IBM Chapter 7

The text notes three market segments in which marketers should be aware of growing ethical concerns. Which of the following are included?

Children The Elderly Non native language speakers

Which of the following are ways market segmentation helps marketers navigate the needs and wants of consumers?

1. It helps define the needs and wants of consumers who are most interested in buying the product. 2. It helps firms decide how to allocate marketing resources to maximize profit. 3. It helps a company design specific marketing strategies for the characteristics of that segment.

Which of the following are the main categories used in segmenting a market?

Demographic Behavioral Geographic Psychographic

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

Differentiated Targeting Niche Targeting Undifferentiated Targeting

Of the following demographic characteristics, what are the two most commonly used by marketers simply because they are often the easiest to identify?

Gender and Age

After Tonya moved to Chicago, she realized that the Target store near her did not stock swimming suits year round like the Target she had lived near in Tampa did. This demonstrates the idea of _______ segmentation.

Geographic

Which of the following segmentation bases do B2B firms generally use?

Geographic Behavioral Demographic

International markets are typically segmented into which three general bases?

Global Regional Unique

Which of the following are important considerations a company should take into account during the targeting process?

Growth Potential Level of Competition Strategic Fit

Which of the following groups are included in the VALS network?

Innovators Thinkers Believers Achievers Strivers Experiencers Makers Survivors

The text details how 5 guys identified that their target market values taste, freshness, and quality and are willing to pay a premium price for a gourmet hamburger experience, How did market segmentation help 5 guys in this example.

It helped 5 guys define the needs and wants of their customers.

Which of the following accurately characterizes international market segmentation ?

It is a very expensive process Accessing psychographic information is difficult.

Home Depot typically places its' stores in urban areas with a large population base. This would mean that Home Depot is geographically segmenting based on _________.

Market Size

Al has run a pizza shop for ten years and decided six months ago to sell sub sandwiches along with pizza. In these six months, he has only sold 20 sandwiches and has decided to take them off his menu and sell only pizza. Al's decision represents the concept of _________.

Market segmentation

Select the following that are considered demographic segmentation variables.

Martial status income age gender race

What initially caused the population of Louisiana to shift so dramatically that the state lost seats in the House of Representatives following the 2010 census.

Natural Disaster

Irene's Ice cream has created a new product line targeting customers who are lactose intolerant. This demonstrates the idea of _____ marketing.

Niche

_______ refers to the activities a company undertakes to create a certain perception of its product in the eyes of the target market.

Positioning

As the marketing director for the new product line of air conditioning systems, Chester is responsible for creating a statement which identifies the core target market which the company wants to direct efforts to. He also needs to create a compelling picture of how his company wants the target market to view the air conditioning systems. Chester is responsible for developing a/an ______.

Positioning Statement

As the marketing director for a major car manufacturer, Parul realizes that while most of its customers are at least 40 years old and earn more that $200,000 per year, she also realizes that some people are purchasing their car as a status symbol while others are buying it for its safety features. Parul is segmenting the market based on ________.

Psychographics

Which of the following explains why social media can be a very attractive market segmentation tool to a company?

Social media require minimal financial responsibility.

The most commonly used psychographic segmentation tool is called the ______ network.

VALS

A marketer would rely on the _____ _______ when trying to determine if an Achiever or Striver is more likely to buy the company's products.

VALS framework

substantial

a segment must be large enough for a firm to make a profit

The VALS framework identifies which of these primary motivations?

achievement ideals self expression

Which of the following positioning strategies can be used to highlight a firm's competitive advantage?

attributes price/quality relationship application

When a company wants to understand what its customers actually do with their products, they would rely on ________ segmentation.

behavioral

Recently, Marketers have expanded beyond traditional gender marketing segmentation to try to appeal to __________.

both genders

A company would be using a _______ segmentation base when it wants to earn the size of an organization and the ownership structure within a company.

demographic

Family size and marital status are both example of ________ segmentation.

demographic

While shopping for groceries on a family vacation, Stephanie noticed that the store carried several different flavors of her family's favorite snack chip that she had never seen in the store at home. This is evidence of ________ targeting.

differentiated

The final step in the positioning process is to _______ _________.

evaluate feedback

When a firm can identify a group of consumers with common needs and wants that span the entire globe, it demonstrates the idea of ________ segmentation.

global

compared to the U.S. data collection and classification in many other countries can be described as ______.

inconsistent

accessible

marketers must be able to reach and serve the segment

actionable

marketers should be able to develop strategies that can attract certain market segments to their firms' goods and services

When the needs and wants of consumers only spread across a few countries, it is an example of ________ segmentation.

regional

When a company realizes it needs to reestablish its product line because the marketplace has changed, it must start the process of _________.

repositioning

Market _______ refers to grouping consumers by the characteristics that influence their buying behavior.

segmentation

A marketing mix strategy that works well in one market may be successful for other markets in the same segment allowing the firm to ________ the marketing mix across segments.

standardize

Ellen owns a floral business and has decided to focus on selling to brides to be. the brides to be are Ellen's _______.

target market

differentiable

the defined segments must respond differently to marketing strategies

measurable

the size and purchasing power of the segment should be clearly identified

_________ ________ as a targeting strategy works best with uniform products like apples or bread because a company can develop a single marketing mix that satisfies all customers?

undifferentiated targeting