Marketing

There are four major target marketing strategies that marketers use to develop or reach a target market. Which of the following is NOT one of these strategies?

Diffused marketing

What is one of the advantages to the business of using market segmentation?

Greater focus on the customers who matter most

Geert Hofstede's research examined cultural dimensions of IBM's international employees in the 1970s. What was the purpose of Hofstede's cultural research, and how does it help marketers today?

Hofstede's cultural research helps marketers understand how to distinguish different cultures for marketing purposes.

Product positioning follows which step of the three-part STP model process?

Market segmentation

Product positioning is the third step in the STP model. What is the first step?

Market segmentation

Iconic wedding gown designer Vera Wang uses multiple segmentation bases to more accurately reach those who are planning a wedding. Which two variables are most important to Vera Wang's business success?

Psychographic (lifestyle) and geographic (location)

_______ is the three-step marketing framework in which an organization segments the market, selects target market(s), and positions its products or services.

STP model

Why does a brand like Coca-Cola use a mass marketing strategy?

To cost-effectively reach a wide audience

_______ is the method of grouping customers by their behavior patterns or interactions with a brand.

behavioral segmentation

Segmentation can be beneficial for consumers because they _______.

can enjoy buying virtually identical products from different companies

_______ is the marketing segmentation strategy in which the firm concentrates its efforts and resources on serving one segment of the market.

concentrated marketing

_______ is the grouping of customers and potential customers together by focusing on certain traits such as age, gender, income, occupation, etc.

demographic segmentation

Firmographics are used to segment business customers. Firmographics describe business characteristics in the way _______ describe final consumer characteristics.

demographics

Procter & Gamble, manufacturer of laundry brands Cheer, Era, Tide, and Gain, uses _______ marketing through activities such as sponsoring the Olympic Games, running TV ads and magazine ads, and communicating through social channels.

differentiated

_______ is the marketing strategy that involves creating marketing campaigns that appeal to two or more different target audiences, demographics, or marketing segments.

differentiated marketing

Market segmentation is the process of _______.

dividing a market into smaller, more defined categories

A target market is a subset of the total market. Marketers segment the total market and focus marketing efforts on a specific target market because it is more affordable, efficient, and _______ than targeting the entire market of consumers.

effective

Inherent ethical issues surround marketing to children, including distinguishing intent, gender stereotypes, violence, and obesity. As an example, more than 40,000 Disney Princess toys are marketed to girls, while Transformer toys are marketed specifically to boys. This is an example of _______.

gender stereotypes

McDonald's recently withdrew from the Russian fast-food market despite its population density. This decision is an example of _______ segmentation.

geographic

_______ is the marketing strategy that is used to target products or services at people who live in or shop at a particular location.

geographic segmentation

_______ is the process of dividing a broad consumer or business market into subgroups based on shared characteristics.

market segmentation

After marketers have used segmentation bases to draw up viable business market segments, they then move on to selecting _______.

methods to contact businesses about products

Subway has worked with the "Let's Move!" campaign with a related campaign called "Playtime: Powered by Veggies." This campaign is aimed at reducing _______ in children.

obesity

Companies such as Best Buy have given groups of shoppers specific names. Buzz is the young tech enthusiast, Barry is the wealthy professional, and Jill is the soccer mom who makes most shopping decisions for the family but isn't well versed in electronics. Using buyer _______ aids businesses through fictional representation of ideal customer segments.

personas

_______ is the short description of an organization's target market(s) and the product(s) provided to them.

positioning statement

_______ is the process of deciding and communication how an organization wants its market to think and feel about a product or service.

product positioning

_______ is dividing consumers into subgroups based on shared psychological characteristics, including beliefs, motivations, and priorities.

psychographic segmentation

Meta (formerly Facebook) eliminated race-based ad targeting categories because unethical marketers were using these categories to block specific audiences from seeing their advertisements. This is an example of _______.

racial profiling

When a company identifies the parts of the B2B market it can serve most profitably, the company is practicing _______.

segmentation

The admissions department of a large university in southern California is reconsidering its segmentation strategies. One admissions counselor suggested that the admissions department strongly consider attracting high school graduates from Wyoming, the least populous US state. He argued, "SoCal is as far away as you can get from the mountains and wide-open spaces of Wyoming. Who wouldn't want to get away from the pine trees and enjoy attending college on a campus filled with palm trees?" Ultimately, the Wyoming segment of college-bound students wasn't deemed _______ enough to be targeted.

substantial

_______ is the group of people with some shared characteristics that a company has identified as potential customers for its products.

target market

_______ is organizing B2B prospects by their technology ownership and usage.

technographic segmentation

_______ is also called mass marketing, a strategy that entails creating one message for an entire audience.

undifferentiated marketing

_______ is evaluating groups of customers in terms of the revenue they generate and the costs of establishing and maintaining relationships with them.

value-based segmentation

Effectively segmenting business markets involves five criteria that are referred to by an acronym called ADAMS. The first letter "A" refers to whether the marketer can reach businesses included in the segment. What word does the "A" stand for?

Accessible

VALS (values, attitudes, and lifestyles) is another method of segmenting customers into eight psychographic types. According to VALS, which type is most likely to be interested in messaging from British luxury car manufacturer Jaguar?

Achievers

Companies all over the world are interested in the lifestyles of their target markets. Many companies analyze three lifestyle dimensions, called AIO variables. What does the AIO acronym represent?

Activities, interests, and opinions