Have we met quiz principles of marketing

To buy a product, customers in a market must first

Be willing to buy the product. When customers buy a product, they must first have the need or desire, the resources, and the willingness to buy the product. Locating the product in a store, learning about its features—and even making sure that it is on sale—can produce a pleasant purchase experience, but they are not requirements for buying a product.

When examining a market, marketers primarily notice its

Categories. Marketers look at markets to divide them into groups or categories according to what customers have in common. Merchants, market leaders, and records have little to do with finding categories.

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. Demographic segmentation is the division of a market on the basis of its social and physical characteristics. These include such characteristics as income, age, gender, educational level, life stage, and occupation. Geographic segmentation groups consumers according to where they are located. Lifestyles and personalities of consumers are used as the basis for psychographic segmentation. Dividing consumers into groups according to their response to a product is behavioral segmentation.

Sorting customers by their physical and social characteristics is called _________ segmentation.

Demographic. Sorting customers by their physical and social characteristics is called demographic segmentation. Psychographic and behavioral segmentation are about sorting customers by their lifestyles and responses. Statistical segmentation is not a marketing term.

Today's customers are not influenced by mass marketing alone because they are more

Discerning. Today's customers may be more determined, decisive, or disciplined—but it is their increased discernment that is related to the fact that they are not influenced by mass marketing alone.

When using mass marketing, marketers seek to appeal to the

Entire market. Mass marketing involves the entire market—not local, loyal, or teen customers, in particular.

A target market can be described as the

Group of customers the business seeks to attract. Though a target market may seem to be a sample of the market, it is actually the particular group of customers the business seeks to attract. Knowing the market's direction is helpful to any marketer. And, a discussion of the way a business draws its customers falls under marketing promotion.

The customer characteristic that reflects where customers fit in the day-to-day buying routine is known as

Life stage. Though socioeconomic status, origin/heritage, and personal belief all affect customer purchases, it is life stage (where the customer is in his or her life) that determines how s/he fits into the day-to-day buying routine.

When marketers sort customers psychographically, they divide them by

Lifestyle habits. When marketers sort customers psychographically, they divide them by lifestyle habits. Likeable traits are the positive aspects of their personalities—thus, a portion of another psychographic segmentation element. Level of education is a characteristic of demographic segmentation. Loyalty to a brand is examined during behavioral segmentation.

Geographic segmentation is dividing a market by where customers are

Living. Geographic segmentation is dividing a market by where customers are living. Customers may or may not have been born and educated where they currently live. Also, they may or may not work in the same area in which they live, as demonstrated by those who live near a state border and work in the next state.

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. Rather than trying to direct marketing activities toward the whole market, marketers plan their activities for specific, well-defined groups of consumers. They tailor their product, price, place, and promotion activities to the segments with which they wish to work. With mass marketing, sellers design products that will appeal to most buyers and direct marketing activities to the whole market. Industrial marketing is marketing to customers who purchase items for use in the operation of a business, for resale, or for making other goods. Market domination targets the entire market instead of a segment.

Liza has always wanted a horse, and she has finally saved enough money to buy one very soon. In marketing terms, Liza is a

Market. A market is a customer or potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire. Liza is a market because she not only wants a horse but also has the money to buy one very soon. A resource is an item that is used to produce goods and services. A target group is a particular segment of the market. A market segment is one of the groups into which the total market is divided.

When sellers offer one-size-fits-all products that will appeal to most buyers, they are using

Mass marketing. The goal of mass marketing is to appeal to many types of consumers through one marketing plan. Mass production is the production of a few items in large quantities. Market segmentation is the division of a total market into smaller, more specific groups. Demographic segmentation is the division of a market on the basis of its physical and social characteristics.

Jackie is interested in predicting what special events result in higher demand for chocolate candy. She should conduct behavioral segmentation based on

Occasion response. Dividing customers into groups based on their response to a product is behavioral segmentation. Customers are grouped into categories according to what they are looking for in a product and why they buy the product. By studying the occasion responses of customers (when they purchase a product, especially for an event such as a wedding, birthday, graduation, etc.), marketers can predict what special events result in demand for products. Segmentation on the basis of usage rate classifies customers as heavy, moderate, light, or nonusers of a product. Customers can also be classified based on the benefits they desire from a product or the devotion and loyalty they feel for a product.

Mass marketing is not as precise as _____________ marketing.

Segment. Mass marketing is not as precise as segment marketing. Event marketing and promotional marketing may involve segments or mass audiences. Direct marketing typically involves segments. But, segment marketing is more precise than marketing to the masses.

When the total market is divided, one of its groups is called a market

Segment. When the total market is divided, one of its groups is called a market segment. Other words for segment might be share, slice, or subdivision. (Market share has a different meaning, altogether.)

Marketers divide their markets by grouping customers according to their

Similarities. Marketers divide their markets by grouping customers according to their similarities—not their differences. Customers may be similar in their occupations or hobbies.

Market segmentation is about dividing the market into __________ groups.

Specific. Market segmentation is about dividing the marketing into specific groups. Though the customers in the specific groups will have similarities, they will not be identical. Dividing the market by age is just one form of market segmentation. But, the goal of market segmentation is to narrow the general market to its specific sub-groups.

The same person can be included in more than one

Target market. Marketers know that the same person can easily fit into more than one target market. However, the same person would have a difficult time being included in more than one religion, income level, or generation.

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 identification and selection of markets for a business or for a product is known as target marketing. For businesses to satisfy their customers, they need to determine who the market is for their products. Businesses use target marketing to plan effective marketing activities that will reduce marketing risk. Mass marketing is designing products and directing marketing activities to appeal to the whole market. An industrial market is composed of businesses that purchase items for use in the operation of the business, for resale, or for making other goods.