Chapter 6

Question 1

Consumer market

Answer 1

goods, services, and ideas for personal use

Question 2

Business Market

Answer 2

products to run a business or be used as a component in another good or service

Question 3

Market segmentation

Answer 3

Aggregation of prospective buyers into groups that have common needs (putting buyers in groups)

Question 4

4 forms of market segmentation

Answer 4

1.Mass marketing
2. Segment Marketing
3. Niche Marketing
4. Individual marketing
MSNI

Question 5

Target market

Answer 5

specific group of existing and potential consumers to which marketers direct their marketing efforts

Question 6

4 segmentation variables in consumer markets

Answer 6

1. Geographic
2. Demographic
3. Psychographic
4. Behavioristic
   GDPB

Question 7

Persona

Answer 7

Character descriptions of a brand’s typical customer (day in the life)

Question 8

Research companies

Answer 8

Provide general data on size and growth of markets

Question 9

Product Positioning

Answer 9

The impression of the branded product you want to establish in the consumers minds (image: leader, contender, or rebel)

Question 10

Repositioning

Answer 10

Changing the place a product occupies in consumers minds relative to competitive products to more accurately meet consumer needs