Exam 8: Segmenting and Targeting Markets

Terra Corp.produces a wide range of furniture,such as cabinets,book cases,and wardrobes.It divides its consumer market into several groups of people who have similar interests in wooden furniture.In this case,dividing its consumer market:

Market segmentation helps decision makers to more accurately define marketing objectives and better allocate resources.

Which of the following is a reason why consumer goods companies take a regional approach to marketing?

The purpose of market segmentation is to

How do marketers use customer relationship management (CRM)as a targeting tool?

The editorial board of Gamers' Page,a magazine that primarily caters to people who are enthusiastic about sports and gaming,targets people who enjoy games.This type of market segmentation used by the editorial board of Gamers' Page is an example of _____.

Explain the steps followed in segmenting a market

A concentrated targeting strategy differs from an undifferentiated targeting strategy in that a concentrated targeting strategy:

When making a purchase,satisficers consider numerous suppliers,solicit bids,and study all proposals carefully before selecting one.

Single-variable segmentation is clearly more precise than multiple-variable segmentation

In the context of strategies for selecting target markets,which of the following is a disadvantage of an undifferentiated targeting strategy?

Describe the product differentiation strategy used by marketers to distinguish their products from competitors.

Which of the following is a criterion for successful market segmentation?

In the context of purchasing profiles,_____ are business customers who consider numerous suppliers,solicit bids,and study all proposals carefully before selecting one.

The customer relationship management technique that focuses on thanking customers for their business to a company exemplifies the trend of _____.

_____ refers to segmenting markets by region of a country or the world,market size,market density,or climate.

Cannibalization occurs when the sales of an existing product remain the same despite the introduction of a new product.

In the context of a buying process,which of the following statements is true of satisficers

Wesley Electronics Inc.is a company that manufactures electronic gadgets.The marketing managers of the company spend a great deal of money on advertising in order to create awareness of the company's products among potential customers.They employ various methods of advertising,such as print,broadcast,and online advertising.According to the steps of market segmentation,Wesley Electronics Inc.is most likely: 

_____ is a means of displaying or graphing,in two or more dimensions,the location of products,brands,or groups of products in customers' minds.