marketing mgt exam 1

activities personality opinions

Which of the following are consumer variables that psychographic segmentation relies on to segment a market? Select all that apply.

-Segment can be reached to deliver the value of the product, and subsequently can be effectively and efficiently managed. -Segment is readily identifiable and can be measured. -Segment is clearly differentiated on one or more important dimensions when communicating the value of the product. -Segment is of sufficient size to warrant investing in a unique value-creating strategy for that segment as a target market.

Which of the following are criteria for effective segmentation? Select all that apply.

Operating Variables Personal Characteristics Demographic Situational Factors Purchasing Approaches

Which of the following are key business market segmentation variables? Select all that apply.

Race, ethnicity

____ and ________ segmentation is now of prime importance in the United States as the number of natural-born citizens of ethnic minorities has grown and the number of immigrants has increased.

generational

_____________ segmentation is a type of age segmentation that helps get at the heart of differences in needs and wants by understanding differences in groups of people by generation.

age

Segmentation that presumes some regularity of consumer needs and wants by chronological age is called ______ segmentation.

the family life cycle

A series of life stages defined by age, marital status, number of children, and other factors is called ______.

provide the quickest, highest-level, and longest-sustaining ROI

All things being equal, a firm should focus the most attention on market segments that ______.

differentiation

At the heart of segmentation is the process of ______, which means communicating and delivering value in different ways to different customer groups.

positioning

Communicating one or more sources of value to customers in ways that connect needs and wants to what the product has to offer.

positioning

Data gathered from ______ helps to develop a perceptual map.

market Segmentation

Dividing a market into meaningful smaller markets or submarkets based on common characteristics.

demographic

Dividing consumer groups based on a variety of readily measurable descriptive factors about the group is called ______ segmentation.

geographic

Dividing consumer groups based on physical location is called _______ segmentation.

target Marketing

Evaluating the market segments, then making decisions about which among them is most worthy of investment for development.

prefers a work-life balance very entrepreneurial referred to as the "baby bust"

Generation X

benefits sought usage patterns

In what two ways are markets segmented based on behavioral segmentation?

segmentation

It is important to remember that an essential part of executing a(n) ______ approach is determining that the portion of the market is of sufficient size to warrant a unique strategy.

Develop profiles of each potential target market. Select a target marketing approach. Analyze market segments.

What are the three steps in target marketing?

price leadership innovative leadership service leadership

What are three sources of marketing differentiation?

People misstate or refuse to reveal their income on questionnaires. The availability of credit allows consumers to purchase more than their income would dictate.

What are two reasons why using income alone as a segmentation approach is problematic?

feeling of being forever young personify conspicuous consumption

Which are characteristics of Baby Boomers?

Generation X

Which generational group is pegged as being a very entrepreneurial group being responsible for more than 70 percent of the new business start-ups in the United States?