BAS 282: Targeting: SmartBook

Which three of the following data types do marketers analyze to ensure that they are targeting the segment that will best respond to their marketing efforts?

* Behavioral data * Psychographic data * Demographic data

Which of the following are the three basic strategies for targeting markets?

* Differentiated targeting * Niche marketing * Undifferentiated targeting

What important considerations should a company take into account during the targeting process?

* Growth potential * Strategic fit * Level of competition

Reva oversees marketing for a company that sells sugar. Reva's company sells the same basic packages of sugar everywhere and to everyone. Which target marketing strategy does Reva's company use?

Undifferentiated targeting

When a company needs to make modifications to a product to satisfy the cultural demands of international customers, it is using ______ targeting.

differentiated

A target market is best defined as the ______ toward which a firm wants to direct its marketing efforts.

group of customers

Of the three basic strategies for targeting markets, __________ marketing focuses on products that meet a very specialized need.

niche

The three basic strategies for targeting markets are undifferentiated targeting, differentiated targeting, and __________ marketing.

niche

Irene's Ice Cream has created a new product line targeting customers who are lactose intolerant. This demonstrates the concept of ______.

niche marketing

An undifferentiated targeting strategy approaches the marketplace as ______.

one large segment

After marketers collect and assess consumer data, they use what they learn to divide the market into segments. The next step is to ______,

select segments to target with a tailored marketing mix

Target market segments are analyzed continuously to ensure that the segment remains viable in terms of ______ with the firm's strategic mission.

size, competitive intensity, and overall fit

The process of evaluating each market segment and figuring out which one presents the best opportunity for maximizing sales is referred to as __________ marketing.

target

The group of customers toward which an organization has decided to direct its marketing efforts is the ______.

target market

A credit company looks at data on groups of credit customers and decides that the best segment to market to is recent retirees. This process is an example of ______.

targeting

After firms follow the segmentation process, the next step is __________ which occurs when marketers evaluate each market segment to determine which one presents the best opportunity to maximize sales.

targeting

After firms follow the segmentation process, the next step is __________ which occurs when marketers evaluate each market segment to determine which one presents the best opportunity to maximize sales. Listen to the complete question

targeting

Evaluating market segments to identify which one presents the best opportunity for maximizing sales is known as ______.

targeting

After collecting data on consumers within a larger market, marketers use this data to choose which market segments they will specifically attempt to reach with their marketing, a process called ______. To ensure that they are focusing on the most responsive markets, marketers analyze demographic, psychographic, and ______ data.

targeting; behavioral

When marketers analyze market segments and choose the ones that present the most attractive opportunity for maximizing sales, they are engaged in ______. The selected segments are called ______.

targeting; target markets

What are the three main considerations marketers use during the target selection process?

* The ability of the segment to fit with what the organization is and wants to be * The future growth rate of a segment * The competitive environment of the segment

Which target marketing strategy usually addresses customers who have very specialized needs and will pay higher prices to meet those needs?

Niche

Which target market selection criterion are companies using when they ensure that the selected target markets match what the organization is and wants to be as defined in its mission statement?

Strategic fit

What is involved in niche marketing?

Targeting a large share of a small market segment

Which target marketing strategy works best with uniform products?

Undifferentiated

Which target marketing strategy is often used by firms that market the same product to multiple regions with different preferences?

Differentiated

Paul works for a construction company that builds homes. His company promotes four different home models that appeal to buyers at different price points. Which targeting strategy is Paul's company using?

Differentiated targeting

Ricci just provided her company with a projection that the organic food market the company is targeting has the potential to see steadily increasing profits over the next 10 years. Which target selection consideration does this represent?

Growth potential

Which target market selection criterion are companies using when they evaluate the potential for increased sales and profits in a market?

Growth potential

Which of these statements is true about a differentiated targeting strategy?

It occurs when an organization simultaneously pursues several different market segments.

Michael owns three popular specialty pizza restaurants in town. He decides not to offer pizza delivery because there are too many other pizza restaurants already offering it. Which factor of the targeting process is Michael taking into consideration?

Level of competition

Crocker's Chrome sells chrome-plated parts. The company analyzes the entire chrome market and divides it into smaller groups with meaningfully shared characteristics, including classic car lovers, motorcycle enthusiasts, and boaters. Out of these groups, motorcycle enthusiasts are identified as the most profitable group to market to. In this example, what is the target market?

Motorcycle enthusiasts