Market Segmentation and Target Market Quiz

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Questions and Answers

Which of the following best describes a market?

A group of sellers of a product
A group of potential buyers of a product
A group of actual buyers of a product
A group of potential and actual buyers of a product (correct)

What is market segmentation?

Dividing the market into distinct groups that share similar characteristics (correct)
Dividing the market into distinct groups that require separate products
Dividing the market into distinct groups based on price
Dividing the market into distinct groups based on geographic location

Which of the following is a characteristic of a market segment?

Unsubstantial
Identifiable (correct)
Inaccessible
Expensive

What are the variables used for segmentation?

Geographic, demographic, psychographic, technological (C) Signup and view all the answers

How can identifying one's unique selling proposition and competitive advantage contribute to a successful marketing plan?

By targeting a specific market segment (D) Signup and view all the answers

Which of the following is NOT a characteristic of a market segment?

Inaccessible (A) Signup and view all the answers

What is the purpose of market segmentation?

To divide the market into distinct groups (B) Signup and view all the answers

What is a market segment?

A subgroup of the total consumer market (D) Signup and view all the answers

What are the steps to target marketing?

Dividing the market into distinct groups, identifying market needs and wants, and developing market coverage strategies (C) Signup and view all the answers