ADV 3310 Exam 2 | Questions with Verified Answers Identifying groups of people with shared needs and characteristics and combining these groups into larger market segments according to their interest in a product's utility are the two steps involved in market segmentation What are the categories ...
Identifying groups of people with shared needs and characteristics and combining these
groups into larger market segments according to their interest in a product's utility are
the two steps involved in
market segmentation
What are the categories of shared characteristics that marketers use to identify and
segment consumer markets?
1. demographic
2. psychographic
3. behavioristic
4. geographic
T/F: one of the best ways to segment markets is to group consumers by purchase
behavior
True
Symbolism- what a brand name means to the consumer, their friends, or to some social
reference group is an aspect of ______ segmentation
Benefit
Young-As-You-Feel Fitness uses ______ segmentation to target women over 50 who
can afford its in-home personal training and lifestyle coaching services
demographic
Select the steps involved in the market segmentation process
1. identifying groups of people or organizations with mutual needs and characteristics
2. joining groups into larger market segments based on their interest in the utility of a
product
For certain products, some advertisers use _______ to define consumer markets
because appealing to consumers' emotions and cultural values may be persuasive
psychographic segmentation
The goal of using shared characteristics in market segmentation is to allow marketers to
find the niche in which the company's product or service will fit
Organizations that buy natural resources, component products, and services that they
resell, use to conduct their business, or use to manufacture another product are
included in ______ markets
business
, User status, user rate, purchase occasion, and benefits sought are the key variable of
______ segmentation
Behavioristic
The process by which an advertiser focuses its marketing efforts on a target market is
known as
target marketing
Consumers have different reasons for buying a product such as high quality, low price,
status, sex appeal, etc. What method of segmenting consumers takes these reasons
into consideration?
benefit segmentation
identifying groups based on statistical characteristics, such as age, ethnicity, gender,
education, and income, is known as _______ segmentation
demographic
A target market refers to a
group of consumers
The method of defining consumer market based on variables, such as lifestyle, values,
personality, and attitudes, is known as
psychographic segmentation
Advertisers and marketers usually attempt to mold their product into a complete product
____ once they define their target market
Concept
Which activity most likely takes place in a business market?
the purchase of concrete by a patio builder
To establish the content, look, and feel of its advertising, a company will begin the
_____ process
target marketing
When creating a marketing mix, marketers usually start withe the _____ element
Product
The particular product attributes offered to customers, such as high quality, low price,
status, speed, sex appeal, and good taste, are known as
Benefits
The product life cycle can be summarized as a set of four stages a product passes
through. What are these four stages?
1. Introduction
2. Growth
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Jumuja. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
