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Question
There are five key steps in segmenting and targeting markets, which link market needs of customers to the organization's marketing program. List these five key steps.
Answer
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Points of difference refer toA. the fundamental, passionate, and enduring principles of an organization that guide its conduct over time.B. the cluster of benefits that an organization promises customers to satisfy their needs.C. a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.D. those characteristics of a product that make it superior to competitive substitutes.E. the use of percentage points of market share to allocate marketing resources effectively for different product lines within the same firm.
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Market segmentation refers toA. identifying small groups of customers with dissimilar needs.B. aggregating prospective buyers into groups and selecting only those whose needs cannot be met by competitors' products.C. aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.D. aggregating different products into more reasonable product groupings to better serve consumers' needs.E. those characteristics of a product that make it superior to competitive substitutes.
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Figure 1-2In Figure 1-2 above, "B" is accomplished by __________.A. designing a marketing programB. conducting marketing researchC. discovering consumer needsD. developing a distribution strategyE. identifying target markets
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Profit refers toA. the point at which a company's assets equal its liabilities plus shareholder equity.B. the difference between the list and final price of a product or service.C. the money earned when the economic order quantity is minimized.D. the money left over after a business firm's total expenses are subtracted from its total revenues.E. the total amount of revenue accrued through product sales or service distribution.
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The acronym SWOT, as in SWOT analysis, stands for __________.A. strengths, weaknesses, opportunities, and tacticsB. strengths, weaknesses, options, and tacticsC. strengths, weaknesses, opportunities, and threatsD. simple, workable, optimal, and timelyE. state the problem, work out a strategy, organize your team, and take action
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While many commercials that use humorous appeals gain the attention of the audience, they
A. are most effective because they work so well for global campaigns.
B. contain no information to help consumers.
C. do not appeal to either men or women.
D. wear out quickly, boring the consumer.
E. don't appeal to the Generation Y cohort.