Marketing 706 Minseong Kim Exam 2 -

Marketing 706 Minseong Kim Exam 2 - LSUS MBA Questions with Complete Solutions (Latest 2025) Segmentation and Target Marketing - Correct Answers ✅Consider markets as individuals, institutions, or a group of people Have similar needs that can be met by a specific offering Aim to identify specific customer needs and design marketing programs to satisfy those needs

Firms must comprehensively: Understand current and

potential customers Know customer motivations, behaviors, needs and wants Marketers must comprehend and define consumer needs better to help attain success Easier for marketers to make distinctions among smaller segments Issues in the buying process - Correct Answers ✅1.Describes the possible range of activities that may occur in consumers' making purchase decisions. Consumers don't always follow these processes in sequence and may even skip stages en route to making a purchase (e.g. impulse purchases or loyalty toward a product or brand)

• Often involves a parallel sequence of activities associated

with finding the most suitable merchant of the product in question. Consumers consider what product to buy and where they might buy it at the same time. In the case of name brand products, this selection process may focus on the product's price and availability at different stores or online merchants 1 / 4

Marketing 706 Minseong Kim Exam 2 - LSUS MBA Questions with Complete Solutions (Latest 2025)

• choice of a suitable merchant may actually take

precedence over the choice of a specific product. In some cases, consumers are so loyal to a particular merchant that they will not consider looking elsewhere. For example, if some consumers are fiercely loyal to American car manufacturers, they may limit their product selection to a single brand or dealership, greatly limiting their range of potential product choices Need - Correct Answers ✅Occurs when the customer's existing level of satisfaction and desired level of satisfaction are not the same Based on the internal (e.g., hunger, thirst and fatigue) or external (e.g., advertising, window shopping, interacting with sales people) stimuli Want - Correct Answers ✅Consumers' desire for a specific product that will satisfy the need Demand - Correct Answers ✅Occurs only when a consumer's ability and willingness to purchase a specific product backs up the want for that product Passive Information Search - Correct Answers ✅consumer becomes more attentive and receptive to information. E.g.noticing and paying attention to automobile ads if the customer has a want for a specific car/brand 2 / 4

Marketing 706 Minseong Kim Exam 2 - LSUS MBA Questions with Complete Solutions (Latest 2025) Active Information Search - Correct Answers ✅customer purposely seeks additional information, e.g. browsing the internet, asking friends, or visiting dealer showrooms Sources of Information - Correct Answers ✅External sources Internal sources Internal sources - Correct Answers ✅personal experiences and memories External sources - Correct Answers ✅advertising, websites, packaging, display and salespeople Amount of time, effort, and expense dedicated to information

search depends on: - Correct Answers ✅Degree of risk

involved in the purchase.Amount of expertise with the product category.Actual cost of the search (time and money).Evoked Set - Correct Answers ✅Narrowing down potential product choices to a few products that can meet consumer needs 3 / 4

Marketing 706 Minseong Kim Exam 2 - LSUS MBA Questions with Complete Solutions (Latest 2025) Represents the outcome of information search and the beginning of the next stage of the buying process Eliminating brands from further consideration after research Consumers evaluate products as bundles of attributes - Correct Answers ✅Each attribute has a different level of importance Priority of choice criteria can change during the process (i.e.buying a car and deciding on bundle features, safety vs prices) Important marketing considerations during the evaluation

stage: - Correct Answers ✅1. The marketer's products

must be in the evoked set of potential alternatives. For this reason, marketers must constantly remind consumers of their company and its product offerings

• Marketers must take steps to understand consumers'

choice criteria and the importance they place on specific product attributes. Understanding the connection between customers' needs and product attributes is an important consideration in market segmentation and target marketing decisions.

• Marketers must often design marketing programs that

change the priority of choice criteria or change consumers' opinions about a product's image.

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