Exam 9: Market Segmentation, Targeting, and Positioning

Social media has assumed a major role in the promotion of goods and services. Almost all television advertising today includes calls to "like us on Facebook" or "follow us on Twitter." While most U.S. citizens engage in some form of social media, some only do this occasionally while others are constantly on their computer or phone accessing social media. Just like with social media, consumer vary in their consumption of almost all products and services. Recognizing these differences can lead a firm to employ:

Which of the following is utilized to help managers position products by graphically illustrating consumers' perceptions of competing products within an industry?

The Bates Lighting Company has two divisions, business and consumer products. Because of poor profits, it may downsize the consumer division. This could mean loss of jobs for people involved with the marketing of:

Division of an overall market into homogeneous groups based on their locations constitutes socioeconomic segmentation.

Compared to undifferentiated marketing, the firm that practices differentiated marketing may generally expect:

Iron ore and raw cotton are examples of:

Marketers applying a positioning strategy want to:

A firm that divides its customers into homogeneous groups based on their locations is said to be practicing _____ segmentation.

Psychographic segmentation helps marketers to gain a sharper insight into consumer purchasing behavior.

Uber offers its customers "the smartest way to get around." By stressing this notion and the ease and convenience of the Uber experience of getting one where they need to go, the organization is establishing its:

McDonald's is not known as a vegetarian friendly restaurant. Recently, however, McDonald's test marketed a vegan burger, appropriately name the McVegan, in Finland. While vegetarians were excited about the possibility, sales in the test were slow and McDonald's has decided to not introduce the item in its stores. It seems that vegetarians just did not frequent McDonald's. The McVegan failed which of the key criteria for successful market segmentation?

An undifferentiated marketing strategy:

What is family lifecycle? Why do marketers segment their markets by family lifecycle stages?

Differentiate between a consumer product and a business product. Give examples.

Companies work hard to establish a mental image of their product or service offering in the minds of consumers. For instance, Vicks wants you to think of its NyQuil brand whenever you need a "nighttime, sniffling, sneezing, aching, coughing, stuffy-head, fever, so you can rest medicine." Similarly, Hallmark wants you to know they are the card "when you care enough to send the very best." These slogans help create and reinforce the mental image you have of these brands and are part of their:

Did you ever notice that there are many names for carbonated beverages? Consumers in different areas of the United States might call a carbonated soft drink soda, pop, soft drink, cold drink, or coke (in a generic sense that covers all carbonated beverages). Knowing this, marketers can change their terminology to suit the consumers. These differences show the importance of what type of geographic segmentation?

When a product is used in the production of another good that is destined for resale, the product is considered as a(n):

What is the use of psychographic segmentation to marketers?

If a company markets a consumer product, such as toilet paper, in bulk quantities to the entire market, it is involved in micromarketing.

Up & Away Flying Corporation recently began manufacturing drones. If they have a limited advertising budget, concentrated marketing would be the ideal marketing strategy for this firm.