Exam 8: Market Segmentation, Targeting, and Positioning

In the market segmentation process, what can be expected from demand forecasts and cost projections used to determine the profit and return on investment?

Which of the following describes the 80/20 principle?

Psychographic profiles do NOT cross national boundaries.

Regina is an independent strategy consultant.She has guided her client's company through the market segmentation process and has posed the question: "Does the potential for achieving company goals justify committing resources to develop each or any of these segments?" What stage of the market segmentation process is the company at?

By implementing micromarketing, a small company with limited resources can chip away at a large market share of a competitor practising undifferentiated marketing.

According to the 80/20 principle, nonusers and light users are NOT consumer prospects worth pursuing.

What is the product-related segment of the consumer market that is based on the attributes people seek when they buy a product?

What is the strategy that is sometimes referred to as mass marketing?

Senior citizens today are a homogeneous group with common needs and characteristics.

List and provide an example of each of the six positioning strategies.

The target market for a product is the specific segment of consumers most likely to purchase that particular product.

Having chosen a market segment to target, the firm must design strategy and tactics to reinforce its image, yet keep within its unique organizational capabilities.

One family-life-cycle trend noted by researchers in the past decade is an increase in "boomerang" children.

Avis's slogan, "We try harder," represents an attempt by the company to position itself with respect to one of its competitors.

When a product or service purchased by a business does NOT contribute directly to the production of other goods, such as legal services, it is defined as a consumer product.

An automobile manufacturer generates approximately one-half of its sales in two provinces in Canada. What do these provinces constitute for the company?

When one product becomes part of another product that is destined for resale, what is the first product considered?

What is the lumber a carpenter purchases to finish a client's basement known as?

With a 30-year span, baby boomers are too large a population with too many varying life stages to be useful to marketers.

As compared with undifferentiated marketing, what might the firm that practises differentiated marketing generally expect?