Principles of Marketing -
Final Exam with 100%
correct answers(download to
pass)
Market Segmentation - answer The process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups.
Concentrated targeting Strategy - answer A strategy used to select
one segment of a market for targeting marketing efforts.
Market - answer People or organizations with needs or wants and
the ability and willingness to buy.
NIche - answer One segment of a market
Positioning - answer Developing a specific marketing mix to
influence potential customers' overall perception of a brand,
product line, or organization in general
Product Differentiation - answer a positioning strategy that some
firms use to distinguish their products from those of competitors.
Target Market - answer 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.
, Family Life Cycle - answer a series of stages determined by a
combination of age, marital status, and the presence or absence of
children.
Demographic Segmentation - answer Segmenting markets by age,
gender, income, ethnic background, and family life cycle.
Psychographic Segmentation - answer market segmentation on the
basis of personality, motives, lifestyles, and geodemographics.
Benefit Segmentation - answer the process of grouping customers
into market segments according to the benefits they seek from the
product.
Geographic Segmentation - answer refers to segmenting markets by
region of a country or the world, market size, market density, or
climate.
Usage Rate Segmentation - answer divides a market by the amount
of product bought or consumed.
What are the four criteria that are necessary to define a market? -
answer 1. composed of people or organizations
2. people or organizations have wants and needs
3. they have the ability to buy the products they seek
4. willing to exchange their resources, for desired products
Define market segmentation and discuss why market segmentation
is important to the well-being of most companies. - answer The
process of dividing a market into meaningful, relatively similar, and
identifiable segments or groups.
market segmentation plays a key role in the marketing strategy of
almost all successful organizations and is a powerful marketing tool.
Final Exam with 100%
correct answers(download to
pass)
Market Segmentation - answer The process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups.
Concentrated targeting Strategy - answer A strategy used to select
one segment of a market for targeting marketing efforts.
Market - answer People or organizations with needs or wants and
the ability and willingness to buy.
NIche - answer One segment of a market
Positioning - answer Developing a specific marketing mix to
influence potential customers' overall perception of a brand,
product line, or organization in general
Product Differentiation - answer a positioning strategy that some
firms use to distinguish their products from those of competitors.
Target Market - answer 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.
, Family Life Cycle - answer a series of stages determined by a
combination of age, marital status, and the presence or absence of
children.
Demographic Segmentation - answer Segmenting markets by age,
gender, income, ethnic background, and family life cycle.
Psychographic Segmentation - answer market segmentation on the
basis of personality, motives, lifestyles, and geodemographics.
Benefit Segmentation - answer the process of grouping customers
into market segments according to the benefits they seek from the
product.
Geographic Segmentation - answer refers to segmenting markets by
region of a country or the world, market size, market density, or
climate.
Usage Rate Segmentation - answer divides a market by the amount
of product bought or consumed.
What are the four criteria that are necessary to define a market? -
answer 1. composed of people or organizations
2. people or organizations have wants and needs
3. they have the ability to buy the products they seek
4. willing to exchange their resources, for desired products
Define market segmentation and discuss why market segmentation
is important to the well-being of most companies. - answer The
process of dividing a market into meaningful, relatively similar, and
identifiable segments or groups.
market segmentation plays a key role in the marketing strategy of
almost all successful organizations and is a powerful marketing tool.
