MKTG 350: Targeting

What is the third step in the STP process?

• Establish strategy or objectives

• Evaluate segment attractiveness

• Use segmentation methods

• Identify positioning strategy

Which targeting strategy involves focusing marketing efforts on a large market with varying preferences?

• Undifferentiated targeting

• Concentrated targeting

• Differentiated targeting

• Micromarketing

What does the term 'market segmentation' refer to?

• Dividing a market into direct and indirect sales

• Dividing a market into smaller segments with distinct needs, characteristics, or behavior

• The process of evaluating each market segment's attractiveness

• Developing products that appeal to the whole market

Which of the following is NOT a common basis for segmenting consumer markets?

• Geographic differences

• Behavioral factors

• Technological preferences

• Psychographic factors

In targeting, what is 'positioning' mainly concerned with?

• Deciding which segments to ignore

• Determining the location of retail outlets

• Creating a specific image of the product in the mind of the consumer

• Setting prices lower than competitors

What is the fourth step in the STP process?

• Select target market

• Develop positioning strategy

• Use segmentation methods

• Establish objectives

What is a primary benefit of concentrated targeting?

• It allows for a broad market reach.

• It enables the company to achieve a strong market presence in specific segments

• It reduces marketing costs by using a single marketing mix

• It enhances competition across diverse market segments

How do companies typically identify the most attractive market segments?

• By selecting segments with the least competition

• By choosing segments randomly

• By focusing on segments where they already have a strong presence

• By evaluating each segment's size, growth, profitability, and accessibility

Which targeting approach is best suited for firms with limited resources?

• Undifferentiated targeting

• Differentiated targeting

• Concentrated targeting

• Mass marketing

According to the text, when evaluating the attractiveness of various segments, one must evaluate if a segment is...

• Identifiable, substantial, relatable, responsive, and profitable

• Identifiable, sustainable, reachable, reputable, and profitable

• Identifiable, substantial, reachable, responsive, and positive

• Identifiable, substantial, reachable, responsive, and profitable