Essay Questions… True (b) False (c) Not sure 2. 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. For example, Ashkol would struggle to develop a luxury brand image if they set price at a low, penetration level. Save time and let our verified experts help you. Get help with your Market segmentation homework. 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 company makes its products in India, so benefiting from relatively low labour costs. Traditionally, a market is a physical or a meeting place where buyers and sellers gather to buy and sell products and services. Attempt any foru questions out of the six give below. Make sure to bring a blue book and a pen for writing your answers. Elements in the marketing mix partly act as substitutes for each other and they must be integrated. Explain how Salim could select appropriate target markets and position his products so as to create and sustain competitive advantage. This can also be used for the preparation of UGC NET, SET, PhD, CET and other entrance exams. Note that we do not provide answers to these questions. Scholars Can he reach the potential customers? number: 206095338. Explain Marketing Orientation and give the functions of a Marketing Manager. Market Segmentation Exam Questions. Market segmentation Market consists of large number of actual and potential customers. Naipaul in 1979. A Bend in The River is a book published by V.S. 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 For example, it may need to be smaller and made of better quality material. The company makes its products in India, so benefiting from relatively low labour costs. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Both of these methods are most useful for convenience goods and are not, therefore likely to be very useful to Salim. About this itemThis resource is the perfect assessment tool when teaching market segmentation. Does this segment respond differently in the marketing mix than another segment? Dividing a larger market into smaller markets that are similar in important ways is an example of market segmentation. Define Market! Price is the final element of the marketing mix and is an important signal to customers about the product. This activity contains 26 questions. 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. Promotion involves arousing attention, generating interest, inspiring desire and initiating action. A target market is a particularly attractive segment that will be served with a distinct marketing mix. Place Place deals with how the product is distributed, and how it reaches its customers. QUESTION B. OK <= Index => 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 saves employers incurring the costs of office provision, and also employees save on travel and can also work at times convenient to themselves. This can be achieved by looking at the factors that make up the marketing mix: product, price, place and promotion. 3) The main types of market targeting strategies. China has adopted market segmentation in its approach of development (a) True (b) False 3. Headquarter of the company is in Lahti,. Internal Analysis It is important to assess company strengths when evaluating attractiveness and targeting a market. 201 : Marketing Manageinent I. What is market segmentation? Distribution Channels Serious consideration will have to be given to how customers will be able to view, order and receive delivery of the products. Created by. Because of limited resources, competition and large markets, organisations are not usually able to sell with equal efficiency and success to every market segment. Terms in this set (10) Market Segmentation. This post covers Services Marketing multiple choice questions with answers. By continuing we’ll assume you’re on board with our cookie policy. Establishing a suitable distribution system is going to be one of Salim’s largest tasks. Be sure to fully explain your answers using economic reasoning and any equations and/or graphs needed to make your point. 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. However, it has recently experienced intense competition from suppliers who have even lower cost bases. The target market is people working from home and the promotional methods used should be appropriate to this market. income, behavior, location etc).Easy to use r Be sure to fully explain your answers using economic reasoning and any equations and/or graphs needed to make your point. 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. Marketing communication involved in this could be advertising, public relations, direct selling or sales promotion. Can he reach the potential customers? The company makes its products in India, so benefiting from relatively low labour costs. 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. Exam Question and Answer on Market Segmentation, Blaming Justice (Looking at the theme of justice in Romeo and Juliet) Essay Sample, Consigue un mentor para desarrollarte como emprendedor, Market Segmentation, Targeting and Positioning. Ans. This can be achieved by looking at the factors that make up the marketing mix: product, price, place and promotion. Questions & Answers on Marketing Management Q.1. Test. Salim has decided that his company will benefit if he focuses on those customers who can provide higher profit margins. Missed a question here and there? 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. It is necessary to select target markets. Test your understanding of Market segmentation concepts with Study.com's quick multiple choice quizzes. Self-assessment questions Try the self-assessment questions below to test your knowledge of this chapter. 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. Salim Brommer is the Marketing Director of Ashkol Furniture Supplies, a medium-sized company which specializes in manufacturing office furniture. These goods have a higher unit value than convenience goods and are bought less frequently, usually after some thought and consideration have been expended. These markets exist for products/services that are daily necessities like fruits, vegetables, fish, garments, electronic goods, etc. However, it has recently experienced intense competition from suppliers who have even lower cost bases. Try this amazing Marketing Quiz: Market Segmentation Questions ! Questions for MKTG 430 Mid-Term Exam The mid-term exam will be held in class on October 12th. The company now needs to develop a suitable marketing strategy to succeed in this new area and maintain a sustainable competitive advantage. Marketing Management Multiple Choice Questions and Answers (MCQs): Quiz and Practice Tests with Answer Key (Marketing Management Quick Study Guide & Course Review) covers subject tests for competitive exams to practice 900 MCQs. 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. [15] [15] Q. I will select five questions from the list below and you will need to answer three of the five questions. ABSTRACT (5 marks) All this has major cost implications perhaps offsetting the cost savings from cheaper labour. 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. List of 200+ marketing objective type or multiple choice (MCQ) question and answers! quiz which has been attempted 525 times by avid quiz takers. Q1. QUESTION B Sampling is an important part of the market … • 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) 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. 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 The company makes its products in India, so benefiting from relatively low labour costs. ... _____ is a market segmentation … (4) Promotion. Out Of 4ps in marketing mix three are product, promotion, and price, which is the 4th P. (1) Purpose. custom marketing Incorrect. However, it has recently experienced intense competition from … Geographic Segmentation. All questions carry equal marks, Q. Is the segment stable enough to justify resources being spent on it? 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. Market Segmentation, Targeting and Positioning Quiz. 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. Marketing is one of the most preferred specializations among MBA students. Marketing Management Multiple Choice Questions(MCQs) & Answers for competitive exams. 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. A target market is a particularly attractive segment that will be served with a distinct marketing mix. 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. This highlights that the nature of the products in the new range will need to meet the demands of the new target market. Segmenting markets by region of a country or the world, market size, market density, or climate. It is important that the price should be competitive so Salim should investigate the prices being charged by competitors who have similar product ranges. Promotion involves arousing attention, generating interest, inspiring desire and initiating action. Make sure to bring a blue book and a pen for writing your answers. 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. He has decided to target domestic customers in Europe. CHAPTER 3 MARKETING’S ROLE IN HIGHER EDUCATION 3. The marketing, segmenting, targeting and positioning (STP) is a comprehensive system that optimizes and ease off the process of market segmentation. Elements in the marketing mix partly act as substitutes for each other and they must be integrated. We use cookies to give you the best experience possible. Increasingly, private households, particularly those with computers, are converting spare rooms into office-style areas. market segmentation Correct. Furniture showrooms are necessarily large areas and need to be in areas where customers will be attracted. (5) Plan. (2016, Dec 08). Furniture showrooms are necessarily large areas and need to be in areas where customers will be attracted. Which approach is the best to test a new product idea? 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. Explain how Salim could select appropriate target markets and position his products so as to create and sustain competitive advantage. PhDessay is an educational resource where over 1,000,000 free essays are collected. (5 marks) b) New groupings means that the marketing strategy of price, product place and promotion will have to be changed to meet the changing market. Q. 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 novel is set in Zaire during the rule of Mobutu Sese Seka in the late. Additionally there has been a noticeable trend towards working from home. b. benefit segmentation Incorrect. 4) Target market 5) The relationship between market segmentation and market targeting. Suggested Answer Salim needs to develop a marketing strategy for entry into the domestic market in Europe. … 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. 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. Segment Validity A market segment will only be valid if it is worth designing and developing a unique marketing mix for that specific segment. 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. By continuing we’ll assume you’re on board with our cookie policy. For example, Ashkol would struggle to develop a luxury brand image if they set price at a low, penetration level. Answer BOTH questions. It is necessary to select target markets. Example Exam Questions: Marketing Research. Your answers … 2. 60. All this has major cost implications perhaps offsetting the cost savings from cheaper labour. 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). Once you have completed the test, click on 'Submit Answers for Grading' to get your results. Can the segment be reached profitably? The aim is to make the customer perceive the product as different from its competitors. Part (b). 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. 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 … undifferentiated marketing Incorrect. 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. 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. Place Place deals with how the product is distributed, and how it reaches its customers. We use cookies to give you the best experience possible. However, Ashkol has no experience of dealing with these types of customers. Singapore Airlines (SIA) has used traditional approach adopted by legacy carriers for segmentation. These services marketing MCQ are objective type questions useful for NET, SET and PhD entrance exam preparation. 1 INTRODUCTION Chapter 2 introduced some of the major changes and trends that have taken place in the higher education environment both. Segment Validity A market segment will only be valid if it is worth designing and developing a unique marketing mix for that specific segment. The design of the marketing mix should be decided on the basis of management intuition and judgment, together with information provided by market research. 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). Salim has decided that his company will benefit if he focuses on those customers who can provide higher profit margins. Can the segment be reached profitably? This post covers marketing multiple choice questions with answers and explanation. Your answers should reflect some thought and consideration on your part. View Answer / Hide Answer. * There are numerous home style magazines in which adverts can be placed. Market segmentation Segmentation is how a business splits up its target market and is based on location, demographics, behaviour, lifestyle, income and age. Nina_Shannon. "Marketing Management MCQ" with answers includes fundamental concepts for theoretical and analytical assessment tests. Salim will have to be sure of several things about his chosen target market: Is it large enough to be profitable? These goods have a higher unit value than convenience goods and are bought less frequently, usually after some thought and consideration have been expended. Each question is worth 10 marks. Increasingly, private households, particularly those with computers, are converting spare rooms into office-style areas. Part of ١ Managing Marketing Strategy BM530 Revision Essay Questions Chapter 8: Market Segments and Targeting Explain each of the following: 1) Bases of segmenting the consumer market. Others counter that there will always be room for large brands that employ marketing programs targeting the mass market. Missed a question here and there? See Page 192 of the text for more information. 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