Exam 6: Segmenting, Targeting and Positioning

A disadvantage of the concentrated targeting strategy is that:

Explore the link between market segmentation and customer relationship management (CRM)?

The information yielded by market segment profiles usually is not very useful later in the marketing process.

A market is a group of people who, as individuals, have needs for products in a product class and have the ability, willingness, and authority to purchase such products.

Why is it important for marketers to assess competitors before entering a market?

After an organization has determined which of the many segmentation variables it will use, the next step in the target market selection process is:

Using Figure 6.1, identify at least three market segments for a company that you're familiar with.

Generally speaking, individuals who are unemployed would not be considered a target market for Mercedes or other luxury European import sedans because:

Demographic characteristics are commonly used to segment a market because they are closely related to consumers' product needs and purchasing behaviour.

Which of the following is not a requirement or characteristic of a market?

McDonald's uses a segmentation strategy for its sandwiches based on market characteristics such as age, gender, or income. Which of the following segmentation variables is McDonald's using?

How do business market segments differ from consumer markets?

If a company segments its market on the basis of their reasons for purchasing a particular product, the primary segmentation variable in use is _______

Compare and contrast the concentrated and differentiated targeting strategies of market segmentation.

When evaluating market segments, assessment of competitors is important because:

Most markets for products are made up of individuals or groups with diverse needs for products and are called ____ markets.

In developing a company sales forecast, the forecasting methods are limited to surveys and correlation methods.

When the needs of individual consumers in a target market for a specific product are similar and the organization can satisfy most customers with a single marketing mix, the best approach to use may be the ____ strategy.

When a firm's management is making the final selection of specific target markets to enter, it should consider whether the organization has the financial resources, managerial skills, expertise, and facilities needed to effectively compete in the selected segments.

A market segment profile describes the similarities among potential customers within a segment and explains the differences among people across market segments.