Exam 6: Segmenting, Targeting and Positioning

A marketer may segment a market in terms of the benefits that customers expect to receive from a particular product.

One way marketers can segment business markets is according to their geographic location.

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

The undifferentiated strategy can be effective for an organization that has a homogeneous market and can develop and maintain a single marketing mix.

A segmentation variable is used to group smaller markets into one larger market.

Market segment profiles help determine the most desirable segment or segments in relation to the firm's strengths, weaknesses, objectives, and resources.

Only one variable can be used to segment a market.

Critically look at why marketers rely heavily on demographic characteristics when segmenting consumer markets.

The five-step process usually used for target market selection includes identifying the appropriate targeting strategy, determining which segmentation variables to use, developing market segment profiles, evaluating relevant market segments, and deciding which targeting strategy to use.

A product can be repositioned by changing its image through promotional efforts directed at customers.

Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products is a(n):

Which of the following is the biggest drawback to using psychographic variables?

Population density and city size are ____ variables used for market segmentation.

A market segment profile may cover such aspects as demographic characteristics, geographic factors, product benefits sought, lifestyles, brand preferences, and usage rates.

A market in which a large proportion of customers have similar needs for a product is called a(n) ____ market.

Evaluating and making product positioning decisions is important for:

A differentiated targeting strategy is when the organization targets two or more markets by developing a single marketing mix.

When a marketer is engaged in the target market selection process and has assessed relevant market segments by considering such factors as sales estimates, competition, and estimated costs, the marketer is ready for the next step, which is to: