SEM Chapter 2 Test

A target market is a _______________ of consumers a business wants to reach.

• great example

• small group

• specific group

• separate statistics

About one half of every dollar you spend pays for marketing costs.

• True

• False

The customer service gap is the difference between ______________ and the service that is actually received.

• consumer purchase patterns

• customer needs

• customer expectations

• perceived reality

Everyone belongs to several different _______________.

• economic groups

• market shares

• target markets

• values-based cultures

________ purchases take place when individuals make purchases based on careful thought and sound reasoning.

• Emotional

• Economical

• Patronage

• Rational

___________ is the rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized.

• Possibility

• Productivity

• Prosperity

• Accountability

A market segment is a group of consumers within a larger market who share one or more _______________.

• properties

• characteristics

• options

• values

____________ segmentation focus on characteristics that cannot be measured physically, such as values, interests, and lifestyle choices.

• Geographic

• Behavioral-based

• Demographic

• Psychographics

____________ segmentation focuses on a customer’s attitude toward products and services.

• Behavioral-based

• Geographic

• Psychographics

• Demographic

Retailers have a limited budget and have to submit purchase orders for merchandise at least a year in advance, so they must develop a buying plan based on projected market expectations.

• True

• False