Exam 8: Identifying Market Segments and Targets

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.

Believers favor stylish products that emulate the purchases of those with greater material wealth.

Income always predicts the best customers for a given product.

Briefly describe product specialization and market specialization.

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.

Not everyone is in favor of local marketing. Identify two arguments made against local marketing.

In the ________ step of the market segmentation process, the marketer determines which demographics, lifestyles, and usage behaviors make each needs-based segment distinct and identifiable.

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

Which of the following statements accurately describes what demographers are calling the "boom-boom effect"?

________ are products such as the Mercedes Benz C-class and the American Express Blue card, that Extend historically high-priced brands down-market while retaining their cachet.

Identify and describe the three main types of New Luxury products.

To be useful, market segments must be measurable.

Explain the concept of mass marketing.

Briefly describe the steps in the segmentation process.

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

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.

Baby boomers are consumers who have been "wired" almost from birth-playing computer games, navigating the Web, downloading music, connecting with friends via instant messaging and mobile phones.

If a marketing researcher uses such names (categories)as Blue Blood Estates, Winner's Circle, Hometown Retired, or Shotguns and Pickups, when doing segmentation research, the marketing researcher is using ________ clusters.

According to the VALS segmentation system, ________ are successful, goal-oriented people who focus on career and family. They favor premium products that demonstrate success to their peers.

In ________ marketing, the firm ignores segment differences and goes after the whole market with one offer.