Business Term 2 Final

Products are either marketed to the B2B market or the B2C market, but never to both.

• true

• false

A ________ is a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas.

• market

• focus group

• command group

• cohort

• segment

A ________ refers to a specific group of consumers on whose needs and wants a company focuses its marketing efforts.

• market

• focus group

• target market

• mass market

• buying group

A luxury wristwatch company markets its products exclusively to high-income individuals and celebrities. Thus, high-income individuals and celebrities are most likely this company’s

• total market

• control group

• reference group

• target market

• secondary market

Heart & Home sells rugs, art, lamps, and other decorative pieces to homeowners so they can express their personal styles in their homes. This is an example of

• total marketing

• market segmentation

• business-to-business marketing

• business-to-consumer marketing

• multisegment marketing

A company that manufactures wooden planks for construction has categorized its customers on the basis of their product requirements into three groups: construction companies, wholesalers, and government institutions. Which marketing strategy is best illustrated in this scenario?

• mass production

• market segmentation

• market positioning

• product differentiation

• product diversification

Which product is most suitable for selling through a total-market approach?

• luxury cars

• anti-aging creams

• salt

• jewelry items

• consumer electronics

Why does the total-market approach work best for sellers of salt, sugar, and many agricultural products?

• Prices of these products keep fluctuating

• These products are catered mostly to women

• Customer bases for these products are concentrated around specific areas

• These items offer more value

• Everyone is a potential consumer of these products

What is a challenge marketers in the United States will face in the future?

• effectively addressing an increasingly racially diverse population

• effectively addressing the decline in women as a market segment

• developing products to reach the growing white male population

• focusing their efforts on the total market, rather than specific target markets

• effectively dealing with the decline of minority groups' buying power

In the ________ approach to market segmentation, a company develops one marketing strategy for a single market segment

• mass-market

• total-market

• differentiated

• multisegment

• concentration