Small Business: Marketing

A marketing strategy consists of the selection and analysis of a target market and

• the creation and maintenance of an appropriate marketing mix

• the examination of potential market regions

• decisions about how to distribute the product and at what price

• decisions about how and where to advertise and promote the product

Morton Salt Company designs a single marketing mix and directs it at the entire market. The company is using the​​ ____ approach​

• Target Market

• Concentrated

• Market Segmentation

• Undifferentiated

Cindy and Ashley recently opened a local candy store. They considered the entire market of candy eaters as their market. Which targeting strategy did they use in choosing a target market for their store?

• Market Segmentation

• Differentiated

• Concentrated

• Undifferentiated Approach

Andrew opened a fast-food restaurant on the corner of First and Main Streets in a small town. He named the restaurant The Hamburger Place. He offered one type of hamburger (a juicy homemade hamburger), for which he designed a marketing mix for the entire hamburger-eater market in town. What approach did he use in choosing a target market?

• Undifferentiated

• Target Market

• Market Segmentation

• Differentiated

Danielle owns a frozen yogurt shop.  She has decided to focus her marketing efforts on health-conscious customers.  Danielle is using the ____ approach

• Undifferentiated

• Target Market

• Differentiated

• Concentrated

Car manufacturers tend to use the ____ approach in choosing their target market

• Product Differentiation

• Target Market

• Undifferentiated

• Differentiated

Macy’s combines the inputs of buyer surveys, time-series analyses, correlation analyses, executive judgments, and market tests to develop a tool for predicting sales for the Christmas season.  This tool would be termed a

• Market Analysis

• Sales Forecast

• Market Outlook

• Budget Analysis

A computer-based system for continually gathering internal and external information is called

• Marketing Research

• A marketing information system

• market segmentation

• market targeting

Pepsi wants to determine how popular its new soft drink will be before launching it nationwide. What will Pepsi most likely use?

• A marketing information system

• External Data

• Internal Data

• Marketing Research

The two broad categories of buying behavior are ____ and ____.

• Psychological; social

• Consumer; Person-Specific

• Government; Industrial

• Consumer; Business