Class 3

Question 1

market segment

Answer 1

a group of customers who share a similar set of needs and wants

Question 2

demographic segmentation

Answer 2

• age and life cycle
• life stage
• gender
• income
• generation
• social class
• race and culture

Question 3

US Generation Cohorts

Answer 3

Millennials
Gen X
Baby Boomers
Silent Generation

Question 4

millennial defining features

Answer 4

raised in affluence, tech savvy, perceived immunity from marketing

Question 5

Gen X defining features

Answer 5

parents relied on day are, accepts diversity, pragmatic and individualistic

Question 6

baby boomer defining features

Answer 6

control 3/4th of the wealth in the US, seek fountain of youth, home exercise equipment

Question 7

silent generation defining features

Answer 7

lead vibrant lives, spend money and time on grandchildren

Question 8

segmentation approaches

Answer 8

undifferentiated marketing
multiple segment
mass customization
niche targeting

Question 9

undifferentiated market

Answer 9

• one size fits all
• entire market is target market
• rarely used (ex Henry Ford black paint)

Question 10

multiple segments

Answer 10

• multiple products for multiple targets
• optimal market fit
• traditional approach

Question 11

mass customization

Answer 11

• segments of one
• each customer has a unique need
• each need can be uniquely met

Question 12

niche targeting

Answer 12

• one or few products designed to meet the very focused needs of a very focused segment
• typically able to demand a price premium

Question 13

Choosing a target market acronym

Answer 13

STP

Question 14

STP

Answer 14

segmentation
targeting
positioning

Question 15

market segmentation

Answer 15

identify and profile distinct groups of buyers

Question 16

market targeting

Answer 16

select one or more market segments to enter

Question 17

market positioning

Answer 17

for each, establish and communicate benefits of offering

Question 18

choosing target markets methods

Answer 18

• attitudinal segments
• Perceptual Mapping
• Vals
• Prizm

Question 19

attitudinal segments example

Answer 19

• style seekers
• purely pragmatic
• buyers and keepers
• loyal to brand
• treat me right
• high maintenance

Question 20

perceptual mapping

Answer 20

place points on 2 axis graph and look for groups

Question 21

what does vals stand for?

Answer 21

values and lifestyles survey

Question 22

How many demographic questions does VALS have?

Answer 22

4

Question 23

How many attitudinal questions does VALS have?

Answer 23

35

Question 24

VALS segments

Answer 24

innovators, thinkers, achievers, experimenters, believes, strivers, makers, survivors

Question 25

VALS x-axis

Answer 25

primary motivation (ideals, achievement, self-expression)

Question 26

Vals y-axis

Answer 26

resources (low to high)

Question 27

Prizm defines every US household in terms of..

Answer 27

66 demographically and behaviorally distinct segments

Question 28

What is PRIZM

Answer 28

by Nielson, Carlyle

lifestyle segmentation system