Marketing Principles FINAL Exam Review

A group of people with shared characteristics and interests such as demographics and psychographics that are most likely to purchase a businesses' products or services is known as __________.

What are the four different types of market segmentation?

• demographic, behavioral, psychographic and geographic

• economics, sharing, returns and investment

• exchange, value, variables and personality

• production, percentage, finance and customer service

What type of market segmentation is known as the most common type of market segmentation used by businesses of all sizes? It involves dividing a target market according to different variables such as age, gender, family size, income, and occupation.

• geographic segmentation

• psychographic segmentation

• behavioral segmentation

• demographic segmentation

What type of market segmentation involves diving a market according to different characteristics such as their values, interests, hobbies, likes and dislikes and lifestyles?

• geographic segmentation

• psychographic segmentation

• behavioral segmentation

• demographic segmentation

What type of market segmentation involves dividing a market according to different characteristics such as the geographic location where they live?

• geographic segmentation

• psychographic segmentation

• behavioral segmentation

• demographic segmentation

Six Flags recently offered a group discount rate. They promoted this to large families with family size (household size) of 6 people or more. Which type of market segmentation is dividing a market based on customers' household family size?

• demographic segmentation

• psychographic segmentation

• geographic segmentation

• behavioral segmentation

REI is a ski clothing and accessories line. REI clothing will now be available at DICK'S Sporting Goods location in northeastern cities that are close to ski resorts. Which of the following is evidence of REI using geographic segmentation?

• REI runs a print ad in ESPN magazine

• REI selected DICK's Sporting Goods locations in northeastern cities close to ski resorts and ran targeted ads to that region.

• REI promoted the new ski line to athletes ages 18-30

• REI promoted new ski line to individuals with income over $100,000 a year.

A business considers the strengths, weaknesses, opportunities, and threats affecting a business, provides a snapshot of the company's health, and helps marketers identify things that may affect the performance of their marketing campaigns. This framework can be described as ________.

• SC analysis

• SWOT analysis

• PEST analysis

• TOWS analysis

This section of the SWOT analysis describes the internal factors where an organization excels relative to the competition. Examples include a strong brand, loyal customer base, high profit, etc.

This section of the SWOT analysis describes the internal factors where an organization needs to improve on to remain competitive in the marketplace. This section shows what is preventing the company from reaching its full potential.