Exam 2: Market segmentation: segmenting, targeting and positioning for diverse

Concentrated marketing is also appropriate for the latter stages of the product life cycle when the product is being purchased by increasingly smaller numbers of consumers and is being phased out.

Market segmentation is the process of dividing a market into distinct subsets of consumers with common needs or characteristics and selecting one or more segments to target with a distinct marketing strategy.

Concentrated marketing and differentiated marketing are two terms which describe the same strategy.

When segmenting their customers based on usage, which of the following action should marketers undertake for low current share, high consumption customers (LowHighs)?

Within the psychographic profile of a consumer segment, AIO stands for:

Segmenting a market based on social class is not logical as consumers from different social classes never vary in terms of values, product preferences and buying habits.

Consumer cohorts are individuals born during the same period of time who grow and travel through life together, experiencing similar events as they grow up. Baby boomers in Australia are a special sort of such cohort.

For which of the following examples could a mass marketing strategy work?

Targeting Australian males aged between 18-34 years is a combination of demographic and psychographic segmentation.

_______ is developing a distinct image for the product in the mind of the consumer.

Usage and purchase behaviours such as usage rate and usage situation are:

Segmentation based on income alone is sufficient because marketers feel it is a strong indicator of the ability (or inability) to pay for a product (or brand) or a specific model of a product.

The following segmentation variables are all easy to identify and measure except:

Defining market segments in strictly chronological terms can sometimes be stereotypical and misleading because:

Psychographic segmentation has lost popularity among marketers as it does not provide marketers with enough detail about the market segment they wish to target.

Which of the following markets has proven to generally not be very stable in terms of needs and demographic and psychological factors?

Targeting can help marketers to find their marketing opportunities more efficiently.

Hasbro, the makers of the popular board game Monopoly brought out a Russian version of the game including Russian street references and adding Russian bear tokens is an example of Hasbro successfully:

Demographics such as a person's age, gender, ethnicity and income are objective and empirical, can be easily determined through questioning (some can even be observed) and are therefore ______, consumer-rooted variables.

One's social class is defined by computing an index based on three quantifiable variables including all of the following except: