chapter 4 test review

    Which of the following is not true of the multi segment method

•        Requires more time to identify segments

•       Its cheaper to implement

• Its cheaper to implement

• Requires multiple marketing mixes

Answer explanation

because you are sending out messaging to multiple target audiences you will spend more to send more

Which of the following is not true of the concentration method?

•     Lower marketing costs

•    Higher ROI potential

•    Good for new businesses

•        Higher potential for growth

Answer explanation

because you are focusing on a smaller group the trade off is slower growth because you are reaching fewer people

      True or false: You can use the same marketing mix for all market segments

• true

• false

Answer explanation

when you change types of groups of people you want to change how you talk and try to sell to them

Which of the following terms are approaches are used in market segmentation?

• funnel and wide spread

• dual and singular

• concentration and multi segment

• analytic and predictive

Answer explanation

all of the other methods are made up. we have only talked about concentration and multi segment

    True or false: Companies that correctly identify and market to their target market will increase their annual profit by 200%

• true

• false

Answer explanation

having a target market saves you money and earns you more thats why we do it!

    True or false: The buyer and the decision maker are always the game person

• true

• false

Answer explanation

some times they are the same person but not all the time

You need your product in front of your market a minimum  of ____ times with in an 18 month period for optimum market penetration and customer conversion

• 3

• 9

• 7

• 6

Answer explanation

7 is the magic number of times that the marketing needs to be consumed to stick in someone's mind

When selecting your target market, you must consider the following factors 1) How you can measure success 2) What access you have to the market 3) If you can you marketing efforts and 4)_____

•    Where you market is located

•    Where you market fits in the buying process

•     What you customers preferences are

• Why your market wants the product

Answer explanation

shows and double checks your understanding of your target market

True or false: Psychographic segmentation takes data like geography and demographics and includes even more purchasing factors like values, lifestyle, social class, individual personalities, etc.

• true

• false

Answer explanation

psychographic think psychology... you can understand what is going on in their mind more with that combo of factors

  Which of the following is not one of the seven major types of market segmentation?

• none of the above

• demographic

• generational

• benifits

• psychographic

Answer explanation

all are examples of types of segmentation