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3 - 1 Assume 34 of people aged 18-24 in the United States...

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1. Assume 34% of people aged 18-24 in the United States are enrolled in college or graduate school. Further assume 31.7% of people aged 18-24 in Florida are enrolled in college or graduate school. What is Florida's index for the number of people aged 18-24 enrolled in college or graduate school? Student Response Value Correct Answer Feedback 1. 93 100% 2. 317 0% 3. 107 0% 4. .93 0% 5. .107 0% General Feedback: Lecture page 45 Use the Indexing Formula (%DMA / % in USA x 100) To create an index for this example take the percentage of people aged 18-24 enrolled in college or graduate school in Florida, and divide by the percentage of people aged 18-24 enrolled in college or graduate school in the United States. 31.4% divided by 34% is approximately equal to .93. The next step is to take this number and multiply by 100 in order to get a whole number. Score: 0/1 2.

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Choose the statement that is most correct: Student Response Value Correct Answer Feedback 1. Markets evolve toward greater homogeneity over time. 0% 2. Market segmentation is the search for relatively heterogeneous clusters in a homogeneous market. 0% 3. Most modern marketers reject the idea of segmentation and instead rely on targeting and positioning. 0% 4. A segment is a heterogeneous group of customers, existing and potential, with different needs, values, and responsiveness to marketing variable. 0% 5. Market segmentation is the search for relatively homogeneous clusters in a heterogeneous market. 100%
3. In developing a marketing strategy for the newly released Nike Air Jordan XVII with a price tag of \$200, Nike decided to concentrate on affluent teens rather than members of high school basketball teams. This is an example of: Student Response Value Correct Answer Feedback 1. selecting target market segments. 100% 2. developing a market- product grid and estimating size of markets. 0% 3. forming prospective buyers into segments. 0% 4. forming products to be sold into groups. 0% 5. taking marketing actions to reach target markets. 0% General Feedback: Text page 238 In this example Nike has already segmented the market, grouped its products to be sold into categories, developed a market-product grid and estimated the size of the markets. Nike is now choosing the target market segment. They choose to focus on affluent teens as a segment of the market rather than high school basketball teams. Later they will take marketing actions to reach the target markets. Score: 1/1 4.

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A business firm segments its market when this strategy is expected to increase its sales revenue, profit, and return on investment. When its increases in expenses due to segmentation exceed the potential increased revenues from segmentation, it should: Student Response Value Correct Answer Feedback 1. reduce production costs, which will lower product quality.
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