Exam 7: Segmentation, Targeting, and Positioning

When a firm is reasonably certain that its marketing mix can inform consumers about the product, how it adds value to the consumer, and ultimately how to purchase it, then the firm rates favorably on which market segment criteria?

A ________ ________ is a competitive analysis tool that creates a visual picture of where products are located in consumers' minds.

The fact that you see a McDonald's on practically every highway exit sign listing restaurant choices would indicate that McDonald's is most likely geographically segmenting based on

Repositioning refers to resegmenting a target market that failed to produce enough buyers for a product.

What are the positioning strategies a firm can use to highlight its competitive advantage?

Kaden is a realtor selling high-end homes priced over $750,000. Before showing a property to prospective clients, Kaden makes sure they are prequalified for a home loan commensurate with the price of the house. This pre-qualification is based mainly on the client's income, which is what type of segmentation variable?

What factor of the targeting process is at work when a marketer ensures that the target market is appropriate for what the organization is and wants to be as defined in its mission statement?

The major advantage of a differentiated targeting strategy is the potential savings in developing and marketing the product.

In a B₂B market, _________ segmentation might be the most beneficial because it allows marketers to segment based on purchasing patterns, supplier requirements, and technological orientation.

A targeting strategy that involves pursuing a large share of a small market segment is referred to as

In order to reestablish a product's position in response to changes in the marketplace, a company may choose to _________ a product, most typically by changing one or more marketing mix elements, often product or promotion.

One of the criteria for segmenting a market is that the market should be substantial, meaning that a firm should be reasonably certain that its marketing mix can inform consumers about the product, how it adds value to the consumer, and ultimately how to purchase it.