MKT 100 MIDTERM 2026 EXAMINATION
TEST QUESTIONS AND SOLUTIONS
COMPLETE STUDY GUIDE GRADED A+
⩥ example of a functional need. Answer: running shoes
⩥ example of a psychological need. Answer: high heels
⩥ 3 strategies to reduce percieved risk. Answer: obtain seals of approval
secure endorsements
free trials/samples
⩥ CREST- Competitive Factors. Answer: Direct competitiors
substitutes
new entrants
suppliers
,buyers
⩥ Maslow's Hierarchy of Needs Answer: physiological,
safety,
love/belonging,
esteem,
self-actualization
⩥ Family Life segmentation Answer: age
marital status
presence or absent children
⩥ Innovators Answer: First adopters of new products
, ⩥ Profit Maximization Answer: setting prices so that total revenue is as
large as possible relative to total costs
⩥ Geographic segmentation Answer: segmenting markets by region of a
country or the world, market size, market density, or climate
⩥ Behavioural segmentation Answer: dividing a market into segments
based on consumer knowledge, attitudes, uses, or responses to a product
⩥ VALS framework Answer: a tool used for categorizing individuals
and groups according to their psychographic traits
innovators
thinkers
belivers
achievers etc.
⩥ Benefit Answer: based on needs and wants
TEST QUESTIONS AND SOLUTIONS
COMPLETE STUDY GUIDE GRADED A+
⩥ example of a functional need. Answer: running shoes
⩥ example of a psychological need. Answer: high heels
⩥ 3 strategies to reduce percieved risk. Answer: obtain seals of approval
secure endorsements
free trials/samples
⩥ CREST- Competitive Factors. Answer: Direct competitiors
substitutes
new entrants
suppliers
,buyers
⩥ Maslow's Hierarchy of Needs Answer: physiological,
safety,
love/belonging,
esteem,
self-actualization
⩥ Family Life segmentation Answer: age
marital status
presence or absent children
⩥ Innovators Answer: First adopters of new products
, ⩥ Profit Maximization Answer: setting prices so that total revenue is as
large as possible relative to total costs
⩥ Geographic segmentation Answer: segmenting markets by region of a
country or the world, market size, market density, or climate
⩥ Behavioural segmentation Answer: dividing a market into segments
based on consumer knowledge, attitudes, uses, or responses to a product
⩥ VALS framework Answer: a tool used for categorizing individuals
and groups according to their psychographic traits
innovators
thinkers
belivers
achievers etc.
⩥ Benefit Answer: based on needs and wants
