Exam 9: Market Segmentation, targeting, and Positioning

Typically,a single marketing mix strategy attracts all sectors of a market.

Market segmentation is a tool for marketers to use,but its effectiveness depends on four basic requirements.Three of the requirements for effective market segmentation are as follows: (1)the segment must have measurable purchasing power and size; (2)marketers must be able to promote and serve the market; (3)the identified segment must be large enough to bring in a profit.Select the fourth requirement for effective market segmentation from the choices below.​

Match each item with the correct statement below. a.target market b.market segmentation c.cohort effect d.primary metropolitan statistical area e.differentiated marketing f.concentrated marketing g.micromarketing h.positioning map i.VALS j.AIO statement k.core region l.consumer product m.demographic segmentation n.Pareto's law o.psychographic segmentation p.geographic information systems q.positioning r.geographic segmentation s.business product t.mass marketing -A firm that focuses its efforts on profitably satisfying a single market segment is opting for _____ strategy.

​Several leading brands of breakfast cereal have changed the basis on which they try to set their products apart from competition,shifting from taste to healthful ingredients.It would be accurate to describe this change as:

Asian Americans are an attractive target to marketers as they have the fastest rising income.

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

Baby boomers are people born between 1946 and 1964.

One of the reasons cited by the U.S.Department of Commerce for the trend toward smaller households is:

State Engel's laws.How have these laws changed in the recent years?

Market segmentation can help marketers increase their accuracy in reaching the right markets,but it is best used flexibly with other marketing tools.Choose the statement below that best summarizes the market segmentation process.​

Geographic segmentation is also called socioeconomic segmentation.

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

A present-day marketer is reviewing data attempting to differentiate a target group of consumers that meets the four basic requirements of effective segmentation.One group stands out above the rest,and he will direct his marketing efforts toward that group.Toward what group will he direct his marketing efforts?​

List out the different categories used by the U.S.government to classify urban data.Give examples.

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

Explain how each product listed below can be classified as either a consumer and/or business product. 1.Shampoo 2.Steel bars for concrete reinforcement 3.Lawn mower 4.Computer 5.Automobile

Placing a product at a certain point or location within a market in the minds of prospective buyers is known as _____.

Describe how psychographic segmentation is a good supplement to segmentation by demographic or geographic variables.

​The _____ principle recognizes that a large percentage of a product's revenue stream is generated by a relatively small,loyal portion of total customers.

Before beginning the market segmentation process,a firm should: