CH6

Question 1

2 main market segments

Answer 1

consumer market and business market

Question 2

segmentation variables

Answer 2

1. geographic
2. behaviorists
3. demographics
4. psychographics

Question 3

mass marketing

Answer 3

marketing a product with broad appeal to the entire market

Question 4

segment marketing

Answer 4

manage a variety of products and brands aimed at different customer segments who have unique needs and wants

Question 5

niche marketing

Answer 5

used when marketing a limited product line to a narrow market segment that the business can serve profitably

Question 6

individualized marketing

Answer 6

used when a product offering can be customized to meet individual needs

Question 7

target market

Answer 7

specific groups of existing and potential customers to which marketers direct their efforts

Question 8

persona

Answer 8

descriptions of a fictional character of a brand’s typical customer

Question 9

6 steps for segmenting a market

Answer 9

1. identify consumer needs
2. cluster common consumer variables to create meaningful market segments
3. estimate the size and feasibility of each segment
4. identify the segments to be targeted
5. market to reach the segments
6. monitor and evaluate

Question 10

product positioning

Answer 10

impression of the branded product you want to establish in the consumers minds relative to their needs and also in contrast to the competition

Question 11

factors in positioning

Answer 11

1. image
2. attribute
3. price

Question 12

positioning statement

Answer 12

1. target market and need
2. branded product name
3. category in which it competes
4. attributes