Exam 8: Segmenting and Targeting Markets

Market segmentation helps decision makers to more accurately define marketing objectives and better allocate resources.

Which of the following statements is true of markets?

_____ is a means of displaying or graphing,in two or more dimensions,where the products,brands,or groups of products are located in customers' minds.

Which positioning base for a product or service focuses on a personality or type of consumer?

Women tend to accumulate money for the sake of accumulation and rarely associate it with security,independence,or quality of life.

To develop a successful segmentation scheme,marketers gather data about the population within specific geographic boundaries,the number of people in various age categories,and other social and demographic characteristics.This example describes which of the four basic criteria used to develop useful segment schemes?

This group is idealistic and pragmatic and the top brand attributes important to them include trustworthiness,creativity,intelligence,authenticity,and confidence.Identify this group.

_____ helps marketers develop marketing programs tailored to prospective buyers who live in small regions or who have very specific lifestyle characteristics.

Apple saw a huge drop in the sales of its iPhone 6s when they launched the iPhone 7.This situation exemplifies _________________,that is,when a new product cuts into the sales of existing products within the same company.

Explain product differentiation as a positioning strategy used by marketers to distinguish their products from competitors.Identify some of the bases for positioning that companies use to accomplish this.

The process of defining,dividing,and subdividing a large homogenous market into clear identifiable segments having similar needs,wants,or demand characteristics is identified as _____________________________.

Prisly Inc.is a multinational company that specializes in manufacturing and selling high-end cars.It launches a new car,the Gwen 2.0,that becomes highly successful in the market because of its economical price and excellent features.However,this leads to a significant decline in the sales of Prisly Inc.'s other cars.This scenario exemplifies _____.

_____ refers to segmenting markets by region of a country or the world,market size,market density,or climate.

Terra Corp.produces a wide range of furniture,such as cabinets,book cases,and bureaus.It divides its consumer market into several groups of people who have similar interests in wooden furniture.The strategy of dividing its consumer market most likely:

A firm using a(n)_____ essentially adopts a mass-market philosophy,viewing the market as one big market with no individual segments.

Which of the following occurs when sales of a new product cut into sales of a firm's existing products?

Kirksand Airlines is well known for providing excellent customer service to its flyers.The staff members inquire about each flyer's wants and needs,and listen carefully to their responses.If a flyer has any specific requests,the staff members ensure that they are immediately attended to.In this scenario,Kirksand Airlines illustrates _______________,which has been found successful in spurring on the growth of customer relationship management.

Companies that successfully implement customer relationship management (CRM)tend to:

Segmenting by customer type allows business marketers to tailor their marketing mixes to the common needs of particular types of organizations or industries.

Which statement is true of product positioning?