Study Guide for Essay Questions Exam #3 - MKG 412 F13 Study...

This preview shows page 1 - 2 out of 2 pages.

MKG 412 F13Study Guide for Essay Questions Exam #311/15/131. Explain customer value hierarchy and define product levels. Give example for each product level.
2. What are the effective segmentation criteria? Explain each of them in detail.To be useful, market segmentsmust rate favorably on five key criteria: 1. Measurable: The size, purchasing power, and characteristics of thesegments can be measured. 2. Substantial: The segments are large and profitable enough to serve. A segment shouldbe the largest possible homogenous group worth going after with a tailored marketing program. 3. Accessible: Thesegments can be effectively reached and served. 4. Differentiable: The segments are conceptually distinguishableand respond differently to different marketing – mix elements and programs. If two segments respond identically toan offer, they are not separate segments. 5. Actionable: Effective programs can be formulated for attracting andserving the segments.3. Describe in detail product specialization and market specialization. With product specialization, the firm sellsa certain product to several different market segments. A microscope manufacturer, for instance, sells to university,government, and commercial laboratories, making different instruments for each and building a strong reputation in

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 2 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Summer
Professor
NoProfessor
Tags
Marketing, Buying Center, product level, Explain Product Life

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture