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