EL 5 - Competitive Markets Test

All people belong to only one market segment.

• True
• False

The business environment is constantly changing with new products entering the market.

• True
• False

Competition benefits consumers.

• True
• False

Weekly supermarket ads are example of non-price competition.

• True
• False

Trade shows are examples of information sources.

• True
• False

What is the process of dividing a large group of consumers into subgroups based on specific characteristics and common need:

• Target market
• Market segmentation
• Test market
• Market group

Which segmentation category is based on where you live:

• Demographics
• Psychographics
• Geographic
• Product usage

Which segmentation category is based on people’s likes and interests:

• Demographics
• Psychographics
• Geographic
• Product usage

Which segmentation category is based on specific values they expect or require from the use of a product or service:

• Demographics
• Psychographics
• Benefit expectations
• Product usage

Which segmentation category is based on age, gender, race, income, and education level:

• Demographics
• Psychographics
• Benefit expectations
• Product usage