MKTG 2500 MIDTERM WMU EXAM QUESTIONS AND
ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
Market Segmentation
Dividing a market into distinct groups of buyers who have different needs,
characteristics, or behaviors and who might require separate marketing strategies or
mixes.
Market Targeting
Evaluating each market segment's attractiveness and selecting one or more segments
to serve.
Differentiation
Actually differentiating the market offering to create superior customer value.
Positioning
Arranging for a market offering to occupy a clear, distinctive, an desirable place relative
to competing products in the mind of target consumers.
Geographic segmentation
Dividing a marketing into different geographical units, such as nations, states, regions,
counties, cities, or even neighborhoods.
Demographic segmentation
Dividing the market into segments based on variables such as age, life-cycle stage,
gender, income, occupation, education, religion, ethnicity and generation.
Age & life-cycle segmentation
, Dividing a market into different age and life-cycle groups.
Gender segmentation
Dividing a market into different segments based on gender.
Income segmentation
Dividing a market into different income segments.
Psychographic segmentation
Dividing a market into different segments based on social class, lifestyle, or personality
characteristics.
Behavioral segmentation
Dividing a market into segments based on consumer knowledge, attitudes, uses of a
product, or responses to a product.
Occasion segmentation
Dividing a market into segments according to occasions when buyers get the idea to
buy, actually make their purchase, or use the purchased item.
Benefit segmentation
Dividing the market into segments according to the different benefits that the consumers
seek from the product.
Intermarket (cross-market) segmentation
Forming segments of consumers who have similar needs and buying behaviors even
though they are located in different countries.
Competitive Advantage
An advantage over competitors gained by offering greater customer value, either by
having lower prices or providing more benefits that justify higher prices.
ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
Market Segmentation
Dividing a market into distinct groups of buyers who have different needs,
characteristics, or behaviors and who might require separate marketing strategies or
mixes.
Market Targeting
Evaluating each market segment's attractiveness and selecting one or more segments
to serve.
Differentiation
Actually differentiating the market offering to create superior customer value.
Positioning
Arranging for a market offering to occupy a clear, distinctive, an desirable place relative
to competing products in the mind of target consumers.
Geographic segmentation
Dividing a marketing into different geographical units, such as nations, states, regions,
counties, cities, or even neighborhoods.
Demographic segmentation
Dividing the market into segments based on variables such as age, life-cycle stage,
gender, income, occupation, education, religion, ethnicity and generation.
Age & life-cycle segmentation
, Dividing a market into different age and life-cycle groups.
Gender segmentation
Dividing a market into different segments based on gender.
Income segmentation
Dividing a market into different income segments.
Psychographic segmentation
Dividing a market into different segments based on social class, lifestyle, or personality
characteristics.
Behavioral segmentation
Dividing a market into segments based on consumer knowledge, attitudes, uses of a
product, or responses to a product.
Occasion segmentation
Dividing a market into segments according to occasions when buyers get the idea to
buy, actually make their purchase, or use the purchased item.
Benefit segmentation
Dividing the market into segments according to the different benefits that the consumers
seek from the product.
Intermarket (cross-market) segmentation
Forming segments of consumers who have similar needs and buying behaviors even
though they are located in different countries.
Competitive Advantage
An advantage over competitors gained by offering greater customer value, either by
having lower prices or providing more benefits that justify higher prices.
