Chapter 4

Question 1

What is the seven step procedure for segmenting product markets

Answer 1

1) select the broad product market
2) identify potential customer needs
3) form initial homogeneous submarkets
4) identifying determining dimensions
5) name the possible product markets
6) evaluate product market segment behaviors
7) estimate the size of each product market segment

Question 2

Affect the customers purchase of a product or brand

Answer 2

Determining dimensions

Question 3

Relevant to including a customer type in a product market

Answer 3

Qualifying dimensions

Question 4

Market with broadly similar needs

Answer 4

Generic market

Question 5

Market with a very similar needs

Answer 5

Product market

Question 6

Two steps of market segmentation

Answer 6

Naming broad product markets

Segmenting these broad product markets

Question 7

Segmenting the market in picking one of the homogeneous segments as the first target market

Answer 7

Single target market approach

Question 8

Segmenting the market in choosing two or more segments

Answer 8

Multiple target market approach

Question 9

Combining two or more submarkets into one larger target market

Answer 9

Combine target market approach

Question 10

Seller fine-tunes the marketing effort with information from a detailed customer database

Answer 10

Customer relationship management

Question 11

Concisely identifies the firms desired target market product type primary benefit or point of differentiation in the main reasons a buyer should believe the firms claims

Answer 11

Positioning statement