Exam 8: Segmenting and Targeting Markets

Mass-marketing efforts will continue to be used by marketers:

A market segment is a subgroup of people or organizations having different characteristics that cause them to have distinct product needs.

According to family life cycle segmentation,young married or divorced couples with children have high liquid assets.

What is the similarity between a stock market and a labor market?

Julie works as a public relations executive in a firm and is definitive in her choice of office clothes and accessories.She prefers to wear only certain brands.Hence,she is always seen in clothes from Banana Republic and carries only Coach handbags to office.Which psychographic variable is Julie exhibiting?

_____ involves dividing a market into groups such as newborns,infants,young children,tweens,Millennials,Generation X,Baby Boomers,and seniors.

Which statement is true of gender segmentation in the United States?

With regard to age segmentation,the tween and teenage cohort following the Millennials is sometimes called _____.

Pine Groove,a cosmetic brand that primarily caters to women,wants to reach out to the less-traditional male market.It conducts research and develops a new product especially for men.In this example,Pine Groove uses _____.

The combination of demographics,lifestyles,and geographic categories leads to ______________.

Zinta Co.has launched a new laptop computer with a bigger monitor and big lettered keyboard.The company uses this model to target senior communities and provides discounts.The company targets thirteen cities in the United States with high populations of seniors.This scenario exemplifies which type of market segmentation?

Cannibalization occurs when the sales of a firm's existing product increase with the introduction of a new product.

There are many scientific procedures for selecting segmentation variables to use in identifying a market and there is no need for having market knowledge for segmenting the market.

What is geographic segmentation? Briefly explain why consumer goods companies take a geographic approach to marketing.

Demographics provide the skeleton for developing segmentation strategies,but ___________adds meat to the bones.

Once known as a rugs brand,in 2006 Burberry revamped its product line to reinvent itself as a luxury brand by harnessing the power of heritage.Which strategy did Burberry use to influence the overall perception of its brand in the eyes of its old and potential new customers?

Chipotle stated they were "in the market for Mexican food" by competing on quality instead of price.Chipotle is a company that prides itself on serving "food with integrity." Which mass market targeting strategy did it use when entering the market?

One disadvantage of the personal and targeted nature of customer relationship management (CRM)is that consumers are spending more time making purchase decisions.

Walmart is a successful example for retailing.The store emphasizes low pricing in its ads and promotes its message that customers can get more for their money.Walmart likely uses _________________________.

The 80/20 principle holds that 20 percent of all customers generate 80 percent of the demand.Although the percentages usually are not exact,the general idea often holds true.Which consumer market segment is described here?