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Exam 8: Identifying Market Segments and Targets

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Question 61

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According to the VALS segmentation system, ________ are successful, goal-oriented people who focus on career and family. They favor premium products that demonstrate success to their peers.

A) thinkers
B) innovators
C) achievers
D) believers
E) experiencers

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Question 62

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Effective target marketing requires that marketers use market segmentation, market targeting, and market positioning to achieve success in the marketplace.

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Question 63

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List the threats posed by the five forces identified by Michael Porter that determine the intrinsic long-run attractiveness of a market or market segment.

A local service company has decided to segment its market based on occupation; therefore, it has chosen a form of demographic segmentation for its approach.

Consumer attitudes are an interesting way to segment a market. What are the five different consumer attitudes about a product that can be found in the market?

Anderson and Narus have urged marketers to present flexible market offerings to all members of a segment. A flexible market offering consists of two parts. Which part contains the product and service elements that all segment members value?

Situational factor segmentation variables in the business marketplace include urgency, specific application, and size of order.

In ________ marketing, the firm ignores segment differences and goes after the whole market with one offer.

People within the same demographic group can exhibit very different psychographic profiles.

A segment is unattractive if the company's suppliers are able to raise prices or reduce quantity supplied.

A market segment consists of a group of consumers who share a similar set of needs and wants.

In segmenting its markets, an aluminum company first looked at which end-use market to serve: automobile, residential, or beverage containers. This is an example of ________.

Psychographics is the science of using psychology and demographics to better understand consumers.

In evaluating different market segments, the firm must look at two factors: the segment's overall attractiveness and ________.

A company can be said to have used ________ if the company distinguished among customers buying on the basis of price, service, and quality.

There are several major segmentation variables that might be used by a marketer to address a consumer market. If the marketer were to use social class, psychographic lifestyle, and readiness stage to segment its market, identify possible segmentation subcategories under each of the three.

When Amy goes shopping for clothes, she goes into every store in the mall looking for the best deal. She is very price-conscious. On the basis of loyalty status, Amy can be described as ________.

A marketer is interested in segmenting a business market based on technology and customer capabilities. Which of the following major segmentation variables would the marketer most likely use to assist with the task?

According to the VALS segmentation system, ________ are successful, sophisticated, active, "take-charge" people with high self-esteem. Their purchases often reflect cultivated tastes for relatively upscale, niche-oriented products and services.

Briefly describe single-segment concentration with an example.