Market Segmentation and Targeting Quiz
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Questions and Answers

What is the process of dividing the market into small segments with distinct needs, characteristics, or behavior?

  • Market Targeting
  • Market Positioning
  • Demographic Segmentation
  • Market Segmentation (correct)

    • Which type of market segmentation is based on climate, dominant ethnic group, culture, and density?

  • Demographic Segmentation
  • Psychological Segmentation
  • Behavioral Segmentation
  • Geographic Segmentation (correct)

    • What is the process of determining the place of the business in the industry?

  • Market Targeting
  • Market Segmentation
  • Perceptual Mapping
  • Market Positioning (correct)

    • Which factor is considered in the evaluation process for market segment selection?

    <p>Structure of the Segment</p> Signup and view all the answers

    In which type of marketing does a business serve multiple market segments with separate offers for each?

    <p>Differentiated or Concentrated marketing</p> Signup and view all the answers

    Which type of segmentation is based on needs and wants, attitudes, traits, and lifestyle?

    <p>Psychological Segmentation</p> Signup and view all the answers

    What is market positioning?

    <p>Placing the business in a specific place in the industry</p> Signup and view all the answers

    What is the last phase of market positioning?

    <p>Deciding on the market position</p> Signup and view all the answers

    What does the consumer buying decision process involve?

    <p>Recognition of the consumer’s needs and wants</p> Signup and view all the answers

    What is included in the environmental factors influencing consumer buying behavior?

    <p>Cultural factor, social factor, personal factor, psychological factor</p> Signup and view all the answers

    What does the marketing mix refer to?

    <p>A mode, means, or tool used by the entrepreneur to position the product in the target market segment</p> Signup and view all the answers

    What is meant by 'broad price policy'?

    <p>It ensures that pricing decisions are coordinated with other sellers</p> Signup and view all the answers

    What is 'penetration pricing'?

    <p>Setting an initially low price to quickly reach a large market share</p> Signup and view all the answers

    What is 'customary pricing'?

    <p>Maintaining a fixed price over an extended period of time</p> Signup and view all the answers

    What does 'product' refer to?

    <p>Tangible goods or intangible services offered by the business to the target consumers</p> Signup and view all the answers

    What are included in environmental factors influencing consumer buying behavior?

    <p>Cultural Factor, Social Factor, Personal Factor, Psychological Factor</p> Signup and view all the answers

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