MKT 3401 EXAM 2 STUDY GUIDE
Strategy Development - Answers - examines the best way for companies to position
and produce products and brans for future
Market Segmentation - Answers - the process of dividing a market into meaningful,
relatively similar, and identifiable segments or groups
market - Answers - people or organizations with needs or wants and the ability and
willingness to buy
maket segment - Answers - subgroup of people or organizations sharing one or more
characteristics that cause them to have similar products needs
segmentation bases (variables) - Answers - characteristics of individuals, groups, or
organizations
geographic segmentation - Answers - refers to segmenting markets by region of a
country or the world, market size, market density, or climate
demographic segmentation - Answers - segmenting markets by age, gender, income,
ethnic background, and family life cycle
family life cycle - Answers - a series of stages determined by a combination of age,
marital status, and the presence or absence of children
psychographic segmentation - Answers - dividing a market into different segments
based on social class, lifestyle, or personality characteristics
geodemographic segmentation - Answers - segmenting potential customers into
neighborhood lifestyle categories
benefit segmentation - Answers - the process of grouping customers into market
segments according to the benefits they seek from the product
usage-rate segmentation - Answers - dividing a market by the amount of product bought
or consumed
80/20 principle - Answers - 20% of all customers generate 80% of the demand
satisficers - Answers - contact familiar suppliers and place the order with the first one to
satisfy product and delivery requirements
,optimizers - Answers - consider numerous suppliers, solicit bids, and study all proposals
carefully before selecting one
target market - Answers - A group of people or organizations for which an organization
designs, implements, and maintains a marketing mix intended to meet the needs of that
group, resulting in mutually satisfying exchanges
undifferentiated targeting strategy - Answers - essentially adopts a mass-market
philosophy, viewing the market as one big market with no individual segments
concentrated targeting strategy - Answers - a firm selects a market niche for targeting
its marketing efforts
Multisegment targeting strategy - Answers - chooses two or more well-defined market
segments and develops a distinct marketing mix for each
Cannibalization - Answers - occurs when sales of a new product cut into sales of a
firm's existing products
Positioning - Answers - a process that influences potential customers' overall perception
of a brand, product line, or organization in general
position - Answers - the place a product, brand, or group of products occupies in
consumers' minds relative to competing offerings
product differentiation - Answers - a positioning strategy that some firms use to
distinguish their products from those of competitors
perceptual mapping - Answers - a means of displaying or graphing, in two or more
dimensions, the location of products, brands, or groups of products in customers' minds
Repositioning - Answers - changing consumers' perceptions of a brand in relation to
competing brands
Marketing Research - Answers - the process of planning, collecting, and analyzing data
relevant to a marketing decision
descriptive role - Answers - gathering and presenting factual statements
diagnostic role - Answers - includes explaining data, such as determining the impact on
sales of a change in the design of the package
predictive function - Answers - addresses "what if" questions
marketing research problem - Answers - determining what information is needed and
how that information can be obtained efficiently and effectively
, marketing research objective - Answers - the specific information needed to solve a
marketing research problem; the objective should be to provide insightful decision-
making information
management decision problem - Answers - a broad-based problem that uses marketing
research in order for managers to take proper actions
secondary data - Answers - data previously collected for any purpose other than the
one at hand
Big Data - Answers - the exponential growth in the volume, variety, and velocity of
information and the development of complex, new tools to analyze and create meaning
from such data
research design - Answers - specifies which research questions must be answered,
how and when the data will be gathered, and how the data will be analyzed
primary data - Answers - information collected for a specific investigation
survey research - Answers - a researcher either interacts with people or posts a
questionnaire online to obtain facts, opinions, and attitudes
mall intercept interview - Answers - conducted in the common area of a shopping mall
or in a market research office within the mall
computer-assisted personal interviewing - Answers - an interviewing method in which
the interviewer reads questions from a computer screen and enters the respondent's
data directly into the computer
computer-assisted self-interviewing - Answers - an interviewing method in which a mall
interviewer intercepts and directs willing respondents to nearby computers where each
respondent reads questions off a computer screen and directly keys his or her answers
into the computer
central-location telephone (CLT) facility - Answers - a specially designed phone room
used to conduct telephone interviewing
executive interview - Answers - a type of survey that involves interviewing
businesspeople at their offices concerning industrial products or services
focus group - Answers - seven to ten people who participate in a group discussion led
by a moderator
open-ended questions - Answers - questions that respondents answer in their own
words
Strategy Development - Answers - examines the best way for companies to position
and produce products and brans for future
Market Segmentation - Answers - the process of dividing a market into meaningful,
relatively similar, and identifiable segments or groups
market - Answers - people or organizations with needs or wants and the ability and
willingness to buy
maket segment - Answers - subgroup of people or organizations sharing one or more
characteristics that cause them to have similar products needs
segmentation bases (variables) - Answers - characteristics of individuals, groups, or
organizations
geographic segmentation - Answers - refers to segmenting markets by region of a
country or the world, market size, market density, or climate
demographic segmentation - Answers - segmenting markets by age, gender, income,
ethnic background, and family life cycle
family life cycle - Answers - a series of stages determined by a combination of age,
marital status, and the presence or absence of children
psychographic segmentation - Answers - dividing a market into different segments
based on social class, lifestyle, or personality characteristics
geodemographic segmentation - Answers - segmenting potential customers into
neighborhood lifestyle categories
benefit segmentation - Answers - the process of grouping customers into market
segments according to the benefits they seek from the product
usage-rate segmentation - Answers - dividing a market by the amount of product bought
or consumed
80/20 principle - Answers - 20% of all customers generate 80% of the demand
satisficers - Answers - contact familiar suppliers and place the order with the first one to
satisfy product and delivery requirements
,optimizers - Answers - consider numerous suppliers, solicit bids, and study all proposals
carefully before selecting one
target market - Answers - A group of people or organizations for which an organization
designs, implements, and maintains a marketing mix intended to meet the needs of that
group, resulting in mutually satisfying exchanges
undifferentiated targeting strategy - Answers - essentially adopts a mass-market
philosophy, viewing the market as one big market with no individual segments
concentrated targeting strategy - Answers - a firm selects a market niche for targeting
its marketing efforts
Multisegment targeting strategy - Answers - chooses two or more well-defined market
segments and develops a distinct marketing mix for each
Cannibalization - Answers - occurs when sales of a new product cut into sales of a
firm's existing products
Positioning - Answers - a process that influences potential customers' overall perception
of a brand, product line, or organization in general
position - Answers - the place a product, brand, or group of products occupies in
consumers' minds relative to competing offerings
product differentiation - Answers - a positioning strategy that some firms use to
distinguish their products from those of competitors
perceptual mapping - Answers - a means of displaying or graphing, in two or more
dimensions, the location of products, brands, or groups of products in customers' minds
Repositioning - Answers - changing consumers' perceptions of a brand in relation to
competing brands
Marketing Research - Answers - the process of planning, collecting, and analyzing data
relevant to a marketing decision
descriptive role - Answers - gathering and presenting factual statements
diagnostic role - Answers - includes explaining data, such as determining the impact on
sales of a change in the design of the package
predictive function - Answers - addresses "what if" questions
marketing research problem - Answers - determining what information is needed and
how that information can be obtained efficiently and effectively
, marketing research objective - Answers - the specific information needed to solve a
marketing research problem; the objective should be to provide insightful decision-
making information
management decision problem - Answers - a broad-based problem that uses marketing
research in order for managers to take proper actions
secondary data - Answers - data previously collected for any purpose other than the
one at hand
Big Data - Answers - the exponential growth in the volume, variety, and velocity of
information and the development of complex, new tools to analyze and create meaning
from such data
research design - Answers - specifies which research questions must be answered,
how and when the data will be gathered, and how the data will be analyzed
primary data - Answers - information collected for a specific investigation
survey research - Answers - a researcher either interacts with people or posts a
questionnaire online to obtain facts, opinions, and attitudes
mall intercept interview - Answers - conducted in the common area of a shopping mall
or in a market research office within the mall
computer-assisted personal interviewing - Answers - an interviewing method in which
the interviewer reads questions from a computer screen and enters the respondent's
data directly into the computer
computer-assisted self-interviewing - Answers - an interviewing method in which a mall
interviewer intercepts and directs willing respondents to nearby computers where each
respondent reads questions off a computer screen and directly keys his or her answers
into the computer
central-location telephone (CLT) facility - Answers - a specially designed phone room
used to conduct telephone interviewing
executive interview - Answers - a type of survey that involves interviewing
businesspeople at their offices concerning industrial products or services
focus group - Answers - seven to ten people who participate in a group discussion led
by a moderator
open-ended questions - Answers - questions that respondents answer in their own
words
