Foundations of Business: Target Markets Selection
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Questions and Answers

Which of the following is NOT one of the common bases of market segmentation?

  • Climate
  • Volume usage (correct)
  • Price sensitivity
  • Market density

    • In market segmentation, which factor refers to the social standing or prestige that a customer desires?

  • Price sensitivity
  • Income
  • Social class (correct)
  • Brand loyalty

    • What is the term used for customers with similar characteristics and similar product needs in target market selection?

  • Heterogeneous customers
  • Homogeneous customers (correct)
  • Diverse customers
  • Indifferent customers

    • Which approach to target market selection views the market as one big market with no individual segments?

    <p>Undifferentiated approach</p> Signup and view all the answers

    What is one of the elements controlled by a business firm to create its marketing mix?

    <p>Product development</p> Signup and view all the answers

    Which element of the marketing mix refers to the activities used to inform individuals or groups about the organization and its products?

    <p>Promotion strategy</p> Signup and view all the answers

    What is the definition of marketing strategy?

    <p>A plan to meet objectives using available resources and advantages</p> Signup and view all the answers

    What is included in the marketing mix?

    <p>Product, price, distribution, and promotion</p> Signup and view all the answers

    What is a target market?

    <p>Individuals for which a firm develops a marketing mix based on their needs and preferences</p> Signup and view all the answers

    What characterizes an undifferentiated approach in marketing?

    <p>Directing a single marketing mix at the entire market for a particular product</p> Signup and view all the answers

    What does market segmentation involve?

    <p>Dividing a market into segments and directing a marketing mix at particular segment(s)</p> Signup and view all the answers

    What elements form a marketing mix when combined?

    <p>Product, Price, Distribution, Promotion</p> Signup and view all the answers

    Which aspect is concerned with decisions about a product's design, brand name, packaging, and warranties?

    <p>Product</p> Signup and view all the answers

    What does the Distribution element of the marketing mix involve?

    <p>Transportation, storage, and intermediaries</p> Signup and view all the answers

    Which component of the marketing mix focuses on providing information to target markets?

    <p>Promotion</p> Signup and view all the answers

    By examining aspects of a company's products, what can you determine about its target market?

    <p>Characteristics important to members of target market</p> Signup and view all the answers

    What classification can markets be divided into based on consumer behavior?

    <p>Consumer and Industrial</p> Signup and view all the answers

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