Exam 8: Identifying Market Segments and Targets

A marketer is interested in segmenting a business market on ________ if the marketer intends to eventually segment the market based on loyalty and attitudes toward risk.

The same products that appeal to 21-year-olds are appealing to youth-obsessed baby boomers.

Research has shown that income is a highly accurate predictor of the "best" customers for a given product.

If a marketer is seeking to segment a business market, which of the following variables is so pupular with marketers because they are often associated with consumer needs and wants?

In evaluating different market segments, the firm must look at two factors: the segment's overall attractiveness and

Illustrations of personality segmentation would include culture-oriented, sports-centred, or outdoor-oriented subsegments.

A market segment consists of a group of consumers who share a similar set of needs and wants.

PRIZM (Potential Rating Index by Zip Markets) identifies clusters of consumers based on a variety of characteristics such as education and affluence. Which of the following clusters would match to a consumer group that is characterized as being couples or single-headed households, most of them with kids, who have decided to stay in urban centres rather than flee to the suburbs?

Income does not always predict the best customers. For instance, ________ were among the first purchasers of colour television sets.

A ________ consists of a group of customers who share a similar set of needs and wants.

Environics recently launched PRIZM, a new consumer segmentation system. Explain what PRIZM is intended to do and how a marketer such as Loblaws grocery stores could use a system like it.

Robert is the owner of an automobile manufacturing company. He calls for a board meeting and tells his directors that he wants to build a car that lets the users experience power and exhilaration. He tells them that the car must allow his users to soar from 0-60 mph in about 4 seconds. He also adds in that the price of the car must be affordable enough for anybody making a good salary. In accordance with the given scenario, Robert is trying to segment the market on the basis of ________.

Instead of scattering their marketing effort (a "shotgun" approach), many companies are now embracing target marketing where the focus is on those consumers that they have the greatest chance of satisfying (a ________ approach) with their products and services.

The two ways that large firms can cover a whole market (e.g., full market coverage strategy) are through ________ and differentiated marketing.

If an organization's marketing department wished to create "segment storyboards" to test the attractiveness of each segment's positioning strategy, this action would most likely occur in the ________ step of the segmentation process.

With respect to user status (a segmentation possibility), ________ tend to focus on attracting potential users because they have the most to gain.

A brand's overall image can only be enhanced if the product and message are different in different localities.

Women shop differently for cars than do men; they are less interested in environmental impact, interior styling, and safety.

An organization that could benefit from using User Status as a means for segmenting its market would be a local blood bank.

The chief disadvantage to a firm that decides to follow a product specialization strategy in selecting target markets is that