Unit 2 - Market Plan

Marketers always want to be as efficient as possible, they often create a carefully designed plan of action, or _____________to help them achieve their marketing goal

Which of the following is a question that a business should answer about its target market while conducting a situation analysis:

• Are we operating at peak efficiency?

• Which shipping companies are we using?

• What are our customers buying?

• How are our financing methods affecting our company's growth

Dividing the total market into smaller, more defined categories is called…

• Target market

• Market segmentation

• Grouping

• Target groups

Mass marketing is the process of appealing to a small group rather than targeting an entire market.

• True

• False

________________ is common with companies like Target or Walmart. It is also often used for necessities (products that are required to function).

• Blanket marketing

• Commonplace marketing

• Mass marketing

• Configuration

The four types of market segmentation are:

• Psychological, mental, athleticism, drive

• Demographic, psychographic, behavioral, and geographic

• Behavioral, personality traits, strengths, and weaknesses

• Strengths, weaknesses, opportunities, and threats

Statistics that describe a population in terms of personal characteristics such as occupation, ethnicity, income, gender and age are part of which type of market segmentation:

• Behavioral

• Personal traits

• Psychographic

• Demographic

This type of marketing segmentation takes into account the grouping of people based on their priorities, opinions, activities, lifestyles, attitudes, among others:

• Demographic

• Psychographic

• Situational

• Geographic

Segmentation of the market based on where people live is what type of market segmentation?

• Local vs. Regional

• Geographic

• Global

• Demographic

Separating the market based on product-related behavior is called ________________ .

• Geographic segmentation

• Optional segmentation

• Behavioral segmentation

• Action-based segmentation