Identifying Market Segments and Target Customers

1. The first step in segmentation and targeting is

Set pricing

Define product packaging

Identify segmentation bases and variables

Choose media channels

2. The process of selecting one or more segments to enter is known as

Market targeting

Product differentiation

Positioning

Market diversification

3. Benefit segmentation is based on

Cultural background

Price perception

The specific benefits consumers seek from a product

Shopping frequency

4. The ultimate goal of segmentation and targeting is

Delivering greater value to chosen customers profitably

Reducing marketing activity

Avoiding competition

Serving every customer equally

5. Concentrated (niche) marketing strategy focuses on

Non-targeted mass approach

Government contracts only

All available segments

One or few small segments with high potential

6. Market targeting involves

Defining total market

Choosing which segments to serve and how

Conducting internal training

Outsourcing sales

7. Market specialization strategy involves

Global standardization

Cost reduction

Serving one product to all segments

Serving many needs of a particular customer group

8. Market segmentation is best defined as

Selling one product to all customers

Dividing a market into distinct groups of buyers with different needs or behaviors

Expanding production facilities

Pricing products differently for each customer

9. Differentiated marketing means

Avoiding product adaptation

Selling one product universally

Targeting several segments with different offers

Ignoring segmentation

10. An effective segmentation must be

Measurable, accessible, substantial, differentiable, and actionable

Standard and static

Expensive and complex

Large, visible, and global

Question 1 of 10