2/27 Test Review

Question 1

segmenting, targeting, and positioning

Answer 1

honing in on your target and appealing to them

Question 2

stp

Answer 2

segmentation
targeting
positioning

Question 3

segmentation

Answer 3

dividing a market into subgroups based on common characteristics

Question 4

targeting

Answer 4

deciding which segment is most worthwhile for investment of marketing efforts

Question 5

positioning

Answer 5

gaining competitive advantage on features important customers

Question 6

why segment the market

Answer 6

limited resources
better understanding of customer needs
clearer objectives for marketing efforts
better resource allocation
better evaluation

Question 7

traditional family life cycle

Answer 7

young single
young married without children
young married with children
middle age married with children
middle aged married without dependent children
older married
older unmarried

Question 8

psychographic info

Answer 8

preferred lifestyles

tastes and preferences

Question 9

usage rate

Answer 9

how much people use the product they buy

Question 10

criteria for segmentation

Answer 10

substantial - large enough to warrant a special marketing mix
identifiable and measurable - segments must be identifiable and their size measurable
accessible - members must be reachable with marketing mix
responsive - unless segments responds to a marketing mix differently, no separate treatment is needed

Question 11

target market

Answer 11

generic strategies - going for everyone

Question 12

generic

Answer 12

undifferentiated - cheap, but boring
concentrated - concentrations of resources, canibalization
multisegment

Question 13

positioning statement

Answer 13

mission statement, positioning statement

Question 14

positioning map

Answer 14

you place products on a map showing where they fall