Exam 8: Identifying Market Segments and Targets

List the three premises on which Anderson's long tail theory is based and the two aspects of internet shopping that supports these premises.

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

Which of the following statements about market segmentation is true?

Effective target marketing requires that marketers use market segmentation,market targeting,and market positioning to achieve success in the marketplace.

Briefly describe single-segment concentration with an example.

Linda was buying all her groceries from Home Needs supermarket for the past 5 years.She recently came across The Convenience Store,another supermarket just a few miles away from her place and started buying her groceries from them.Linda can be best described as ________.

According to the VALS segmentation system,________ are considered to be elderly,passive people who are concerned about change and are loyal to their favorite brands.

Customer cloning is the practice of identifying the key characteristics of a market segment and then identifying multiple geographic areas where the majority of the population possesses those characteristics.

The ultimate level of segmentation leads to "segments of one," "customized marketing," or "one-to-one marketing."

Pete always buys Purina dog food for his dog because he believes that it is the best value for the nutritional content.Pete's loyalty status is best described as ________.

Local marketing reflects a growing trend called grassroots marketing.What are the characteristics of grassroots marketing?

A new trend in marketing is toward customization.Describe what customization is and how marketers are using it.

A hardware store is interested in reaching people who are characterized by the VALS system as being practical,down-to-earth,and self-sufficient,who like to work with their hands,or the ________ category.

Briefly describe product specialization and market specialization.

Robert is the owner of an car manufacturing company.He calls for a board meeting and tells his directors that he wants to build a car that lets the users experience power and exhilaration.He tells them that the car must allow his users to soar from 0-60 mph in about 4 seconds.He also adds in that the price of the car must be affordable enough for anybody making a good salary.In accordance with the given scenario,Robert is trying to segment the market on the basis of ________.

The process of selecting one or more market segments to enter is called ________.

Door-to-door workers in a political campaign use attitude to determine how much time to spend with each voter.

A company can be said to have used ________ if the company distinguished among customers buying on the basis of price,service,and quality.

One of the most popular commercially available classification systems based on psychographic measurements is Strategic Business Insights' VALS framework.

By mapping the densest areas,the retailer can resort to ____________,assuming that the best prospects live where most of his customers come from.