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Questions and Answers
Instead of selling your product throughout the United States, you might concentrate on one or two regions. This is an example of which type of segmentation?
Instead of selling your product throughout the United States, you might concentrate on one or two regions. This is an example of which type of segmentation?
- Volume
- Benefit
- Geographic (correct)
- Lifestyle
What is the term for products that are less expensive and more tailored to consumers with modest incomes?
What is the term for products that are less expensive and more tailored to consumers with modest incomes?
economy
What is the process of finding small but profitable market segments and designing or finding products for them called?
What is the process of finding small but profitable market segments and designing or finding products for them called?
niche
What is the term for the fastest growing segment of the U.S. population?
What is the term for the fastest growing segment of the U.S. population?
What is the term that describes developing products and promotions to please large groups of people?
What is the term that describes developing products and promotions to please large groups of people?
The individuals or households that want goods and services for personal consumption or use, and have the resources to buy them are part of the:
The individuals or households that want goods and services for personal consumption or use, and have the resources to buy them are part of the:
The investigation of consumer thought processes at each stage in a purchase is called:
The investigation of consumer thought processes at each stage in a purchase is called:
What do marketers use to segment markets?
What do marketers use to segment markets?
What field has a wider variety of careers than most business disciplines?
What field has a wider variety of careers than most business disciplines?
Mass marketing means that products and promotions are developed in order to please:
Mass marketing means that products and promotions are developed in order to please:
What does consumer behavior study?
What does consumer behavior study?
The ___ to ___ market includes manufacturers, intermediaries, hospitals, schools, charities, and the government.
The ___ to ___ market includes manufacturers, intermediaries, hospitals, schools, charities, and the government.
Dividing a market by cities, counties, states, or regions is ___ segmentation.
Dividing a market by cities, counties, states, or regions is ___ segmentation.
The B2B market not only includes manufacturers, intermediaries, and institutions, but also at the ____ levels.
The B2B market not only includes manufacturers, intermediaries, and institutions, but also at the ____ levels.
There is a wider variety of careers in marketing than in most business disciplines.
There is a wider variety of careers in marketing than in most business disciplines.
Study Notes
Market Segmentation
- Geographic segmentation focuses on selling products in specific regions rather than nationwide.
- Age, education level, income, and taste are key factors used in market segmentation.
- Geographic segmentation specifically divides markets by cities, counties, states, or regions.
Consumer Market
- The consumer market consists of individuals or households that seek goods and services for personal use and possess the financial resources to purchase them.
Niche Marketing
- Niche marketing entails identifying small, profitable market segments and adapting products to meet those specific needs.
Mass Marketing
- Mass marketing involves developing products and promotions aimed at large groups of people to maximize reach and sales.
Consumer Behavior
- Consumer behavior studies the decision-making processes of consumers and the various factors influencing those choices.
- This analysis is essential for understanding how to facilitate purchases and assist buyers effectively.
Demographic Trends
- Individuals aged 65 and older represent one of the fastest-growing segments of the U.S. population.
Business-to-Business (B2B) Market
- The B2B market includes various entities, such as manufacturers, institutions, and governments, that purchase goods and services for commercial use.
Career Opportunities in Marketing
- Marketing presents a wider array of career options compared to many other business disciplines, such as public relations, retail management, and advertising.
- Accounting roles are not typically categorized under marketing.
Adaptation to Economic Changes
- In response to economic downturns, marketers adapt strategies by offering products that are more affordable and targeted to consumers with limited income.
Studying That Suits You
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Description
Test your knowledge of marketing concepts with these flashcards from Chapter 13. Focus on key segmentation strategies and how marketing adapts to economic changes. This quiz will help reinforce your understanding of geographic and economic conditions affecting buyer behavior.
