MAR3023 EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Generation Y
1980-1996
marketing mix includes
product, pricing, promotion and distribution(place)
a group of people who, as individuals, or as organizations, have needs for
products in a product class and have the ability, willingness, and authority to
purchase such products
market
a group of people who, as individuals, or as organizations, have needs for
products in a product class and have the ability, willingness, and authority to
purchase such products
market
individuals or groups that purchase a specific kind of product for resale, direct
use in producing other products, or use in daily operations.
business market
group of people or organizations for which a business creates and maintains a
marketing mix specifically designed to satisfy the needs of group members
target market
,a strategy in which an organization designs a single marketing mix and directs it
at an entire market for a particular product
a) This mix consists of one type of product with little or no variation, one price,
one promotional program aimed at everybody, and one distribution system.
b) Often include commodities and some food items such as sugar and salt
c) Must have homogenous market
undifferentiated target strategy
- a market in which a large proportion of customers have similar needs for a
product
homogenous market
a market made up of individuals or organizations with diverse needs for products
in a specific product class
heterogenous market
- the process of dividing a total market into groups with relatively similar product
needs to design a marketing mix that matches those needs
market segmentation
- consist of individuals, groups, or organizations that share one or more similar
characteristics that cause them to have relatively similar product needs
market segmentation
a market segmentation strategy, in which an organization targets a single market
segment using one marketing mix
concentrated targeting strategy
,a strategy in which an organization targets 2 or more segments by developing a
marketing mix for each segment
differentiated targeting strategy
characteristics of individuals, groups, or organizations used to divide a market
into segments
segmentation variables
income (most used) age, gender, ethnicity, social class, occupation etc
demographic variables
region, city size, market density, climate, terrain etc
geographic variables
personality attributes, lifestyle, motives
psychological variables
volume usage, benefit expectations, brand loyalty etc
behavioristic variables
the idea that marital status and the age and presence of children influence
household income and product needs
family life cycle
the number of potential customers within a unit of land area
market density
segmentation method that clusters people in zip code areas and smaller
neighborhood units based on lifestyle and demographic information
geodemographic segmentation
, an approach to market segmentation where organizations focus precise
marketing efforts on very small geographic markets
micromarketing
the division of a market according to benefits that consumers want from the
product
• the benefits consumers seek ARE their product needs
• ex: Tylenol cold and flu provides the benefit of ridding cold and flu to
consumers (segment is for consumers who have a cold or flu)
benefit segmentation
total amount of a product that customers will purchase within a specified period
at a specific level of industrywide marketing activity
a) Expressed in dollars or units
market potential
the maximum percentage of market potential that an individual firm within an
industry can expect to obtain for a specific product
company sales potential
measuring company sales potential based on general economic forecast for a
specific period and the market potential derived from it
breakdown approach
measuring company sales potential by estimating how much of a product a
potential buyer in a geographic area will purchase in a given period, multiplying
the estimate by the number of potential buyers, and adding the totals of all the
geographic areas considered
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Generation Y
1980-1996
marketing mix includes
product, pricing, promotion and distribution(place)
a group of people who, as individuals, or as organizations, have needs for
products in a product class and have the ability, willingness, and authority to
purchase such products
market
a group of people who, as individuals, or as organizations, have needs for
products in a product class and have the ability, willingness, and authority to
purchase such products
market
individuals or groups that purchase a specific kind of product for resale, direct
use in producing other products, or use in daily operations.
business market
group of people or organizations for which a business creates and maintains a
marketing mix specifically designed to satisfy the needs of group members
target market
,a strategy in which an organization designs a single marketing mix and directs it
at an entire market for a particular product
a) This mix consists of one type of product with little or no variation, one price,
one promotional program aimed at everybody, and one distribution system.
b) Often include commodities and some food items such as sugar and salt
c) Must have homogenous market
undifferentiated target strategy
- a market in which a large proportion of customers have similar needs for a
product
homogenous market
a market made up of individuals or organizations with diverse needs for products
in a specific product class
heterogenous market
- the process of dividing a total market into groups with relatively similar product
needs to design a marketing mix that matches those needs
market segmentation
- consist of individuals, groups, or organizations that share one or more similar
characteristics that cause them to have relatively similar product needs
market segmentation
a market segmentation strategy, in which an organization targets a single market
segment using one marketing mix
concentrated targeting strategy
,a strategy in which an organization targets 2 or more segments by developing a
marketing mix for each segment
differentiated targeting strategy
characteristics of individuals, groups, or organizations used to divide a market
into segments
segmentation variables
income (most used) age, gender, ethnicity, social class, occupation etc
demographic variables
region, city size, market density, climate, terrain etc
geographic variables
personality attributes, lifestyle, motives
psychological variables
volume usage, benefit expectations, brand loyalty etc
behavioristic variables
the idea that marital status and the age and presence of children influence
household income and product needs
family life cycle
the number of potential customers within a unit of land area
market density
segmentation method that clusters people in zip code areas and smaller
neighborhood units based on lifestyle and demographic information
geodemographic segmentation
, an approach to market segmentation where organizations focus precise
marketing efforts on very small geographic markets
micromarketing
the division of a market according to benefits that consumers want from the
product
• the benefits consumers seek ARE their product needs
• ex: Tylenol cold and flu provides the benefit of ridding cold and flu to
consumers (segment is for consumers who have a cold or flu)
benefit segmentation
total amount of a product that customers will purchase within a specified period
at a specific level of industrywide marketing activity
a) Expressed in dollars or units
market potential
the maximum percentage of market potential that an individual firm within an
industry can expect to obtain for a specific product
company sales potential
measuring company sales potential based on general economic forecast for a
specific period and the market potential derived from it
breakdown approach
measuring company sales potential by estimating how much of a product a
potential buyer in a geographic area will purchase in a given period, multiplying
the estimate by the number of potential buyers, and adding the totals of all the
geographic areas considered
