MKTG 3340 EXAM 2 VERIFIED ACCURATE STUDY
GUIDE
Segment Market - Answers - divide larger market into groups with similar needs and
who will react similarly to a marketing action
4 Groups of Segmentation - Answers - Geographic
Demographic
Psychographic
Behavioral
Geographic Segmentation - Answers - country
region
city
climate
population density
Geographic segmentation is important for.... - Answers - small businesses
Which segmentation bases were used by most profitable companies? - Answers -
Geographic then...
demographic
psychographic
Demographic segmentation - Answers - age
gender
household/family size
race
marital status
income
education
occupation
Psychographic segmentation - Answers - subjective emotional attributes of prospective
customers
social class
personality
activities & interests
lifestyle
Behavioral segmentation - Answers - groups consumers based on specific behavioral
patterns they display when making purchasing decisions
, usage rates
occasions
brand loyal users
emergent consumers
benefits sought
80/20 rule - Answers - a concept that suggests 80 percent of a firm's sales are obtained
from 20 percent of its customers
Differentiation Positioning - Answers - seeking a less competitive, smaller niche market
in which to locate a brand
Whole Foods differentiates from large supermarket chains
Business Products - Answers - sale of business products frequently result from the sale
of customer products
Two categories of business products - Answers - components
support products
Components - Answers - items that become a part of the final product
Support products - Answers - items used to assist in producing other products and
services
installations
accessory equipment
supplies
industrial services
Newness of products - Answers - if a product is functionally different from existing
products then it is new
Second way to define newness - Answers - degree of learning required by the
consumer
continous innovation - Answers - requires no new learning by consumers
marketing strategy: gain consumer awareness and wide distribution
dynamically continuous innovation - Answers - disrupts consumer's normal routine but
does not require totally new learning
(electric toothbrush, smartphones)
Marketing strategy: advertise points of difference and benefits to consumers
GUIDE
Segment Market - Answers - divide larger market into groups with similar needs and
who will react similarly to a marketing action
4 Groups of Segmentation - Answers - Geographic
Demographic
Psychographic
Behavioral
Geographic Segmentation - Answers - country
region
city
climate
population density
Geographic segmentation is important for.... - Answers - small businesses
Which segmentation bases were used by most profitable companies? - Answers -
Geographic then...
demographic
psychographic
Demographic segmentation - Answers - age
gender
household/family size
race
marital status
income
education
occupation
Psychographic segmentation - Answers - subjective emotional attributes of prospective
customers
social class
personality
activities & interests
lifestyle
Behavioral segmentation - Answers - groups consumers based on specific behavioral
patterns they display when making purchasing decisions
, usage rates
occasions
brand loyal users
emergent consumers
benefits sought
80/20 rule - Answers - a concept that suggests 80 percent of a firm's sales are obtained
from 20 percent of its customers
Differentiation Positioning - Answers - seeking a less competitive, smaller niche market
in which to locate a brand
Whole Foods differentiates from large supermarket chains
Business Products - Answers - sale of business products frequently result from the sale
of customer products
Two categories of business products - Answers - components
support products
Components - Answers - items that become a part of the final product
Support products - Answers - items used to assist in producing other products and
services
installations
accessory equipment
supplies
industrial services
Newness of products - Answers - if a product is functionally different from existing
products then it is new
Second way to define newness - Answers - degree of learning required by the
consumer
continous innovation - Answers - requires no new learning by consumers
marketing strategy: gain consumer awareness and wide distribution
dynamically continuous innovation - Answers - disrupts consumer's normal routine but
does not require totally new learning
(electric toothbrush, smartphones)
Marketing strategy: advertise points of difference and benefits to consumers
