MKT 3401 AMANDA LEDET FINAL STUDY GUIDE
Market - Answers - people or organizations with needs or wants and the ability and
willingness to buy
Market segment: - Answers - a subgroup of people or organizations sharing one or
more characteristics that cause them to have similar product needs
Market segmentation: - Answers - the process of dividing a market into meaningful,
relatively similar, and identifiable segments or groups
Reasons for Segmentation - Answers - similar needs, designing marketing mixes,
satisfying customers while meeting goals
4 criteria of market segment - Answers - sustainibility, Identifiability and measurability,
accessibility, responsiveness.
segmentation bases (variables) - Answers - geography, demographics, psychographics,
benefits sought, usage rate
geographic segmentation - Answers - segmenting markets by region of a country or the
world, market size, market density, or climate
demographic segmentation - Answers -
family life cycle - Answers - a series of stages determined by a combination of age,
marital status, and the presence or absence of children
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 - a principle holding that 20 percent of all customers generate
80 percent of the demand
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 - a marketing approach that views the
market as one big market with no individual segments and thus uses a single marketing
mix
, Concentrated targeting strategy: - Answers - a strategy used to select one segment of a
market for targeting marketing efforts
Multisegment targeting strategy: - Answers - a strategy that chooses two or more well-
defined market segments and develops a distinct marketing mix for each
Cannibalization: - Answers - a situation that occurs when sales of a new product cut into
sales of a firm's existing products
Positioning: - Answers - developing a specific marketing mix to influence potential
customers' overall perception of a brand, product line, or organization in general
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 the location of
products, brands, or groups of products in customers' minds
Positioning Bases - Answers - 1. attribute
2. price and quality
3. use or application
4. product user
5. product class
6. competitor
7. emotion
Roles of Marketing Research - Answers - descriptive, diagnostic, predictive
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
product - Answers - everything, both favorable and unfavorable, that a person receives
in an exchange Tangible goods Services Ideas
Planned obsolescence: - Answers - the practice of modifying products so those that
have already been sold become obsolete before they actually need replacement
Market - Answers - people or organizations with needs or wants and the ability and
willingness to buy
Market segment: - Answers - a subgroup of people or organizations sharing one or
more characteristics that cause them to have similar product needs
Market segmentation: - Answers - the process of dividing a market into meaningful,
relatively similar, and identifiable segments or groups
Reasons for Segmentation - Answers - similar needs, designing marketing mixes,
satisfying customers while meeting goals
4 criteria of market segment - Answers - sustainibility, Identifiability and measurability,
accessibility, responsiveness.
segmentation bases (variables) - Answers - geography, demographics, psychographics,
benefits sought, usage rate
geographic segmentation - Answers - segmenting markets by region of a country or the
world, market size, market density, or climate
demographic segmentation - Answers -
family life cycle - Answers - a series of stages determined by a combination of age,
marital status, and the presence or absence of children
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 - a principle holding that 20 percent of all customers generate
80 percent of the demand
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 - a marketing approach that views the
market as one big market with no individual segments and thus uses a single marketing
mix
, Concentrated targeting strategy: - Answers - a strategy used to select one segment of a
market for targeting marketing efforts
Multisegment targeting strategy: - Answers - a strategy that chooses two or more well-
defined market segments and develops a distinct marketing mix for each
Cannibalization: - Answers - a situation that occurs when sales of a new product cut into
sales of a firm's existing products
Positioning: - Answers - developing a specific marketing mix to influence potential
customers' overall perception of a brand, product line, or organization in general
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 the location of
products, brands, or groups of products in customers' minds
Positioning Bases - Answers - 1. attribute
2. price and quality
3. use or application
4. product user
5. product class
6. competitor
7. emotion
Roles of Marketing Research - Answers - descriptive, diagnostic, predictive
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
product - Answers - everything, both favorable and unfavorable, that a person receives
in an exchange Tangible goods Services Ideas
Planned obsolescence: - Answers - the practice of modifying products so those that
have already been sold become obsolete before they actually need replacement
