Which of the following is a characteristic of a product-market?
-It is a market with a broad set of customers who have a wide variety of needs.
-It is a market where only tangible goods are sold.
-It is a market with a single seller but multiple buyers.
-It is a market in which sellers offer very similar methods of sa
A generic market...
-has customers with broadly similar needs.
-often includes consumers who will satisfy the same need in quite different ways.
-often involves sellers who compete in different product-markets.
-often includes sellers who offer diverse ways of satisfying a n
A complete product-market definition includes product type, customer needs, customer types, and
geographic area.
Segmenting
tries to aggregate individuals who have similar needs and characteristics
The first step in the market segmentation process involves
naming broad product-markets
When segmenting a broad product-market, it is especially important that marketers create segments
that are as large as possible.
Which of the following represents a broad product-market within the generic market of outdoor adventures?
people who buy fly fishing equipment for fishing trips
Having segmented its broad product-market, Martinez Corp. has decided to treat its two chosen submarkets as separate target markets, with each requiring different marketing mixes. Which of the following approaches to developing market-oriented strategies
multiple target market approach
Target marketers who are "combiners
use one marketing mix to appeal to multiple submarkets, even though the submarkets have some distinct differences
Which of the following statements is true of using a combined target market approach to developing market-oriented strategies?
This approach is especially attractive for firms with limited resources.
The balancing point that determines just how unique a marketing mix a firm can afford to develop for a particular market segment is
profit.
Segmenting and combining are two alternate approaches to developing market-oriented strategies. Which of the following statements concerning these approaches is true?
A combiner looks at various submarkets for similarities rather than differences
When creating a marketing strategy and engaging in market segmentation, the ______ dimensions are the dimensions that define which potential customers are included in a segment.
qualifying
In a customer survey conducted by Radwheel Motors, it was found that customers purchased the company's cars primarily because Radwheel cars were a status symbol in the survey population. By which type of marketing dimension were Radwheel's purchasers moti
determining dimension
What is a buyer persona?
a detailed description of a typical, but fictional customer
Which of the following statements is true of generic markets?
The generic market includes only three of four aspects of the product-market definition�customer needs, customer types, and geographic area. It does not include product type.
It is sometimes hard to understand and define generic markets because
different product types may compete with each other
Which of the following types of segmenting dimensions are most helpful in understanding how customers in a target market decide exactly which brands of product to buy?
determining dimensions
Workathome Inc. offers to help people to establish and manage their own online businesses, a service for which it charges a fee. Out of several possible market segments, the firm has chosen to target people with a limited understanding of the Internet and
potentially unethical segmenting.
Which of the following statements about clustering techniques for segmenting is true?
A variation of the clustering approach relies on customer relationship management
Which of the following techniques enables marketers to develop "segments of one" where each customer is targeted with their own marketing mix?
customer relationship management
A _____ analysis helps managers understand how customers see their market.
positioning
Positioning analysis as it is usually practiced is not well-suited to identifying
basic shifts in the market.
When the target customers of a specific brand are not viewing it in the desired way, the brand ideally needs to be
repositioned.
The purpose of a positioning statement is to
provide focus for a marketing mix by concisely stating its most important features.