Can the segment be reached profitably? The marketing, segmenting, targeting and positioning (STP) is a comprehensive system that optimizes and ease off the process of market segmentation. Get help with your Market segmentation homework. b. Introduction The behavioural approach segments buyers into groups based on their attitudes to and use of the product, and the benefits they expect to receive. A target market is a particularly attractive segment that will be served with a distinct marketing mix. By continuing we’ll assume you’re on board with our cookie policy. It is important that the price should be competitive so Salim should investigate the prices being charged by competitors who have similar product ranges. Start studying MARKETING 309 EXAM 2 DR. MOUNTAIN. Choosing a marketing mix. QUESTION AND ANSWER ON MARKET SEGMENTATION Salim Brommer is the Marketing Director of Ashkol Furniture Supplies, a medium-sized company which specializes in manufacturing office furniture. Steps 3 and 4 are in targeting Step 5- Identify positioning concepts for each target segment Step 6 – Select develop and communicate the chosen concept Steps 5 and 6 are in positioning Segmentation variables fall into a small number of categories. (5 marks) The company now needs to develop a suitable marketing strategy to succeed in this new area and maintain a sustainable competitive advantage. Both of these methods are most useful for convenience goods and are not, therefore likely to be very useful to Salim. This section contains TWO questions. Internal Analysis It is important to assess company strengths when evaluating attractiveness and targeting a market. Much work has already been done on this approach, in the ACORN system, for example, and Salim would be able to buy in the basic information he needs. QUESTION B. ... _____ is a market segmentation … For most ambitious companies in today’s complex business environment, gaining competitive advantage and achieving expansion in capacity often requires internationalizing operations and entering new markets with the goal of building. He has decided to target domestic customers in Europe. Also explore over 210 similar quizzes in this category. Answer outline and marking scheme for question: 2. a) To enable segmentation of the market, so that the marketing is more effective in that marketing is targeted at a specific audience. 4) Target market 5) The relationship between market segmentation and market targeting. Give the process.of carrying out a Marketing Research. Will it enable him to build on the company’s strengths? Price should also indicate the quality of the product so Salim will need to decide if he wants to produce a deluxe range or a more basic model. CHAPTER 3 MARKETING’S ROLE IN HIGHER EDUCATION 3. Will it enable him to build on the company’s strengths? Exam Question and Answer on Market Segmentation. (2016, Dec 08). (5) Plan. Market Segmentation Exam Questions. The company makes its products in India, so benefiting from relatively low labour costs. Segment Validity A market segment will only be valid if it is worth designing and developing a unique marketing mix for that specific segment. Salim will have to be sure of several things about his chosen target market: Is it large enough to be profitable? Category : Market Segmentation Case Study Strategic Marketing Plan Details Assignment Help for Practice You’re for The Exam-Get Answers Posted on February 19, 2020 February 19, 2020 by Frequently Asked Questions Get access to this section to get all the help you need with your essay and educational goals. Define and explain exploratory, descriptive, and causal research designs. These Marketing MCQs are equally useful for students for MBA, MMS, BBA, Bcom, Mcom, PGDM, MMM and MCA. Dear Readers, Welcome to Marketing Interview questions with answers and explanation. The process of splitting the market into different groups or segments based on the needs, characteristics or buyer behavior is called as Segmentation (Kotler, Brown, Adam, and Armstrong, 2007). The target market is people working from home and the promotional methods used should be appropriate to this market. Product Positioning. (3) Pursuit. After reading these tricky Marketing questions, you can easily attempt the objective type and multiple choice type questions … Asymmetric Information, and Financial Crises (40 points) This highlights that the nature of the products in the new range will need to meet the demands of the new target market. market segmentation Correct. He has decided to target domestic customers in Europe. Discounts and payment terms need to be considered as a potential way of attracting customers especially in the initial start up phase of the new product line. In this way, preferred segments can be targeted. Test your understanding of Market segmentation concepts with Study.com's quick multiple choice quizzes. Price is the final element of the marketing mix and is an important signal to customers about the product. Chapter 2 Company and Marketing Strategy, questions and answers Chapter 4 Managing Marketing Information to Gain Customer Insights, Questions and Answers Chapter 5 Consumer Markets and Consumer Buyer Behavior, questions and answers Practicum Marketing - Practical 2 - 20, questions and answers Samenvattingen: boek "Grondslagen van de Marketing", Bronis Verhage Summary Marketing … However, it has recently experienced intense competition from suppliers who have even lower cost bases. These goods have a higher unit value than convenience goods and are bought less frequently, usually after some thought and consideration have been expended. Can he reach the potential customers? Example Exam Questions: Marketing Research. Retrieved from https://phdessay.com/exam-question-and-answer-on-market-segmentation/, Exam Question and Answer on Market Segmentation. income, behavior, location etc).Easy to use r Salim should try to specify the segment of the customer market into which he wishes to sell his products with some care, since this will influence important decisions about all the elements of the marketing mix, including such things as product design, marketing communications, price and distribution methods. There are numerous home style magazines in which adverts can be placed. For example, Ashkol would struggle to develop a luxury brand image if they set price at a low, penetration level. Product The physical product needs to be appropriate for the private household market. It is important that the price should be competitive so Salim should investigate the prices being charged by competitors who have similar product ranges. Final Exam, Spring 2007 Bonham Answer the following essay questions in three to four blue book pages or less. Essex Office Products has decided to use a particular competitive tool that it feels will have a major impact. These 40 solved Marketing questions will help you prepare for personal interviews and online selection tests during campus placement for freshers and job interviews for professionals. The novel is set in Zaire during the rule of Mobutu Sese Seka in the late. This saves employers incurring the costs of office provision, and also employees save on travel and can also work at times convenient to themselves. We know that sometimes it's hard to find inspiration, so we provide you with hundreds of related samples. ABSTRACT This post covers marketing multiple choice questions with answers and explanation. These markets exist for products/services that are daily necessities like fruits, vegetables, fish, garments, electronic goods, etc. 2. This can help determine the appropriate strategy; because once the attractiveness of each identified segment has been assessed it can be considered along with relative strengths to determine the potential advantages the organization would have. What is market segmentation? Target Market Segmentation Research Paper-Gap Inc. Marketing Chapter 7: Market Segmentation, Targeting, & Positioning (Class Notes), Market Definition, Segmentation, & Targeting, Marketing: Chapter 9 Market Segmentation, Targeting, and Positioning, MK 201 Marketing Strategy: Segmentation, Targeting, and Positioning, Marketing and Segmentation Demographic Segmentation. Price should also indicate the quality of the product so Salim will need to decide if he wants to produce a deluxe range or a more basic model. Market segmentation Market consists of large number of actual and potential customers. Singapore Airlines (SIA) has used traditional approach adopted by legacy carriers for segmentation. Marketing communication involved in this could be advertising, public relations, direct selling or sales promotion. [15] [15] Q. Hire a subject expert to help you with Exam Question and Answer on Market Segmentation. ... can answer specific questions that secondary data cannot answer. Access the answers to hundreds of Market segmentation questions that are explained in a way that's easy for you to … Target Corp. Strategic Analysis MAN4720 Section 22 -Wednesdays 7:30pm Team: Risky Business Christine Majewski Jake Morgan Kristin Stearker Cory Verez Executive Summary ?The purpose of this analysis is to inform. Gravity. Question 4: With marketers increasingly adopting more and more refined market segmentation schemes – fueled by the Internet and other customization efforts- some critics claim that mass marketing is dead. By continuing we’ll assume you’re on board with our cookie policy. Answer BOTH questions. This can be achieved by looking at the factors that make up the marketing mix: product, price, place and promotion. Be sure to fully explain your answers using economic reasoning and any equations and/or graphs needed to make your point. Which approach is the best to test a new product idea? Salim has decided that his company will benefit if he focuses on those customers who can provide higher profit margins. Because of limited resources, competition and large markets, organisations are not usually able to sell with equal efficiency and success to every market segment. Multi-purpose items, such as desks that incorporate filing drawers and PC monitor stands may be required. Note that we do not provide answers to these questions. The design of the marketing mix should be decided on the basis of management intuition and judgment, together with information provided by market research. Try this amazing Marketing Quiz: Market Segmentation Questions ! Segment Validity A market segment will only be valid if it is worth designing and developing a unique marketing mix for that specific segment. Additionally there has been a noticeable trend towards working from home. Increasingly, private households, particularly those with computers, are converting spare rooms into office-style areas. 3) The main types of market targeting strategies. * There are numerous home style magazines in which adverts can be placed. Singapore Airlines (SIA) has used traditional approach adopted by legacy carriers for segmentation. Furniture showrooms are necessarily large areas and need to be in areas where customers will be attracted. Its consultant, Dr. Bell, contends that this particular approach is the one most easily copied by the firm’s competitors. The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. Market segmentation Segmentation is how a business splits up its target market and is based on location, demographics, behaviour, lifestyle, income and age. Office furniture may have a very different style to household furniture, so a different approach may need to be taken to the design of the product in order to make it appealing for the domestic buyer. About this itemThis resource is the perfect assessment tool when teaching market segmentation. View Answer / Hide Answer. QUESTION AND ANSWER ON MARKET SEGMENTATION Salim Brommer is the Marketing Director of Ashkol Furniture Supplies, a medium-sized company which specializes in manufacturing office furniture. A target market is a particularly attractive segment that will be served with a distinct marketing mix. ANSWER: (2) Place. The behavioural approach segments buyers into groups based on their attitudes to and use of the product, and the benefits they expect to receive. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Required: a. His products are bulky and will therefore have to be transported by ship from India to Europe, probably in freight containers, which will impose a minimum economic scale of shipment. All questions carry equal marks, Q. Attempt any foru questions out of the six give below. PLAY. "Marketing Management MCQ" with answers includes fundamental concepts for theoretical and analytical assessment tests. This thesis provides a strategic marketing plan for an event management company, which represents service business organizations. Define Market! This can be achieved by looking at the factors that make up the marketing mix: product, price, place and promotion. Market Segmentation Exam Questions. Bachelor’s Thesis in International Business,64 pages Suggested Answer Salim needs to develop a marketing strategy for entry into the domestic market in Europe. An aid to this is to try to identify gaps in the market by considering the mix of the product attributes such as price, applications, users, occasions for use and specific aspects of quality may be drawn to refine knowledge of product position. Please enter your name to start the test ! Office furniture may have a very different style to household furniture, so a different approach may need to be taken to the design of the product in order to make it appealing for the domestic buyer. True (b) False (c) Not sure 2. Marketing communication involved in this could be advertising, public relations, direct selling or sales promotion. Using a suitable model of your choice, develop a marketing approach which Salim might use to enter this new market. However, Ashkol has no experience of dealing with these types of customers. Part (b). 1 INTRODUCTION Chapter 2 introduced some of the major changes and trends that have taken place in the higher education environment both. The process of splitting up a business into different departments. Salim Brommer is the Marketing Director of Ashkol Furniture Supplies, a medium-sized company which specializes in manufacturing office furniture. Part of marketing plan, customer segmentation, and the 4 P's) • New Products (Questions related to the product development process, test markets, product life cycle, consumer groups, product mix, and new product launch) • Positioning (Questions related to the 5 C's, marketing … Distribution Channels Serious consideration will have to be given to how customers will be able to view, order and receive delivery of the products. Areas to consider here are design (size, shape) and features. Headquarter of the company is in Lahti,. Make sure to bring a blue book and a pen for writing your answers. INTRODUCTION All this has major cost implications perhaps offsetting the cost savings from cheaper labour. Marketing is one of the most preferred specializations among MBA students. Your answers should reflect some thought and consideration on your part. This can help determine the appropriate strategy; because once the attractiveness of each identified segment has been assessed it can be considered along with relative strengths to determine the potential advantages the organization would have. The structure and length of this document is not representative for the final exam. number: 206095338. The target market is people working from home and the promotional methods used should be appropriate to this market. Distribution Channels Serious consideration will have to be given to how customers will be able to view, order and receive delivery of the products. "Marketing … benefit segmentation Incorrect. 48 Vitosha Boulevard, ground floor, 1000, Sofia, Bulgaria Bulgarian reg. The company makes its products in India, so benefiting from relatively low labour costs. … Probably, the best segmentation approach for Salim is socio-demographic segmentation, which is based on social, economic and demographic variables such as education, income, occupation, family size and social class. (4) Promotion. Suggested Answer Salim needs to develop a marketing strategy for entry into the domestic market in Europe. https://phdessay.com/exam-question-and-answer-on-market-segmentation/, Marketing plan for event management company. This will also help you to learn about the objective type (multiple choice) question and answers on Marketing that is most likely to be asked in SBI, IBPS, BANK PO and other banking exams… The Internet is a vital part of the life of people working from home and its potential for promotion should be fully utilized, perhaps by setting up a dedicated website. The product needs to be positioned to appeal to the target customer. The design of the marketing mix should be decided on the basis of management intuition and judgment, together with information provided by market research. Organising and designing the marketing communication effort will almost certainly require input from someone familiar with the European market. Internal Analysis It is important to assess company strengths when evaluating attractiveness and targeting a market. MKTG 1199 MCQ Practice Questions MKTG1322 Group 3 Team2 New Product Protocol Kotler chapter 2 (company and marketing strategy) Tut5(Week 6) Questions Wednesday Practice Test - Answer Guide MKTG1205 (Marketing Principles) - Zara Case Study custom marketing Incorrect. Marketing Management Multiple Choice Questions(MCQs) & Answers for competitive exams. OK <= Index => Using a suitable model of your choice, develop a marketing approach which Salim might use to enter this new market. 201 : Marketing Manageinent I. Product The physical product needs to be appropriate for the private household market. This activity contains 26 questions. Questions & Answers on Marketing Management Q.1. We use cookies to give you the best experience possible. Report of the Segmentation, Targeting and Positioning of Supermarket. All this has major cost implications perhaps offsetting the cost savings from cheaper labour. 2. Test your understanding of Market segmentation concepts with Study.com's quick multiple choice quizzes. Salim has decided that his company will benefit if he focuses on those customers who can provide higher profit margins. Final Exam, Spring 2007 Bonham Answer the following essay questions in three to four blue book pages or less. undifferentiated marketing Incorrect. The aim is to make the customer perceive the product as different from its competitors. Salim should try to specify the segment of the customer market into which he wishes to sell his products with some care, since this will influence important decisions about all the elements of the marketing mix, including such things as product design, marketing communications, price and distribution methods. Essay Questions: 1. A customer will only buy one of Salim’s products if they get a better deal from buying it than from buying any of the alternatives. Geographic Segmentation. Missed a question here and there? Q. Can the segment be reached profitably? Probably, the best segmentation approach for Salim is socio-demographic segmentation, which is based on social, economic and demographic variables such as education, income, occupation, family size and social class. The space available in domestic accommodation is likely to be quite restricted, so some standard items may not sell well simply because they are too large. It is unlikely that Salim will be able to identify a market segment where there is no direct competitor, so it will be necessary to position the product line in such a way as to create of some form of product differentiation. Terms in this set (10) Market Segmentation. These are exemplary questions you could expect in the exam. Multi-purpose items, such as desks that incorporate filing drawers and PC monitor stands may be required. PhDessay is an educational resource where over 1,000,000 free essays are collected. 1. QUESTION AND ANSWER ON MARKET SEGMENTATION Salim Brommer is the Marketing Director of Ashkol Furniture Supplies, a medium-sized company which … However, it has recently experienced intense competition from … The aim is to make the customer perceive the product as different from its competitors. Elements in the marketing mix partly act as substitutes for each other and they must be integrated. These considerations alone may push Salim towards a co-operative venture with a European agent who knows the market and is prepared to take on the selling and distribution task. This post covers Services Marketing multiple choice questions with answers. QUESTION B Sampling is an important part of the market … A specialization in marketing opens abundant job doors for students in fields like sales, market research, advertising, etc. Product needs to develop a suitable marketing strategy for entry into the domestic market in Europe, PGDM, and... That will be attracted the nature of the five questions 3 ) the main types of market in. Items, such as desks that incorporate filing drawers and PC monitor stands may be.. Smaller and made of better quality material MKTG 430 market segmentation exam questions and answers exam the Mid-Term exam will be attracted cost bases like! By competitors who have similar product ranges price, which is the assessment... 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