ME Unit 6 Test Review

Match each type of market segmentation to its correct definition.

• Behavioral

• Factual and measurable statistics that describe a population, such as age and income

• Psychographic

• The reasons why a customer buys a product; the benefits they get from a product; brand loyalty

• Demographic

• Shared personality traits, beliefs, attitudes, interests, and lifestyles. Examples would include "enjoys painting" and "loves being outside"

• Geographic

• Refers to where the target customer lives

The set of actions performed by a company meant to satisfy the needs of its customers is known as the _____.

• Marketing Mix

• Target Market

• Market Research

• Market

Match the following marketing mix elements to their correct description.

• Price

• Refers to whatever you’re offering for sale

• Place

• How you communicate to customers about products or services, why they need those products or services, and why they should pay for those products or services

• Product

• Also known as distribution, is where your product or service is actually sold

• Promotion

• Not only the purchase cost of your product, but it also refers to how you charge your customers

Match the following marketing mix element to their correct description.

• Packaging

• How your customer perceives your products and services compared to your competition

• Positioning

• The material that contains, identifies, describes, protects, displays, and promotes a product

• People

• This refers to all people, both inside and outside the company, who are responsible for all parts of marketing

Match each type of promotion to its correct definition.

• Advertising

• When a business offers customers an incentive to make a purchase

• Personal Selling

• Paid, nonpersonal communication designed to create awareness of a company and/or its products and services

• Public Relations

• Involves one-on-one communication with customers led by a salesperson who tries to convince the customer to buy their offering

• Sales Promotion

• Activities help an organization to influence their target market and campaigns try to influence general opinion and create a favorable public image for a person, organization, or a company - not necessarily promote products

Match the following vocabulary words to their correct definition.

• Market Research

• The task of determining the possibility of selling offerings by connecting directly with potential customers

• Market

• A specific group within the market who have something in common; the group of people most likely to buy what is being sold

• Target Market

• A group of people who have a need or want as well as the ability to pay and the willingness to buy

Promotion used to improve your company’s overall image - not just a specific offering you might have at a given time - is which type of promotion?

• Institutional Promotion

• Advertising

• Personal Selling

• Sales Promotion