Test 3

Question 1

Geographical, demographical, psychographical, and behavioral are all bases for marketing ________

Answer 1

segmentation

Question 2

dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes

Answer 2

segmentation

Question 3

once you segment, you pick one or more __________ markets

Answer 3

target

Question 4

lifestyle, social class, and personality are all _______ bases for marketing segmentation

Answer 4

psychographical

Question 5

the _____________ base is the most predicted segmentation base (occasions, benefits, loyalty status)

Answer 5

behavioral

Question 6

What are the 5 requirements for effective segmentation?

Answer 6

Differentiable, Actionable, measurable, accessible, substantial

Question 7

consists of a set of buyers who share common needs or characteristics that the company decides to serve

Answer 7

target market

Question 8

Size and growth, structural attractiveness, and company objectives and resources are ways of evaluating market

Answer 8

segments

Question 9

little competition, no substitutes yet, buyers have power over suppliers and resources makes a company _____________

Answer 9

attractive

Question 10

this refers to focusing on an entire, mass market, rather than just a segment

Answer 10

undifferentiated

Question 11

when advertisers are focused on a small group of highly targeted customers

Answer 11

micromarketing

Question 12

the place the product occupies in the consumer’s minds relative to competing products

Answer 12

market positioning

Question 13

Develop _______ for target segments, develop marketing ______ for each segment

Answer 13

positioning, mix

Question 14

_________________ statements summarize the company or brand positioning

Answer 14

positioning

Question 15

______ defines which market segments the company will focus on

Answer 15

targeting

Question 16

this refers to the blend of competition that you have to compete against to be successful

Answer 16

segment structural attractiveness

Question 17

Core Benefit
Basic Product
Expected Product
Augmented Product
Potential Product

Answer 17

Customer Value Hierarchy

Question 18

a form of observational research that involves sending trained observers to watch and interact with consumers in their “natural environments”

Answer 18

Ethnographic Research

Question 19

observing consumers in a natural context on the internet

Answer 19

Netnography Research

Question 20

using online consumer tracking data to target advertisements and marketing offers to specific consumers

Answer 20

Behavioral Targeting

Question 21

differentiating the market offering to create superior customer value.

Answer 21

differentiation

Question 22

create value for targeted customers by…

Answer 22

1. selecting customers to serve
   - segmentation
   - targeting
2. deciding on a value proposition
   - differentiation
   - positioning

Question 23

dividing a market into different geographical units, such as nations, states, regions, counties, or cities.
companies are localizing their products, advertising, promotion, and sales efforts to fit the needs of individual regions.

Answer 23

geographic segmentation

Question 24

dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.

• age and life-cycle segmentation
• gender segmentation
• income segmentation

Answer 24

demographic segmentation

Question 25

dividing a market into different segments based on social class, lifestyle, or personality characteristics. the products people buy reflect their lifestyles.

Answer 25

psychographic segmentation

Question 26

using the buyer experience cycle and utility levers to segment.

Answer 26

BUM segmentation

Question 27

dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product. - occasions - benefits sought - user status - usage rate - loyalty status

Answer 27

behavioral segmentation

Question 28

dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.

Answer 28

occasion segmentation

Question 29

dividing the market according to the different benefits that consumers seek from the product.

Answer 29

benefit segmentation

Question 30

segments include nonusers, ex-users, potential users, first-time users, and regular users.

Answer 30

user status

Question 31

markets can also be segmented into light, medium, and heavy product users.

Answer 31

usage rate

Question 32

based on demographic factors. | classifies U.S. households into 66 demographically and behaviorally distinct segments.

Answer 32

the Nielsen PRIZM system

Question 33

to be useful, market segments must be...

Answer 33

- measurable: size, purchasing power, profiles of segments can be measured. - accessible: segments can be effectively reached and served. - substantial: segments are large or profitable enough to serve. - differentiable: segments must respond differently to different marketing mix elements and programs. - actionable: effective programs can be designed to attract and serve the segments.

Question 34

a firm goes after a large share of one or a few segments or niches. can fine-tune its products, prices, and programs to the needs of carefully defined segments.

Answer 34

concentrated marketing

Question 35

the way a product is defined by consumers on important attributes.

Answer 35

product position

Question 36

the buying behavior of final consumers - individuals and households that buy goods and services for personal consumption

Answer 36

consumer buyer behavior

Question 37

all the individual and households that buy or acquire goods and service for personal consumption

Answer 37

consumer market

Question 38

the set basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions

Answer 38

culture

Question 39

a group of people with shared value systems based on common life experiences and situations

Answer 39

subculture

Question 40

relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors

Answer 40

social class

Question 41

a person's pattern of living as expressed in his or her activities, interest, and opinions

Answer 41

lifestyle

Question 42

the process by which people select, organize, and interpret information to form a meaningful picture of the world

Answer 42

perception

Question 43

changes in an individual's behavior arising from experience

Answer 43

learning

Question 44

a descriptive thought that a person holds about something

Answer 44

belief

Question 45

a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea

Answer 45

attitude

Question 46

buyer discomfort caused by post-purchase conflict

Answer 46

cognitive dissonance

Question 47

carefully analyzing a product's or service's components to determine if they can be redesigned and made more effectively and efficiently to provide greater value

Answer 47

product value analysis