Chapter 6: Markets, Target Markets, and Market Segmentation

The rivalry between companies selling similar products and services is called:

Competition

What drives companies to research the precise needs of their discerning customers and to pursue market segmentation?

Competition

If a company's marketing team sorted customers using behavioral segmentation, they would sort customers based on variables like:

Attitudes and knowledge of your brand

If the Avalanche hockey team wants to target customers who are fans of the team, they would use:

Behavioral

What is a disadvantage of market segmentation:

It is more costly to do research

A person or group who is willing and able to spend money to meet unsatisfied wants or needs is called:

Market

The process of sorting people into groups who share one or more common or similar characteristics, lumped together for target marketing purposes, is called:

Market segmentations

Groups of people who share one or more common characteristics are:

Market segments

If a company's marketing team sorted customers based on lifestyles, interests, and values, they would be using:

Psychographic

A company making a broad appeal to customers with little regard to specific market groups is:

Pursuing a mass marketing strategy

Mass marketing attempts to appeal to:

The entire market

Randall Realty wants to target customers who are first-time home buyers. Segmenting groups based on life stage and socioeconomic status is called:

Demographic

The Lamar High School STEM class wants to attract more female high school students to the class. Segmenting groups by gender and age, in this case females between the age of 15-18, is an example of:

Demographic

When PepsiCo makes many variations of refreshments, they are trying to appeal to:

Different market segments

Sheila's Shovel Shop wants to target customers who live in areas where it snows a lot. Segmenting groups based on where someone lives is called:

Geographic

Why is market segmentation useful?

It helps in developing a marketing strategy

Complete the sentence. Mass marketing involves a ______________ product and message.

One-size-fits-all

A specific group of people that is most likely to buy your product, that you want to reach by aiming your marketing efforts, is called:

Target Market

Jimmy's skateboard shop uses social media ads to appeal to boys, age 13-18. The skateboard shop is using _________ marketing in a certain ___________ segment

Target and demographic

What can make mass marketing challenging:

Well informed customers