Standard 2 Review Market Segmentation

Question 1

Understanding concepts and strategies used to develop and target specific marketing strategies to a select audience.

Accepted Answer

Market Planning Function

Question 2

Narrows and defines a market with extreme precision, which increases the chances of a product's success.

Accepted Answer

Niche Marketing

Question 3

Grouping people with similar attitudes, interests, and opinions, as well as lifestyles and shared values.

Accepted Answer

Psychographic Segmentation

Question 4

List and analyzes the company's strengths and weaknesses. It also includes the opportunities and the threats

Accepted Answer

Swot Analysis

Question 5

A company's percentage of the total sales volume generated by all companies that compete in a given market.

Accepted Answer

Market Share

Question 6

Statistics that describe a population by age, gender, income, marital status, and ethnic background

Accepted Answer

Demographic Segmentation

Question 7

The relative standing a competitor has in a given market in comparison to its other competitors.

Accepted Answer

Market Position

Question 8

All people who share similar needs and wants and who have the ability to purchase a given product.

Accepted Answer

Market

Question 9

The group of people most likely to become customers, identified for a specific marketing program.

Accepted Answer

Target Market

Question 10

A formal, written document that directs a company's activities for a specific period of time.

Accepted Answer

Marketing Strategy

Question 11

Segmentation of the market based on where people live.

Accepted Answer

Geographic Segmentation

Question 12

Segmenting the market based on purchasing-related behavior.

Accepted Answer

Behavioral Segmentation

Questions 12