Exam 9: Identifying Market Segments and Targets

To be useful, market segments must be measurable.

A segment is attractive when there are actual or potential substitutes for the product.

Briefly describe the characteristics of the Millennials.

A marketer is interested in segmenting a business market on ________ if the marketer intends to eventually segment the market based on loyalty and attitudes toward risk.

A local service company has decided to segment its market based on occupation; therefore, it has chosen a form of demographic segmentation for its approach.

According to PRIZM, the ________ cluster is characterized by retired singles and couples, living on downscaled incomes in pre-1960 homes and apartments, who enjoy gardening, sewing, socializing at veterans clubs, and eating out at casual restaurants.

To meet the ________ criterion of useful market segments, it must be possible to formulate effective programs for attracting and serving the segments.

A flexible market offering consists of two parts. Identify and describe these two parts.

Members of the same generational cohort share the same major cultural, political, and economic experiences and have similar outlooks and values.

If an organization's marketing department wants to create "segment storyboards" to test the attractiveness of each segment's positioning strategy, it would most likely occur in the ________ step of the segmentation process.

An attractive niche consists of customers having a distinct set of needs.

In evaluating different market segments, the firm must look at two factors: the segment's overall attractiveness and the ________.

Characterize psychographic segmentation.

Which of the following is NOT an example of a descriptive characteristic used to define segments?

The norms, language nuances, buying habits, and business practices of multicultural markets need to be factored into the initial formulation of a marketing strategy, rather than added as an afterthought.

________ is the science of using psychology and demographics to better understand consumers.

People in the same demographic group generally exhibit similar psychographic profiles.

A ________ consists of a group of customers who share a similar set of needs and wants.

List the four groups of consumers based on loyalty status.

The fact that Honda described its boxy Element as a "dorm room on wheels," but then attracted so many baby boomers that the average age of the Element turned out to be 42 is an illustration of the fact that baby boomers may be ________.