Marketing Ch. 6

What does a market segmentation analysis do?

• Helps identify the competition

• Identifies which segments could be a focus, where gaps in the market exist, and where future opportunities lie.

• Provides an overview of the entire market without specific focus

• Predicts the future trends in the market

Why do we do market segmentation?

• Because a single product satisfies all customers

• To increase the price of the product

• Because a single product can't satisfy all customers and companies have a limited supply of capital

• To limit the reach of the product

What is the difference between a consumer market and a business market?

• A consumer market includes both personal and business products

• A business market is for personal use

• A consumer market is for personal use and a business market is for a business

• There's no difference between them

What is product differentiation?

• Making all products look the same

• Positioning a product to a target group so that it appears distinct from competitive offerings

• The price difference between products

• The physical difference between products

A mass marketing strategy is when a product with broad appeal is narrowly marketed to the entire market with no product marketing differentiation.

• True

• False

What is the order of target marketing from broad to narrow?

• Segment marketing, Mass marketing, Niche marketing, Individual marketing

• Mass marketing, Segment marketing, Niche marketing, Individual marketing

• Niche marketing, Segment marketing, Mass marketing, Individual marketing

• Individual marketing, Niche marketing, Segment marketing, Mass marketing

What is a target market?

• A specific age group

• A specific group of existing potential consumers to which marketers direct their marketing efforts

• All potential customers in the market

• The geographical location of potential customers

What are the 4 variables markets are segmented in?

• Age, Gender, Location, Behavior

• Geographics, Occupation, Income, Behavioristics

• Geographics, Demographics, Psychographics, Behavioristics

• Lifestyle, Geographics, Age, Occupation

What is geographics in market segmentation?

• Age and gender of the target market

• Occupation and income of the target market

• The personality traits of the target market

• Where a target market lives

What is demographics in market segmentation?

• Age, gender, income, occupation, education, ethnicity

• Lifestyle, hobbies, interests, and values

• Purchase frequency, brand loyalty, usage rate

• Geographical location, climate, urban or rural setting