Exam 6: Target Markets: Segmentation and Evaluation

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

Prodigy Placement is a private elementary school located in the center of Manhattan.Students at the school are considered in the top 1% of their age group in terms of IQ scores and aptitude.Parents who want to send their children to the school must get on a waiting list as soon as the child is 12 months old and must make a deposit of $5,000 to the school in order to hold the child's "application" until they reach the age of 5 years.Emma's parents put her on the waiting list at the age of 1 year and paid the deposit;however,when Emma became five years old,she did not want to attend the school even though she tested above the requirement.Her parents made the decision to enroll her for the upcoming school year.In this case,Emma ___ part of the market for Prodigy Placement,and her parents ____ part of the market

It is likely that during the fifth step of the target market selection process,marketers will decide not to enter and compete in any market segments.

After a firm has identified an appropriate targeting strategy,the next step in the target market selection process is

When evaluating market segments,assessment of competitors is important because

Why do marketers rely heavily on demographic characteristics when segmenting consumer markets?

Tiffany's markets its exclusive jewelry and gifts to high-income individuals interested in high-quality products and a well-known brand name.It uses the same marketing mix to reach this market.Tiffany's uses a(n)____ strategy.

Subaru is producing a new seven-passenger van with all-wheel drive.Which of the following would be the best variables for segmenting the market for this new model?

Mattel views the toy market as composed of four age groupings,each with different needs and desires.Mattel is using a(n)____ targeting strategy for its groups,which are known as _____.

General Electric calculates that the total number of light bulbs sold to consumers in the next year by all light bulb producers is 1 billion,given anticipated marketing efforts by the firms involved.This figure represents the industry's

Which of the following is an example of a behavioristic segmentation variable?

Often,the Delphi technique is used in conjunction with an expert forecasting survey.The major objective is to

Would a person's political views be an effective variable with which to segment a market? Why or why not?

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

Systems such as PRIZM and Acorn provide companies with lifestyle and demographic information about neighborhoods throughout the United States.This information is used to aid

Trend analysis is a sales forecasting technique based on historical sales data.

The buildup approach measure of sales potential

A company sales forecast is the amount of a product that a firm actually expects to sell during a specific time period.

Demographic variables such as income and occupation,as well as how people spend their time and the importance of things in their surroundings,are all factors considered in ____ segmentation.

The ProMark Company manufactures a pencil that is about five inches long and has no eraser.It sells the product primarily to golf courses and universities.What type of targeting strategy is the ProMark Company using?