Market Segmentation

Market (a)   is the marketing strategy that involves the division of heterogeneous markets into fairly homogeneous subsets of customers in order to ensure maximum customer satisfaction.

The consumer market consists of individuals or households purchasing products for their own (a)  

Which approach focuses on tailoring market offerings to multiple, distinct market segments?

• Total market approach

• Single segment approach

• Homogeneous market approach

• Multi-segment approach

Lifestyle, personality, and social class fall under which type of market segmentation?

• Geographic

• Psychological

• Psychographic

• Demographic

An elderly couple would most likely be a part of the market segment for sports cars.

• True

• False

Which of the following is not a requirement for meaningful market segmentation?

• Measurability

• Profitability

• Differentiability

• Sustainability

Differentiability means that segments should have similar responses to the same marketing strategies.

• True

• False

Which of the following is a key factor in selecting a target market?

• Market Size

• Distribution Channel

• Competitors Market Share

A company that targets a small market segment with a specialized product is practicing undifferentiated marketing.

• False

• True

What does a company need to identify to effectively position it's products?

• Demographics of the market

• Market growth rate

• Customer's needs and perceptions

• Supply chain efficiency