SE Marketing Ch. 2 Test
The 80/20 rule that many businesses find applies to their sales states:
80 percent of a company's sales are generated by 20 percent of its loyal customers
Identifying markets in which a company has an advantage that enables it to survive against its competition over a long time period is:
Sustainable Competitive Advantage
The promoters of an extreme-sports weekend event would most likely target which of the following markets:
Young men, ages 12 to 34
Geographic segmentation is dividing a market by where customers are
Living
Which of the following purchases would most likely be made with discretionary income?
Magazine Subscriptions
Liza has always wanted a horse, and she has finally saved enough money to buy one. In marketing terms, Liza is a
Market
Marketers prepare for determining their target markets by conducting target-market
Activities
To buy a product, customers in a market must first
Be willing to buy the product
The Thompson Company decided it would be more successful if it divided the total market for its products into smaller, more specific groups of consumers. This business is engaged in
Market Segmentation
When examining a market, marketers primarily notice its
Categories
According to the text, which U.S. ethnic population is declining, relative to other ethnic populations?
Caucasian
When customers respond by making a purchase, marketers want to pinpoint the
Cause
Marketers should check on their markets periodically because markets can
Change
Sorting customers by their physical and social characteristics is called ________ segmentation
Demographic
The community college has decided to market its evening classes to women between the ages of 18 and 30 who are high-school graduates. What type of segmentation is the college using?
Demographic
The Good Ol' Barbecue Sauce Company began marketing a new sauce that includes spices often found in Asian cuisine. How is the company segmenting its market?
Demographics
Which of the following is a factor that sports and entertainment marketers consider when targeting customers for a specific event:
Demographics
Today's customers are not influenced by mass marketing alone because they are more
Discerning
Marketers who sell luxury and premium products are interested in changes in:
Discretionary Income
An important part of target marketing in the sports and entertainment industry involves appealing to potential customers who have
Disposable Income
When using mass marketing, marketers seek to appeal to the
Entire Market
In the United States, the most rapidly increasing ethnic population is Caucasian.
False
Marketers have four different ways to segment a market geographically - local - regional - state - national
False
Marketers who produce and distribute products that are necessities are intered in changes in consumer's discretionary income.
False
A target market can be described as the
Group of customers the business seeks to attract
Which question do customers ask in behavioral segmentation?
How will the product benefit me?
Companies can better determine the specific needs of their markets because of today's
Improved marketing research
The customer characteristic that reflects where customers fit in the day-to-day buying routine is known as
Life Stage
When marketers sort customers psychographically, they divide them by
Lifestyle Habits
Which of the following is an example of market segmentation by life stage
Married Adults
When sellers offer one-size-fits-all products that will appeal to most buyers, they are using
Mass Marketing
A new extreme water sport wants to go after only males between the ages of 18-35 who are daring and sports-minded and live in Orlando, Florida. This is an example of a
Niche Market
The Music Stand direct-mail company wants to send catalogs to music teachers, dancers and other music lovers. What type of data would be helpful in this endeavor?
Psychographic
When a sport marketer considers factors such as lifestyles and interest levels in a specific sport, s/he is segmenting a market on the basis of
Psychographics
What should a sports or entertainment event do in order to be successful?
Satisfy consumer wants
Mass marketing is not as precise as _____________ marketing
Segment
When the total market is divided, one of its groups is called a market
Segment
Marketers divide their markets by grouping customers according to their
Similarities
Market segmentation is about dividing the market into __________ groups
Specific
Marzetti's Musical Instruments has determined that it will focus its marketing efforts on senior high-school students. Marzetti's is engaged in _______ marketing.
Target
The same person can be included in more than one
Target Market
Understanding ethnic backgrounds and household income is part of market segmentation.
True