ME Unit 6 Test Review

Match each type of market segmentation to its correct definition.

• Geographic

• The reasons why a customer buys a product; the benefits they get from a product; brand loyalty

• Psychographic

• Refers to where the target customer lives

• Behavioral

• Factual and measurable statistics that describe a population, such as age and income

• Demographic

• Shared personality traits, beliefs, attitudes, interests, and lifestyles. Examples would include "enjoys painting" and "loves being outside"

The set of actions performed by a company meant to satisfy the needs of its customers is known as the _____.

• Marketing Mix

• Target Market

• Market Research

• Market

Match the following marketing mix elements to their correct description.

• Promotion

• Also known as distribution, is where your product or service is actually sold

• Price

• Refers to whatever you’re offering for sale

• Place

• Not only the purchase cost of your product, but it also refers to how you charge your customers

• Product

• How you communicate to customers about products or services, why they need those products or services, and why they should pay for those products or services

Match the following marketing mix element to their correct description.

• People

• The material that contains, identifies, describes, protects, displays, and promotes a product

• Packaging

• This refers to all people, both inside and outside the company, who are responsible for all parts of marketing

• Positioning

• How your customer perceives your products and services compared to your competition

Match each type of promotion to its correct definition.

• Advertising

• When a business offers customers an incentive to make a purchase

• Sales Promotion

• Activities help an organization to influence their target market and campaigns try to influence general opinion and create a favorable public image for a person, organization, or a company - not necessarily promote products

• Personal Selling

• Paid, nonpersonal communication designed to create awareness of a company and/or its products and services

• Public Relations

• Involves one-on-one communication with customers led by a salesperson who tries to convince the customer to buy their offering

Match the following vocabulary words to their correct definition.

• Market

• A group of people who have a need or want as well as the ability to pay and the willingness to buy

• Market Research

• A specific group within the market who have something in common; the group of people most likely to buy what is being sold

• Target Market

• The task of determining the possibility of selling offerings by connecting directly with potential customers

Promotion used to improve your company’s overall image - not just a specific offering you might have at a given time - is which type of promotion?

• Institutional Promotion

• Advertising

• Personal Selling

• Sales Promotion