MKT 201 CH. 5 Market Segmenting, Targeting, and Positioning

A firm utilizing multisegment marketing is less vulnerable to competition.
Few companies tailor their offerings to meet the needs of different buyers around the world.
Selling the same product to everyone is known as undifferentiated marketing.
Technology is making it more difficult for small companies and entrepreneurs to gather information about potential customers.
Companies often find that finding and attracting new customers is more difficult than retaining customers.
A football team has decided to create a line of apparel geared towards women. The team is engaging in geographic segmentation.
Behavioral segmentation may answer the question, “How do our customers use our products?”
Psychographic segmentation is commonly utilized because relevant data is available for free at U.S. Census Bureau’s Web site.
One of the most well-known psychographic surveys is VALS.
A market may be more attractive than others because it is growing.
Repositioning is an effort to “move” a product to a different place in the minds of consumers.
Positioning is especially important for those businesses facing a lot of competition.
Positioning can help answer the question, “Why should buyers purchase your offering versus another?”
One-to-one marketing
Forming close, personal relationships with customers and giving them exactly what they want is known as _____.
Differentiated marketing
Choosing select groups of people to sell to is called, _____.
Differentiate among your customers
Which of the following steps in one-to-one marketing involves determining who your best customers are in terms of what they spend and will spend in the future?
Which of the following segmentation categories answers the question, “How do my customers live their lives?”
A company that produces laundry detergent offers one product with stain removing action while another is made for energy efficient washing machines. The company has utilized a _____ strategy.
The generation that accounts for 50% of U.S. consumer spending is known as _____.
The stage families go through over time and how it affects people’s buying behavior.
Family life cycle refers to:
Geographical segmentation
Which of the following types of segmentation strategies utilize city size and population density?
Proximity marketing
Customizing advertisements over the public address system on the subway based on the upcoming stop/destination is utilizing ____.
Targeting an extremely select group of consumers.
Which of the following refers to niche marketing?
It’s sizeable enough to be profitable given the operating costs.
A small target market that purchases high-end goods can still be attractive to an expensive watch company because:
_____ is a new effort to isolate markets and “super target” them by gathering all kinds of data available.
A(n) _____ is a catchphrase designed to sum up the essence of a product.
A _____ is a two-dimensional graph that visually shows where a product stands relative to competitors.
multisegment marketing
A _____ strategy can allow a firm to respond to demographic and other changes in the market.
Retain “at risk” customers in danger of defecting to a competitor.
A benefit of utilizing a targeted marketing strategy is that a company may be able to:
A concentrated marketing strategy can decrease a company’s risk.
A market may be more attractive than others because it is already swamped with competitors, so it must be successful.
As companies do not want their products to be another “face in the crowd”, marketer should be able to _____ their product.
Encouraging consumers to use your products for multiple purposes is a smart marketing strategy.
Firms appealing to a new target market should keep their current taglines, products, and marketing strategies in place because it is important to remain consistent in the minds of consumers.
Geodemographics combines geographic and demographic information for marketing purposes.
Google’s AdSense and AdWords programs can be utilized by companies to aid in segmentation practices
Information pertaining to customers is entered into a CDB system.
Mass marketing is attractive because it is efficient, so it saves a firm from doing more work and spending more money.
Rachel has plotted all sub shops in Bethesda on a graph based on price and menu selection. Which of the following did she utilize?
Concentrate marketing
Targeting a very select group of customers is known as
The sub-segment of the Hispanic market that is characterized as containing individuals who are English dominant, free thinkers, and multicultural is known as _____.
Targeted marketing
To avoid head-on competition with other firms trying to capture the same customers, a firm may choose a ____ strategy.
To firms, market segmentation means: meet my needs-give me what I want.
When Sally selected a group of upper income people living in Atlanta as her market, she was engaged in market segmentation.
When engaging in niche marketing, a company’s goal is to be a small fish in a big pond.
To get a fuller picture of its customers and create real value for them
Which of the following is a reason for a firm to use multiple segmentation bases?
Establish short-term measures to evaluate your efforts
Which of the following is the first step in one-to-one marketing?
Mass marketing
Which of the following types of marketing refers to selling the same product to all consumers?
_____ are characterized as being motivated by self-expression and tend to be young, enthusiastic, and compulsive consumers.
_____ characteristics divides people and organizations into groups according to how they act toward products.
_____ do not show a strong primary motivation.
_____ is how consumers perceive a product relative to the competition.
Lifetime value
_____ refers to how much a customer will spend in the future.