Chpt 3 - Target Market Quiz

What is market segmentation?

• Dividing a market into different regions

• Grouping all customers into one category

• Dividing a large market into smaller groups

• Selling the same product to different markets

Which of the following is an advantage of mass marketing?

• It saves time and money

• It targets specific customer needs

• It ignores differences among customers

• It allows for personalized marketing messages

Demographic segmentation is based on which of the following?

• Customer values

• Customer behavior

• Geographic location

• Personal statistics such as age and income

Which generation is known for its high interest in electronic products and information technology?

• Baby Boomers

• Generation X

• Millennials

• Generation Z

Which of the following is a feature of a product?

• The product is durable

• The product is affordable

• The product is made of steel

• The product is a bestseller

What is a Unique Selling Proposition (USP)?

• A list of features of a product

• A pricing strategy

• A statement summarizing the special features or benefits of a product

• A market research tool

What is the 80/20 rule in marketing?

• 80% of customers come from 20% of the market

• 80% of the sales come from 20% of the customers

• 80% of the market uses 20% of the products

• 80% of the products are sold to 20% of the customers

Which of the following is a psychographic segmentation variable?

• Age

• Income

• Values

• Location

What does a competitive analysis involve?

• Analyzing a company’s internal strengths

• Comparing a product with its competitors

• Determining the market size

• Assessing the company’s financial performance

Which of the following is a component of market share?

• Company sales divided by total market sales

• Total company expenses divided by total sales

• Company profit margin divided by sales

• Total market size divided by company expenses