Exam 9: Market Segmentation, Targeting, and Positioning

LuLuLemon Athletica,which specializes in athletic wear for women,recently launched a website featuring Ivivva,a new line of athletic and dance clothing for girls.Based on the information given in this example,LuLuLemon Athletica is using _____ segmentation to segment its markets.

A firm that chooses to target potential customers by zip code,specific occupation,or even lifestyle is said to be practicing:

Engel's laws state that,as household income increases:

The 80/20 principle,also called Praedo's law,states that 80 percent of a product's revenues come from 20 percent of its customers.

_____are those born between 1946 and 1964 and are a popular segment to target because of their numbers and income levels.

A micropolitan statistical area will have at least one urbanized area of 50,000 or more inhabitants.

The first stage in the market segmentation process,after identifying promising segments,is to produce a forecast of market potential within each segment.

Division of the total market into smaller,relatively homogeneous groups is known as market optimization.

Five years ago,Joshua spent 28 percent of his $45,000 yearly income on his bachelor apartment.Today,Joshua is earning $60,000 annually.According to Engel's laws,the percentage of income he will spend on his new apartment will be:

When a product is used in the production of another good that is destined for resale,the product is considered as a(n):

Firms must attempt to group consumers according to the presence or absence of those factors that affect purchase decisions.

Describe the three approaches to product-related segmentation.

If a company markets its breakfast cereal to children,it is using _____ segmentation to segment its markets.

Raw silk is an example of a consumer product.

CoreLogix Inc.,has segmented the market as per product usage rates.They have also developed the relevant profile for each of their segments.What would be the next logical step for them in this process of segmentation?

In the context of the VALS framework,"strivers" are a group of consumers who value duty and tradition more compared to other groups and are more likely to be women than men.

Firms can reposition their already successful products in order to gain a greater market share.

A(n)_____ is a specific segment of consumers a firm believes is most likely to buy its goods and services.

A hotel purchases towels for use in its rooms.In this context,these towels will be considered business products.

"The Millennial Generation" is also known as _____.