Chapter 4: FOCUSING MARKETING STRATEGY WITH SEGMENT & POSITION

What is the term for a market with broadly similar needs and sellers offering various, often diverse, ways of satisfying those needs?  

• Product-market

• Target market

• Generic market

• Segment market

A complete product-market definition includes which of the following?  

• Product type, customer needs, customer types, and geographic area

• • Product features, price range, distribution channels, and promotional strategies

• Customer demographics, psychological profile, purchase frequency, and brand loyalty

• Economic conditions, political climate, technological advancements, and competitive landscape

  Which of the following is NOT part of a complete product-market definition?  

• Customer needs

• Product type

• Geographic area

• Seller's profit margin

What is the first step in the market segmentation process?  

• Selecting target markets

• Naming broad product-markets

• Developing marketing mixes

• Clustering customers with similar needs

What is a market segment?  

• A group of sellers offering similar products

• A homogeneous group of customers who respond similarly to a marketing mix

• A geographic area where a company sells its products

• A group of customers with diverse needs

Which of the following is a criterion for "good" market segments?  

• Homogeneous within

• Heterogeneous within

• Small size

• Inaccessibility

What are the three basic ways to develop market-oriented strategies in a broad product-market?  

• Single target market approach, multiple target market approach, combined target market approach

• Mass marketing, segment marketing, niche marketing

• Product differentiation, market segmentation, market positioning

• Intensive distribution, selective distribution, exclusive distribution

Which target market approach involves combining two or more submarkets into one larger target market?  

• Single target market approach

• Multiple target market approach

• Combined target market approach

• Differentiated target market approach

What is a potential advantage of a combined target market approach?  

• Higher customer satisfaction

• Economies of scale

• Ability to charge higher prices

• More precise matching of customer needs

What is the goal of segmenters in the market?  

• To satisfy a large number of customers "fairly well"

• To develop one marketing mix for all customers

• To develop a different marketing mix for each segment and satisfy them "very well"

• To ignore the differences between customers