Exam 6: Target Markets Segmentation and Evaluation

​Your marketing team is currently working through the target market selection process to identify which customers your firm will target with a new technology product being developed. You are currently in the process step where you must consider the target market characteristics, the product attributes, and the firm's objectives and resources. Which of the five steps in the target market selection process are you currently working on?

The first step in the target market selection process is

Which of the following products is most likely to be marketed, using an undifferentiated approach?

Volkswagen markets its Routan to large families, its R32 racecar to men, and its Jetta to young singles. What targeting approach is Volkswagen using?

The four requirements of a market are that the individuals in the market must have a need for the product and the ability, willingness, and authority to buy it.

Individuals' ability to buy depends on the strength of their buying power.

Describe the three areas marketers should examine when they evaluate relevant market segments.

Your marketing team is having a brainstorming session to finalize your target marketing strategy. To make sure all team members are on the same page, you make the following statement to keep the discussions focused: If we determine that the needs of the customers we are targeting are ______________, then we need to pursue a _______________ targeting strategy.

Why is it important for marketers to assess competitors before entering a market segment?

Most markets for products are made up of individuals or groups with diverse needs for products and are called ____ markets.

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

When a firm designs a single marketing mix and directs it at an entire market for a particular product, the company is using a(n) ____ strategy.

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

Kelly's Kids is a home-based business that sells high-quality children's clothing at premium prices using in-home parties. These in-home parties typically cater to families with small children and middle- to upper-middle-class income. Kelly's Kids is using ____ variables to segment its market.

The amount of product a company expects to sell during a specific period at a specified level of marketing activity is called the

With its Venus razor, Gillette was the first marketer to offer a triple blade razor specifically designed for women. This is an example of market segmentation using ____ variables.

Characteristics of individuals, groups, or organizations that are used for dividing a total market into smaller homogeneous groups are called ____ variables.

The forecasting method that utilizes a firm's historical sales data to find patterns in the firm's sales volume over time is

Sales forecasts are always long-range in nature.

The sales prediction technique based on the correlation between sales and other factors⎯such as population density, per capita income, or family size⎯is