ENT 10-1 Markets, Target Markets, and Market Segmentation

What is mass marketing?

• Attempts to appeal to the entire market with little regard to specific market segments
• Focuses on specific target markets
• Involves personalized marketing messages
• Targets only a small group of customers

What is an example of demographic segmentation?

• Selling AARP magazines to those over the age of 50
• Selling sports cars to children
• Selling video games to seniors
• Selling toys to adults

What is a market?

• A person or group willing and able to spend money to meet unsatisfied wants or needs
• A type of grocery store
• A type of currency
• A type of marketing strategy

What is market segmentation?

• The process of reducing marketing costs
• The process of eliminating competition
• The process of targeting the entire market
• The process of sorting people into groups based on common characteristics for target marketing purposes

What is the purpose of market segmentation?

• To better target specific groups of customers
• To target the entire market
• To reduce competition
• To increase marketing costs

What is an example of behavioral segmentation?

• Marketing to all music enthusiasts
• Marketing to non-sports fans
• Marketing to casual sports fans
• Marketing to knowledgeable and loyal sports fans

What is an advantage of market segmentation?

• Less need for research
• Better chance of reaching and selling to customers
• Increased competition from rivals
• Decreased marketing costs

What is an example of psychographic segmentation?

• Targeting jazz music enthusiasts with jazz music products
• Targeting rock music enthusiasts with jazz music products
• Targeting classical music enthusiasts with jazz music products
• Targeting hip-hop music enthusiasts with jazz music products

What is psychographic segmentation based on?

• Dividing customers into groups based on lifestyle, interests, personalities, and values
• Dividing customers based on their geographic boundaries
• Dividing customers based on brand loyalty
• Dividing customers based on attitudes and knowledge of the brand

What is geographic segmentation based on?

• Dividing customers based on age and gender
• Dividing customers based on interests and values
• Dividing customers based on brand loyalty
• Dividing customers into groups based on their geographic boundaries