Marketing

What is Target Market?

Focusing all marketing efforts on a very specific group of people

What is the process of dividing a market of potential customers into specific groups based on different characteristics?

Market segmentation

Which segmentation type focuses on personal characteristics such as age, gender, income level, and education level?

Demographics

Segmentation based on where people live, such as climate, cultural influences, and customs, is known as what?

Geographics

Grouping people with similar lifestyles, shared attitudes, values, and opinions falls under which category?

Psychographics

Looking at shopping patterns, usage rate, and benefits desired by consumers represents which type of segmentation?

Behavioral

When a company groups customers by asking 'Who?' regarding personal traits, they are using demographics.

True

Natural or political boundaries and customs are primary considerations in which type of segmentation?

Geographics

Activities, interests, and personality values are key components of which segmentation method?

Psychographics

Which of the following is considered one of the four elements of the marketing mix?

Product

Which element of the marketing mix is defined as the amount of money requested or exchanged for a good or service?

Price

Activities involved in getting a good or service to the end user, such as shipping and inventory storage, refer to which P?

Place

The process of communication with customers to inform, persuade, and remind them about products is known as:

Promotion

Which marketing mix element can be either a physical good or an intangible service?

Product

Pricing a product should ideally cover business expenses and allow for what?

A profit

Place can refer to both a physical brick-and-mortar location and an online site.

True

Order processing and stocking of goods are primary activities associated with which element of the marketing mix?

Place

When a marketer looks at the specific benefits desired by consumers rather than just physical product traits, they are utilizing ____________ segmentation.

Behavioral

The four Ps of marketing are Product, Price, ____________, and Promotion.

Place

Which category of segmentation investigates personal attributes such as race, ethnicity, gender, and age?

Demographics