MGT 103 QUIZ 3 QUESTIONS WELL ANSWERED LATEST UPDATE 2026
What is market segmentation? - Answers aggregating prospective buyers into groups that have
common needs and will respond similarly to a marketing action
5 steps of segmenting and targeting markets - Answers 1. Group potential buyers into segments
2. Group products to be sold into categories
3. Develop a market-product grid and estimate size of markets
4. Select target markets
5. Take marketing actions to reach target markets
4 bases used to segment consumer markets - Answers geographic, demographic, pyschographic, and
behavioral
market-product grid - Answers a framework to relate the market segments of potential buyers to
products offered or potential marketing actions by an organization (graph showing market
penetration, diversification, product development, market development)
Explain how marketing managers use perceptual maps to position products in the marketplace -
Answers 4 steps:
1. identify the important attributes for a product brand or class
2. discover how target customers rate competing products or brands with respect to these attributes
3. discover where the customer's product or brand is on these attributes in the minds of potential
customers
4. Reposition the company's product or brand in the minds of potential customers
examples of demographic variables - Answers age, gender, race, ethnicity
examples of geographic variables - Answers region, state size, climate
examples of psychographic variables - Answers personality attributes, motives, lifestyle
examples of behavioristic variables - Answers volume usage, end use, benefit expectations, brand
loyalty, price sensitivity
80/20 rule - Answers A marketing rule of thumb that 20 percent of purchasers account for 80 percent
of a product's sales.
describe 4 I's of services - Answers intagibility, inconsistency, inseparability, inventory
Recognize how services differ and how they can be classified. - Answers can be delivered by people or
equipment, can be provided for by for-profit or non-profit organizations, and they can be government
sponsored
3 different ways consumers purchase and evaluate services - Answers search attributes: attributes
that customers can readily evaluate prior to purchase (size, price, tv quality)
experience attributes: can only be evaluated after purchase (haircut, flight, meal in restaurant)
credence: can never really be confidently evaluated (therapy, pet food, religious services
to eliminate service inconsistencies, companies rely on ______ and ________. - Answers
standardization and training
positioning - Answers act of designing the company's offer and image so that it
occupies a distinct and valued place in the target customer's
minds
Points of Parity - Answers attributes that inform the consumer that
you are capable of providing something that might work
§ These are the minimum qualifications for your brand to compete in a
particular market
§ Before you can start focusing on what makes your brand different, you need
to establish the things that allow you to play the game.
3 key questions to ask when in the process of positioning - Answers 1) Have we established a frame
of reference?
2) Are we leveraging our points of parity?
3) Are the points of difference compelling?
potential competitive advantages - Answers product differentiation, services differentiation, image
differentiation, personnel differentiation
product classifications - Answers convenience (toothpaste), shopping (mattress), specialty (Bentley),
unsought (fire extinguisher)
Product item, line, mix - Answers item=product
line=group of products or services that satisfy a class of needs
What is market segmentation? - Answers aggregating prospective buyers into groups that have
common needs and will respond similarly to a marketing action
5 steps of segmenting and targeting markets - Answers 1. Group potential buyers into segments
2. Group products to be sold into categories
3. Develop a market-product grid and estimate size of markets
4. Select target markets
5. Take marketing actions to reach target markets
4 bases used to segment consumer markets - Answers geographic, demographic, pyschographic, and
behavioral
market-product grid - Answers a framework to relate the market segments of potential buyers to
products offered or potential marketing actions by an organization (graph showing market
penetration, diversification, product development, market development)
Explain how marketing managers use perceptual maps to position products in the marketplace -
Answers 4 steps:
1. identify the important attributes for a product brand or class
2. discover how target customers rate competing products or brands with respect to these attributes
3. discover where the customer's product or brand is on these attributes in the minds of potential
customers
4. Reposition the company's product or brand in the minds of potential customers
examples of demographic variables - Answers age, gender, race, ethnicity
examples of geographic variables - Answers region, state size, climate
examples of psychographic variables - Answers personality attributes, motives, lifestyle
examples of behavioristic variables - Answers volume usage, end use, benefit expectations, brand
loyalty, price sensitivity
80/20 rule - Answers A marketing rule of thumb that 20 percent of purchasers account for 80 percent
of a product's sales.
describe 4 I's of services - Answers intagibility, inconsistency, inseparability, inventory
Recognize how services differ and how they can be classified. - Answers can be delivered by people or
equipment, can be provided for by for-profit or non-profit organizations, and they can be government
sponsored
3 different ways consumers purchase and evaluate services - Answers search attributes: attributes
that customers can readily evaluate prior to purchase (size, price, tv quality)
experience attributes: can only be evaluated after purchase (haircut, flight, meal in restaurant)
credence: can never really be confidently evaluated (therapy, pet food, religious services
to eliminate service inconsistencies, companies rely on ______ and ________. - Answers
standardization and training
positioning - Answers act of designing the company's offer and image so that it
occupies a distinct and valued place in the target customer's
minds
Points of Parity - Answers attributes that inform the consumer that
you are capable of providing something that might work
§ These are the minimum qualifications for your brand to compete in a
particular market
§ Before you can start focusing on what makes your brand different, you need
to establish the things that allow you to play the game.
3 key questions to ask when in the process of positioning - Answers 1) Have we established a frame
of reference?
2) Are we leveraging our points of parity?
3) Are the points of difference compelling?
potential competitive advantages - Answers product differentiation, services differentiation, image
differentiation, personnel differentiation
product classifications - Answers convenience (toothpaste), shopping (mattress), specialty (Bentley),
unsought (fire extinguisher)
Product item, line, mix - Answers item=product
line=group of products or services that satisfy a class of needs
