ADV 3310 Exam 2 | Questions with Verified Answers

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ADV 3310 Exam 2 | Questions with Verified Answers Identifying groups of people with shared needs and characteristics and combining these groups into larger market segments according to their interes... t in a product's utility are the two steps involved in market segmentation What are the categories of shared characteristics that marketers use to identify and segment consumer markets? 1. demographic 2. psychographic 3. behavioristic 4. geographic T/F: one of the best ways to segment markets is to group consumers by purchase behavior True Symbolism- what a brand name means to the consumer, their friends, or to some social reference group is an aspect of ______ segmentation Benefit Young-As-You-Feel Fitness uses ______ segmentation to target women over 50 who can afford its in-home personal training and lifestyle coaching services demographic Select the steps involved in the market segmentation process 1. identifying groups of people or organizations with mutual needs and characteristics 2. joining groups into larger market segments based on their interest in the utility of a product For certain products, some advertisers use _______ to define consumer markets because appealing to consumers' emotions and cultural values may be persuasive psychographic segmentation The goal of using shared characteristics in market segmentation is to allow marketers to find the niche in which the company's product or service will fit Organizations that buy natural resources, component products, and services that they resell, use to conduct their business, or use to manufacture another product are included in ______ markets business User status, user rate, purchase occasion, and benefits sought are the key variable of ______ segmentation Behavioristic The process by which an advertiser focuses its marketing efforts on a target market is known as target marketing Consumers have different reasons for buying a product such as high quality, low price, status, sex appeal, etc. What method of segmenting consumers takes these reasons into consideration? benefit segmentation identifying groups based on statistical characteristics, such as age, ethnicity, gender, education, and income, is known as _______ segmentation demographic A target market refers to a group of consumers The method of defining consumer market based on variables, such as lifestyle, values, personality, and attitudes, is known as psychographic segmentation Advertisers and marketers usually attempt to mold their product into a complete product ____ once they define their target market Concept Which activity most likely takes place in a business market? the purchase of concrete by a patio builder To establish the content, look, and feel of its advertising, a company will begin the _____ process target marketing When creating a marketing mix, marketers usually start withe the _____ element Product The particular product attributes offered to customers, such as high quality, low price, status, speed, sex appeal, and good taste, are known as Benefits The product life cycle can be summarized as a set of four stages a product passes through. What are these four stages? 1. Introduction 2. Growth 3. Maturity 4. Decline A group of consumers that the company wishes to appeal to, design products for, and focus its marketing activities toward is known as a target market The way a consumer perceives the benefits of a product, the way the product is classified or differentiated from its competition, or the product's relationship to certain target markets refers to its Position A consumer's perception of a product as a combination of utilitarian and symbolic values that meet functional, social, and psychological wants and needs is referred to as the product concept The differences between products that are obvious to the consumer are called ______ differences Perceptible The identifying elements of a product, such as its name, words or symbols associated with it, or its design, that together distinguish the product from its competitors is referred to as the Brand The most important element of the marketing mix is the good or service being offered and the values associated with it, including the way the product is designed and classified, positioned, branded, and packaged. This is known as the ______ element Product Advertisers build brand equality with the help of brand Loyalty The ______ can be summarized as the progressive stages in the life of a product that affect the way a product is marketed and advertised product life cycle A manufacturer of cell phone covers has decided to sell its products online, in stores that sell cell phones, and in freestanding kiosks in shopping malls. This decision is related to which element of the marketing mix? place The basic goal of a product positioning strategy is to own a concept that establishes the product in a customer's mind Francine sells her handmade purses directly to customers at craft fairs and on her website. This is a form of direct distribution Imperceptible but existing differences that may affect the desirability of a product are called _______ differences hidden Each company and individual that is responsible for a product as it moves from the producer to the consumer are part of the distribution channel The fundamental differentiating device for all products is its Brand A system in which the producer, wholesaler, and retailer work together as a cooperative group to meet consumers' needs is called a vertical marketing system (VMS) The sum of what consumers, distributors, dealers, and competitors think and feel about a brand over a significant length of time is referred to as a brand Equity T/F: advertising is the only element of marketing communications False The marketing mix element that determines how and where customers will buy a company's product is know as the _____ element place T/F: the human communication process begins when the receiver formulates a new idea, encodes it, and then sends the new message back through some channel False When companies sell to end users or consumers without the use of wholesalers or retailers, they are using direct distribution Which term refers to the mental and emotional processes and the physical activities of people who buy and use goods and services to meet needs and wants? consumer behavior A firm that conducts business between the producer and the consumer or an industrial purchaser is referred to as a reseller [Show More]

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