Exam 9: Market Segmentation, Targeting and Positioning

Which of the following approaches to segmentation would NOT normally be associated with business markets?

________is the act of designing the company's offerings and image so they occupy a meaningful and distinct competitive position in the target customers' minds.

A firm that seeks the lowest costs and prices in order to create the largest potential market would probably use:

Market targeting typically requires the firm to decide which potential segments it will, and will not, enter.

Income has historically been one of the most successful variables for predicting which consumers will purchase which products.

A product's position is defined by:

The marketer is required to discover the major satisfaction buyers seek in each product class, the types of buyers who look for each benefit, and the major brands that deliver each benefit in segmentation that is:

Ideally, the marketer will use as many variables as possible to segment the market as precisely as possible.

The Cyclops Corporation is attempting to determine which of several possible market segments to enter. The firm is involved in:

A food magazine carried out a segmentation study of people who would be interested in subscribing and discovered three distinct groups of potential subscribers: (1) people who wanted to cook the same foods their mothers cooked, (2) people who wanted to learn about the latest cooking trends and fads, and (3) people who were interested in learning about a variety of different international cuisines and exotic ingredients. This magazine is using________ variables for the segmentation study.

Supermarket chain, IGA, prides itself on flexibility to customise merchandise assortment at the store level to meet the needs of consumers in specific geographic areas. Indeed, this point of difference forms a core part of all IGA's promotions. Which of the following BEST describes IGA's approach to segmentation?

When an effective programme can be designed to attract and serve the market, this is known as:

The process by which firms interact one- to- one with masses of customers to design products and services tailor- made to individual customers' specifications is known as:

Cosmetics manufacturer, Colorlab have picked up on a recent technological development which allows the company to offer female customers the opportunity to have lipsticks, blushers, eye- shadows and other cosmetics manufactured in custom- blended shades that perfectly match any sample of fabric. When Colorlab produces an eye- shadow for a young prospective bride in the same shade as her bridesmaids gowns, the company is engaging in which of the following?

Consumers can show their allegiance to a product or retail outlet through repeat patronage or positive word- of- mouth recommendations. Marketers can use this information to segment customers on the basis of:

Dividing a market into distinct groups of buyers who might call for separate products or marketing mixes is referred to as market:

Regardless of the product or market segment served, low price is the single most important competitive advantage a firm can use.

Which of the following statements is MOST correct? Target marketing:

Many marketers believe that behaviour variables are the best starting point for building market segments.

The base that is most commonly used in market segmentation is which of the following?