Answer-changing the place a product occupies in a consumer's
mind relative to competitive products
Positioning Statement - Answer-internal statement that communicates the unique value
brands offer and the statement should last a long time; four components: for who/for
when/ for where, relative to whom, what benefit, and why/how
Perceptual Maps - Answer-a positioning tool that visualizes how consumers perceive
brands across key attributes
Usage Rate - Answer-the quantity consumed or the number of store visits during a
specific period
Product - Answer-an article or substance that is manufactured or refined for sale
Nondurable Good - Answer-item that wears out, is used up, or lasts for fewer than three
years when used regularly (ie. food or clothing)
Durable Good - Answer-long-lasting good like a car or a refrigerator
Services - Answer-Actions or activities that one person performs for another
Consumer Products - Answer-products and services used by people for their personal
use
Business Products - Answer-products meant for use in producing other products
Convenience Products - Answer-Relatively inexpensive, frequently purchased items for
which buyers exert minimal purchasing effort
Shopping Products - Answer-items for which the consumer compares several
alternatives on criteria such as price, quality, or style
Specialty Products - Answer-items that the consumer makes a special effort to search
out and buy
Unsought Products - Answer-items that the consumer does not know about or knows
about but does not initially want
Derived Demand - Answer-Business demand that ultimately comes from (derives from)
the demand for consumer goods
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