chapter 3: Consumer Markets

Question 1

Market Segmentation/Micro Marketing

Answer 1

The trend to market apparel to increasingly smaller, well-defined niche markets.

Question 2

Niche Market

Answer 2

A narrow target market group.

Question 3

Target Market

Answer 3

A WELL-DEFINED customer group to which a business wants to sell.

Question 4

Demographics

Answer 4

Statistics about a given population.
 Age
• Gender
• Marital Status
• Family Size
• Income
• Spending Habits
• Occupation

Question 5

Psychographics

Answer 5

The study of the social and psychological factors that constitute consumers’ lifestyles.
  Reference Groups
• Life Stage
• Activities
• Personality 
• Attitudes
• Class Consciousness 
• Motivation

Question 6

Quantitative Research

Answer 6

Objective methodology where data about a sample population is collected and analyzed to generalized behavioral patterns.

Question 7

Qualitative Research

Answer 7

Relies on methodology such as observation and case studies in which experiences are recorded as a narrative to describe observed behaviors within defined environmental factors.

Question 8

Environmental Scanning

Answer 8

An ongoing process of surveying resources for insights into the future (economic, political, social, technological and cultural factors).