ACC - MKT 2016 - Marketing and Segmentation

True or False: A target market is a group of people most likely to purchase a product and to whom a company should focus its marketing efforts.

• True

• False

True or False: Market segmentation is the process of dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics.

• True

• False

True or False: The concentration method targets two or more market segments with a unique marketing mix for each segment.

• True

• False

True or False: ROI, or Return on Investment, is a metric businesses use to judge financial gains or losses based on the money invested and the money generated.

• True

• False

True or False: Generational segmentation focuses on dividing the market based on the specific benefits that are most important to prospective customers.

• True

• False

Fill in the blank: The __________ is the person who makes the actual purchase of the product.

• Buyer

• Seller

• Manufacturer

• Distributor

Fill in the blank: __________ segmentation divides the market based on customer location.

• Geographic

• Demographic

• Psychographic

• Behavioral

Fill in the blank: The __________ method involves targeting all marketing efforts toward one specific segment using one specific marketing mix.

• Concentration

• Diversification

• Mass Marketing

• Differentiation

Fill in the blank: __________ segmentation includes additional purchasing factors like values, lifestyle, social class, and individual personalities.

• Psychographic

• Demographic

• Geographic

• Behavioral

Fill in the blank: Market __________ is the process a company takes to identify specific groups of customers most likely to purchase their products.

• Segmentation

• Analysis

• Research

• Development