17 Questions
Which of the following is NOT one of the common bases of market segmentation?
Volume usage
In market segmentation, which factor refers to the social standing or prestige that a customer desires?
Social class
What is the term used for customers with similar characteristics and similar product needs in target market selection?
Homogeneous customers
Which approach to target market selection views the market as one big market with no individual segments?
Undifferentiated approach
What is one of the elements controlled by a business firm to create its marketing mix?
Product development
Which element of the marketing mix refers to the activities used to inform individuals or groups about the organization and its products?
Promotion strategy
What is the definition of marketing strategy?
A plan to meet objectives using available resources and advantages
What is included in the marketing mix?
Product, price, distribution, and promotion
What is a target market?
Individuals for which a firm develops a marketing mix based on their needs and preferences
What characterizes an undifferentiated approach in marketing?
Directing a single marketing mix at the entire market for a particular product
What does market segmentation involve?
Dividing a market into segments and directing a marketing mix at particular segment(s)
What elements form a marketing mix when combined?
Product, Price, Distribution, Promotion
Which aspect is concerned with decisions about a product's design, brand name, packaging, and warranties?
Product
What does the Distribution element of the marketing mix involve?
Transportation, storage, and intermediaries
Which component of the marketing mix focuses on providing information to target markets?
Promotion
By examining aspects of a company's products, what can you determine about its target market?
Characteristics important to members of target market
What classification can markets be divided into based on consumer behavior?
Consumer and Industrial
Test your knowledge on the general approaches for selecting target markets as outlined in Pride, Hughes, and Kapoor's 'Foundations of Business, 7th Edition'. Identify potential customers based on similar characteristics and product needs.
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