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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?

Structure of the Segment (C) Signup and view all the answers

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

Differentiated or Concentrated marketing (A) Signup and view all the answers

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

Psychological Segmentation (C) Signup and view all the answers

What is market positioning?

Placing the business in a specific place in the industry (A) Signup and view all the answers

What is the last phase of market positioning?

Deciding on the market position (A) Signup and view all the answers

What does the consumer buying decision process involve?

Recognition of the consumer’s needs and wants (C) Signup and view all the answers

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

Cultural factor, social factor, personal factor, psychological factor (D) Signup and view all the answers

What does the marketing mix refer to?

A mode, means, or tool used by the entrepreneur to position the product in the target market segment (C) Signup and view all the answers

What is meant by 'broad price policy'?

It ensures that pricing decisions are coordinated with other sellers (B) Signup and view all the answers

What is 'penetration pricing'?

Setting an initially low price to quickly reach a large market share (A) Signup and view all the answers

What is 'customary pricing'?

Maintaining a fixed price over an extended period of time (B) Signup and view all the answers

What does 'product' refer to?

Tangible goods or intangible services offered by the business to the target consumers (A) Signup and view all the answers

What are included in environmental factors influencing consumer buying behavior?

Cultural Factor, Social Factor, Personal Factor, Psychological Factor (B) Signup and view all the answers

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