Marketing Final Exam

1 ref 136 thinking key cbe model strategy obj 08 9 top

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Unformatted text preview: 151. Refer to Mercedes-Benz. Which positioning base will Daimler be using if the company emphasizes the type of people who buy Mercedes-Benz automobiles in its promotional efforts? a. Product user b. Emotion c. Price and quality d. Attribute e. Use or application ANS: A Product-user positioning focuses on a personality or type of user. PTS: 1 REF: 136 Thinking KEY: CB&E Model Strategy OBJ: 08-9 TOP: AACSB Reflective MSC: BLOOMS Application ESSAY 1. What are the four criteria that are necessary to define a market? ANS: A market has the following characteristics: composed of people or organizations the people or organizations have needs and wants that can be satisfied by particular product categories the people or organizations have the ability to purchase the sought products the people or organizations are willing to exchange resources for desired products PTS: 1 REF: 121 Communication KEY: CB&E Model Customer OBJ: 08-1 TOP: AACSB MSC: BLOOMS Synthesis 2. You are given the following limited information about a market consisting of ten people. Describe all the possible ways to segment this market. Gender Male Female Female Male Female Male Male Male Female Female Income Medium Low Low High Low Low Medium High High High ANS: There are five possible ways to segment this market: one homogeneous market consisting of ten people (one segment) a market consisting of ten individual segments a market composed of two segments based on gender (five males and five females) a market composed of three segments based on income (four low, two medium, four high) a market composed of five segments based on gender and income level (one Male/Low, two Male/Medium, two Male/High, three Female/Low, two Female/High) PTS: 1 REF: 121-122 Communication KEY: CB&E Model Strategy OBJ: 08-1 TOP: AACSB MSC: BLOOMS Synthesis 3. What is a market segment? Define market segmentation and discuss why market segmentation is important to the well-being of most companies. ANS: A market segment is a subgroup of people or organizations sharing one or more characteristics that cause them to have relatively similar product needs. All people and all organizations within a given segment have some similar characteristics and needs. The process of dividing a market into meaningful segments or groups that are relatively similar and identifiable is called market segmentation. The purpose of segmentation is to enable the marketer to tailor marketing mixes to meet the needs of one or more specific segments. Market segmentation is important to the well-being of most companies because it helps decision makers more accurately define marketing objectives and allocate resources. As well, it helps marketers define customer needs and wants more precisely. PTS: 1 REF: 121-122 Communication KEY: CB&E Model Strategy OBJ: 08-1 | 08-2 TOP: AACSB MSC: BLOOMS Synthesis 4. To be useful, a segmentation scheme must produce segments that meet four basic criteria. Name and briefly describe each of these four crite...
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This document was uploaded on 09/29/2013.

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