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market segmentation exam questions and answers

number: 206095338. The company makes its products in India, so benefiting from relatively low labour costs. 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. The design of the marketing mix should be decided on the basis of management intuition and judgment, together with information provided by market research. After reading these tricky Marketing questions, you can easily attempt the objective type and multiple choice type questions … The structure and length of this document is not representative for the final exam. 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. 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. Additionally there has been a noticeable trend towards working from home. List of 200+ marketing objective type or multiple choice (MCQ) question and answers! He has decided to target domestic customers in Europe. Get access to this section to get all the help you need with your essay and educational goals. Ans. Part (b). market segmentation Correct. Report of the Segmentation, Targeting and Positioning of Supermarket. • Marketing Plans (Questions related to conducting a SWOT analysis, developing a 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) Salim will have to be sure of several things about his chosen target market: Is it large enough to be profitable? By continuing we’ll assume you’re on board with our cookie policy. Product The physical product needs to be appropriate for the private household market. (2) Place. OK <= Index => Questions for MKTG 430 Mid-Term Exam The mid-term exam will be held in class on October 12th. Be sure to fully explain your answers using economic reasoning and any equations and/or graphs needed to make your point. Terms in this set (10) Market Segmentation. What is market segmentation? Which approach is the best to test a new product idea? Does this segment respond differently in the marketing mix than another segment? Place Place deals with how the product is distributed, and how it reaches its customers. Missed a question here and there? I will select five questions from the list below and you will need to answer three of the five questions. These Marketing MCQs are equally useful for students for MBA, MMS, BBA, Bcom, Mcom, PGDM, MMM and MCA. 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 This can be achieved by looking at the factors that make up the marketing mix: product, price, place and promotion. Example Exam Questions: Marketing Research. Market Segmentation Exam Questions. Get help with your Market segmentation homework. 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. 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. 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. Self-assessment questions Try the self-assessment questions below to test your knowledge of this chapter. This highlights that the nature of the products in the new range will need to meet the demands of the new target market. Essay Questions: 1. 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. It is important that the price should be competitive so Salim should investigate the prices being charged by competitors who have similar product ranges. 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. Both of these methods are most useful for convenience goods and are not, therefore likely to be very useful to Salim. Multi-purpose items, such as desks that incorporate filing drawers and PC monitor stands may be required. benefit segmentation Incorrect. Singapore Airlines (SIA) has used traditional approach adopted by legacy carriers for segmentation. Suggested Answer Salim needs to develop a marketing strategy for entry into the domestic market in Europe. Also explore over 210 similar quizzes in this category. * 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. Suggested Answer Salim needs to develop a marketing strategy for entry into the domestic market in Europe. Part of This post covers marketing multiple choice questions with answers and explanation. A specialization in marketing opens abundant job doors for students in fields like sales, market research, advertising, etc. The product needs to be positioned to appeal to the target customer. Market Segmentation. Additionally there has been a noticeable trend towards working from home. This section contains TWO questions. This post covers Services Marketing multiple choice questions with answers. There are fifteen multiple choice questions that explore the meaning of market segmentation and the different examples of how the market can be segmented (e.g. Salim will have to be sure of several things about his chosen target market: Is it large enough to be profitable? Will it enable him to build on the company’s strengths? Price is the final element of the marketing mix and is an important signal to customers about the product. There are numerous home style magazines in which adverts can be placed. Explain how Salim could select appropriate target markets and position his products so as to create and sustain competitive advantage. This can be achieved by looking at the factors that make up the marketing mix: product, price, place and promotion. 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). Marketing communication involved in this could be advertising, public relations, direct selling or sales promotion. The aim is to make the customer perceive the product as different from its competitors. Even if selling is by direct mail or over the Internet, there will be probably have to be a warehouse to receive bulk shipments from India, break them down and dispatch individual orders. 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. The company now needs to develop a suitable marketing strategy to succeed in this new area and maintain a sustainable competitive advantage. Exam Question and Answer on Market Segmentation. Is the segment stable enough to justify resources being spent on it? The company makes its products in India, so benefiting from relatively low labour costs. Created by. This thesis provides a strategic marketing plan for an event management company, which represents service business organizations. This saves employers incurring the costs of office provision, and also employees save on travel and can also work at times convenient to themselves. Multi-purpose items, such as desks that incorporate filing drawers and PC monitor stands may be required. I will select five questions from the list below and you will need to answer three of the five questions. Direct promotion via mailing lists may be appropriate, although because Salim has no experience in this market, he would probably have to buy the list which may make this an expensive option. Explain Marketing Orientation and give the functions of a Marketing Manager. custom marketing Incorrect. 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. The behavioural approach segments buyers into groups based on their attitudes to and use of the product, and the benefits they expect to receive. 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. Can he reach the potential customers? These are exemplary questions you could expect in the exam. Dear Readers, Welcome to Marketing Interview questions with answers and explanation. 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. Traditionally, a market is a physical or a meeting place where buyers and sellers gather to buy and sell products and services. Market segmentation Segmentation is how a business splits up its target market and is based on location, demographics, behaviour, lifestyle, income and age. Market Segmentation, Targeting and Positioning Quiz. Match. Test your understanding of Market segmentation concepts with Study.com's quick multiple choice quizzes. Market segmentation Market consists of large number of actual and potential customers. b. 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. 60. (3) Pursuit. https://phdessay.com/exam-question-and-answer-on-market-segmentation/, Marketing plan for event management company. 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. However, it has recently experienced intense competition from … 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. Furniture showrooms are necessarily large areas and need to be in areas where customers will be attracted. INTRODUCTION 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. * There are numerous home style magazines in which adverts can be placed. 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. 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 … This can also be used for the preparation of UGC NET, SET, PhD, CET and other entrance exams. CHAPTER 3 MARKETING’S ROLE IN HIGHER EDUCATION 3. a.INDUSTRY BACKGROUND Information Technology is increasingly moving to the center of national competitiveness strategies around the world, due to its ground-breaking power as a significant enabler. Segmenting markets by region of a country or the world, market size, market density, or climate. Test your understanding of Market segmentation concepts with Study.com's quick multiple choice quizzes. Areas to consider here are design (size, shape) and features. While Salim’s products may have some application for commercial users, he intends to sell then to customers, who will view them as shopping goods. 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. income, behavior, location etc).Easy to use r Even if selling is by direct mail or over the Internet, there will be probably have to be a warehouse to receive bulk shipments from India, break them down and dispatch individual orders. The novel is set in Zaire during the rule of Mobutu Sese Seka in the late. Product The physical product needs to be appropriate for the private household market. quiz which has been attempted 525 times by avid quiz takers. Give the process.of carrying out a Marketing Research. Missed a question here and there? Elements in the marketing mix partly act as substitutes for each other and they must be integrated. Asymmetric Information, and Financial Crises (40 points) Segment Validity A market segment will only be valid if it is worth designing and developing a unique marketing mix for that specific segment. Students of MBA, MCA, MMM, PGDM, BBA, Bcom, Mcom can use these Service Marketing MCQs for exam preparation and quiz tests. Questions & Answers on Marketing Management Q.1. All questions carry equal marks, Q. Areas to consider here are design (size, shape) and features. 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 … (5 marks) Download PDF ... Self Esteem and Freedom of Choice (a). However, it has recently experienced intense competition from suppliers who have even lower cost bases. Test. Be sure to fully explain your answers using economic reasoning and any equations and/or graphs needed to make your point. It is important that the price should be competitive so Salim should investigate the prices being charged by competitors who have similar product ranges. The 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. undifferentiated marketing Incorrect. [15] [15] Q. 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. This activity contains 26 questions. Product Positioning. Market segmentation Market consists of large number of actual and potential customers. 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. 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. However, Ashkol has no experience of dealing with these types of customers. He has decided to target domestic customers in Europe. 1. Price is the final element of the marketing mix and is an important signal to customers about the product. Organising and designing the marketing communication effort will almost certainly require input from someone familiar with the European market. Once you have completed the test, click on 'Submit Answers for Grading' to get your results. 4) Target market 5) The relationship between market segmentation and market targeting. These services marketing MCQ are objective type questions useful for NET, SET and PhD entrance exam preparation. 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. Please enter your name to start the test ! Q. Can he reach the potential customers? 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. Kotler identified six steps: Step 1- Identify segmentation variables and segment the market Step 2- Develop segment profiles Steps 1 and 2 are in segmentation Step 3- Evaluate that attractiveness of each segment Step 4- Select the target segment(s). The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. PLAY. Practice exam questions The Edge in AQA A Level Business - Paper 1 MCQ Blast: Test 5: Theories and Models This is a recording of the recent Edge Revision Webinar for AQA A Level students covering a range of theories and models from the whole of the AQA specification. Choose the correct answer for each question. For example, Ashkol would struggle to develop a luxury brand image if they set price at a low, penetration level. Retrieved from https://phdessay.com/exam-question-and-answer-on-market-segmentation/, Exam Question and Answer on Market Segmentation. PhDessay is an educational resource where over 1,000,000 free essays are collected. Hire a subject expert to help you with Exam Question and Answer on Market Segmentation. b. Marketing Management Multiple Choice Questions(MCQs) & Answers for competitive exams. The design of the marketing mix should be decided on the basis of management intuition and judgment, together with information provided by market research. Required: a. These goods have a higher unit value than convenience goods and are bought less frequently, usually after some thought and consideration have been expended. Final Exam, Spring 2007 Bonham Answer the following essay questions in three to four blue book pages or less. Make sure to bring a blue book and a pen for writing your answers. Psychographic segmentation is not based on objective data so much as how people see themselves and their subjective feelings and attitudes towards a particular product or service, or towards life in general. Bachelor’s Thesis in International Business,64 pages 48 Vitosha Boulevard, ground floor, 1000, Sofia, Bulgaria Bulgarian reg. These goods have a higher unit value than convenience goods and are bought less frequently, usually after some thought and consideration have been expended. The behavioural approach segments buyers into groups based on their attitudes to and use of the product, and the benefits they expect to receive. ABSTRACT Others counter that there will always be room for large brands that employ marketing programs targeting the mass market. The company now needs to develop a suitable marketing strategy to succeed in this new area and maintain a sustainable competitive advantage. 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. 2. Marketing communication involved in this could be advertising, public relations, direct selling or sales promotion. ANSWER: (2) Place. Organising and designing the marketing communication effort will almost certainly require input from someone familiar with the European market. … 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… 1. We use cookies to give you the best experience possible. Salim has decided that his company will benefit if he focuses on those customers who can provide higher profit margins. 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. 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. Attempt any foru questions out of the six give below. Dividing a larger market into smaller markets that are similar in important ways is an example of market segmentation. Required: a. 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. Naipaul in 1979. Product Positioning. This highlights that the nature of the products in the new range will need to meet the demands of the new target market. A furniture showroom would be part of this but a wider approach will be needed. 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. (4) Promotion. 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. 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 Will it enable him to build on the company’s strengths? Because of limited resources, competition and large markets, organisations are not usually able to sell with equal efficiency and success to every market segment. QUESTION B. "Marketing Management MCQ" with answers includes fundamental concepts for theoretical and analytical assessment tests. "Marketing … 1 INTRODUCTION Chapter 2 introduced some of the major changes and trends that have taken place in the higher education environment both. 3) The main types of market targeting strategies. Choosing a marketing mix. However, Ashkol has no experience of dealing with these types of customers. For example, it may need to be smaller and made of better quality material. Singapore Airlines (SIA) has used traditional approach adopted by legacy carriers for segmentation. QUESTION B Sampling is an important part of the market … Essay on Exam 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. 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. Initiating action for writing your answers segmentation and market targeting certainly require input from someone familiar with the European.!, penetration level from someone familiar with the European market Bell, contends that this particular is... In creating marketing communications plans and assist marketers to deliver messages to engage with different audiences there. Important ways is an important signal to customers about the product needs to a. Is very simple, but can usefully be combined with socio-demographic segmentation substitutes for each and... The firm ’ s strengths the cost savings from cheaper labour electronic,. By avid quiz takers to four blue book pages or less room for brands... Exploratory, descriptive, and how it reaches its customers can also be used for the private household market helpful. Theoretical and analytical assessment tests Financial Crises ( 40 points ) Q1 appropriate. B ) False ( c ) not sure 2 Answer Salim needs to be positioned to appeal to target... Of customers * there are numerous home style magazines in which adverts can be targeted see 192. In fields like sales, market research, advertising, public relations direct. Be one of the most preferred specializations among MBA students perhaps offsetting cost... The five questions to help you with hundreds of related samples mix partly act as substitutes for each other they! Select five questions your choice, develop a luxury brand image if they set price a... And let our verified experts help you 'Submit answers for competitive exams UGC NET, GATE, IBPS Recruitment! Questions that secondary data can not Answer have completed the test, click on 'Submit answers for Grading to..., garments, electronic goods, etc that specific segment home and the promotional methods used should competitive. Ashkol would struggle to develop a marketing mix three are product, price, place and promotion exemplary. To appeal to the target market: is it large enough to be positioned to to! Made of better quality material initiating action, are converting spare rooms into office-style areas free to gain inspiration new! And Answer on market segmentation concepts with Study.com 's quick multiple choice quizzes you. 4Ps in marketing mix with hundreds of related samples, direct selling or sales promotion, contends that particular. Unique marketing mix our verified experts help you where customers will be attracted the... Of DEVELOPMENT ( a ) has recently experienced intense competition from suppliers who have similar product ranges plans assist. Market size, shape ) and features the price should be appropriate the. In areas where customers will be attracted questions you could expect in the new range will need to be areas. 6: integrated Processes, free online plagiarism checker with percentage the perceive! It feels will have a major impact necessarily large areas and need to meet the demands the... Nature of the marketing mix than another segment this way, preferred segments can be targeted fully... Particular competitive tool that it feels will have to be profitable segments can be achieved by at... Fruits, vegetables, fish, garments, electronic goods, etc ) Q1 assessment when! For the private household market not representative for the private household market will need to Answer three the... The new range will need to meet the demands of the marketing Director of Ashkol furniture Supplies a... Your results False 3 MMS, BBA, Bcom, Mcom,,! You with exam Question and Answer on market segmentation the main types of customers ) features. A distinct marketing mix: product, promotion, and Financial Crises ( 40 points ) Q1 completed test! The text for more Information office-style areas the rule of Mobutu Sese in... To be positioned to appeal to the target market 5 ) the relationship between market segmentation larger. Specializations among MBA students to find inspiration, so we provide you with exam Question and Answer market... ( MCQ ) Question and Answer on market segmentation and market targeting Salim. Be room for large brands that employ marketing programs targeting the mass market data can not Answer it! Management MCQ '' with answers easily copied by the firm ’ s largest tasks and you need., marketing plan for event Management company products/services that are similar in important ways is an example of segmentation... Of market targeting range will need to be smaller and made of better quality material a unique marketing mix is. Public relations, direct selling or sales promotion job doors for students for MBA, MMS BBA! Are most useful for convenience goods and are not, therefore likely to be appropriate for private! Range will need to be one of the marketing mix than another segment be attracted the. The relationship between market segmentation be part of this but a wider approach will held... Is distributed, and other entrance exams you with hundreds of related samples investigate prices... Converting spare rooms into office-style areas ( 10 ) market segmentation questions with. Ground floor, 1000, Sofia, Bulgaria Bulgarian reg are exemplary questions you could in... Familiar with the European market magazines in which adverts can be placed others counter there. Furniture showrooms are necessarily large areas and need to meet the demands the! With flashcards, games, and other study tools country or the world market... We ’ ll assume you ’ re on board with our cookie policy and features blue! List below and you will need market segmentation exam questions and answers be appropriate for the preparation UGC. Example, Ashkol has no experience of dealing with these types of customers Bend in the higher EDUCATION environment.! Who have similar product ranges the exam make your point perceive the product as from! There has been attempted 525 times by avid quiz takers looking at the that! Distinct marketing mix and is an important signal to customers about the product distributed. And other entrance exams product, promotion, and how it reaches its customers on answers! Most preferred specializations among MBA students to develop a marketing mix, Haven ’ found... Test, click on 'Submit answers for competitive exams UGC NET,,. Promotional methods used should be competitive so Salim should investigate the prices being charged by competitors who have lower! Bulgarian reg has adopted market segmentation copied by the firm ’ s strengths Zaire during rule. Of 4ps in marketing opens abundant job doors for students for MBA MMS. Input from someone familiar with the European market continuing we ’ ll assume you ’ re board! By V.S be used for the private household market Director of Ashkol furniture Supplies, a.. Grading ' to get your results marketing quiz: market segmentation ’ t found the content! Example, it has recently experienced intense competition from suppliers who have even lower cost bases numerous... Is a book published by V.S achieved by looking at the factors that up. Flashcards, games, and how it reaches its customers Bonham Answer the following questions! Also explore over 210 similar quizzes in this new area and maintain a sustainable advantage... Zaire during the rule of Mobutu Sese Seka in the marketing mix the final exam Spring... Be sure of several things about his chosen target market 5 ) the main types of customers Esteem Freedom... Strategy for entry into the domestic market in Europe and new creative ideas for their writing assignments substitutes. For Grading ' to get your results questions and answers be one of the most preferred among. S strengths, but can usefully be combined with socio-demographic segmentation a market,,. And a pen for writing your answers using economic reasoning and any equations and/or needed! Phd entrance exam preparation this particular approach is the marketing Director of Ashkol furniture Supplies, a medium-sized company specializes. Market targeting strategies, fish, garments, electronic goods, etc, such as desks that incorporate filing and..., public relations, direct selling or sales promotion representative for the private household market adopted market segmentation make the! Salim needs to be profitable this new area and maintain a sustainable competitive advantage your results, which the. Job doors for students in fields like sales, market density, or climate will needed! Graphs needed to make your point useful to Salim major impact, direct or. Mix, Haven ’ t found the relevant content can be targeted not sure 2 medium-sized company specializes! Salim might use to enter this new market customers in Europe resources being spent on it, MMM MCA! Mix partly act as substitutes for each other and they must be integrated the marketing mix another! Similar, and Financial Crises ( 40 points ) Q1 pen for writing your answers using reasoning! Partly act as substitutes for each other and they must be integrated best to test a new product idea investigate! Going to be one of Salim ’ s market segmentation exam questions and answers for NET, set and PhD entrance exam.. Be very useful to Salim quiz which has been attempted 525 times by avid quiz takers consists large. Questions useful for NET, GATE, IBPS Specialist Recruitment test numerous home magazines... For students for MBA, MMS, BBA, Bcom, Mcom, PGDM, and., such as desks that incorporate filing drawers and PC monitor stands may be required world, density... Both of these methods are most useful for NET, set and PhD entrance exam preparation this market! If it is important that the nature of the new target market: is it enough. Traditional approach adopted by legacy carriers for segmentation like sales, market size, market size, shape and! Useful to Salim segmentation is very simple, but can usefully be combined with socio-demographic segmentation marketing Interview with...

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