Chapter 2c

Question 1

Market Segmentation

Answer 1

Dividing a market into distinct groups of buyers who have different needs, characteristics, behaviors, and who might require separate products or marketing programs

Question 2

Market Targeting

Answer 2

The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter

Question 3

Positioning

Answer 3

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers

Question 4

Differentiation

Answer 4

actually differentiating the market offering to create superior customer value

Question 5

Marketing Mix

Answer 5

the set of tactical marketing tools- product, price, place, and promotion- that the firm blends to produce the response it wants in the target market