Unit 3 Test Review: Consumers

What is a market in the world of marketing?

• A place where goods are manufactured

• A collection of various products and services

• All the people and organizations that are willing and able to purchase a product

• A group of competitors selling similar products

What do markets include?

• Every type of customer

• Only the most expensive products

• A particular type of customers that are most likely to buy certain products or services

• All products available in the economy

What is a target market?

• A specific group of customers to whom a company does not sell its products and services.

• A specific group of customers to whom a company aims its products and services.

• A large group of undifferentiated customers who might buy a good or service.

• A small group of customers who have already purchased a company's products.

What does a mass market refer to?

• A specific group of customers targeted for luxury products.

• A small niche market with highly specialized customer needs.

• A large group of undifferentiated customers who might buy a good or service.

• A market segment that is defined by a high level of competition.

What is a characteristic of mass marketing?

• It uses unique marketing mixes for different customer groups.

• It assumes everyone has different wants and needs.

• It takes a lot of time and effort to reach the customer base.

• It uses one marketing mix of product, price, place, and promotion to reach a majority of customers.

What is a pro of mass marketing?

• It takes into account individual customer preferences.

• It saves time and money because all people receive the same promotional message.

• It uses much time and effort to match markets and products.

• It includes only the group of customers who are most likely to make a purchase.

What is a con of mass marketing?

• It saves too much time and money.

• It uses a variety of marketing mixes.

• It ignores differences among customers.

• It assumes everyone has different wants and needs.

Which of the following is NOT a characteristic of accurately defined target markets?

• Clearly defined wants and needs that the business can meet.

• Enough money to buy the product.

• Willingness and ability to buy the product.

• The same promotional message for all customers.

What does target marketing include?

• Assumes everyone has the exact same wants and needs.

• Ignores differences among customers.

• Uses one marketing mix to reach all customers.

• Takes into consideration different needs, wants, and product preferences.

What is market segmentation?

• The process of combining different markets into one large market.

• The process of dividing a large market into smaller groups.

• The process of analyzing the stock market.

• The process of creating a new market.