Marketing Unit 2

Statistics that describe a population such as age, gender, income, marital status, and ethnicity

Which of the following would not be one of the first questions to answer when finding an appropriate target market?

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

Segmenting the market based on purchasing-related behavior.

If marketers used info on population from a census (age, race), they would be using __________________ segmentation.

External factors, political, economic, social, and technological, all affect a company’s marketing efforts.

A SWOT analysis is a marketing plan.

An assessment that lists and analyzes the company's strengths and weaknesses. Also has opportunities and the threats

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

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

The target market of Monster Energy drinks would most likely be which?

A target market is as big as a market can get.

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

Which type of income is more important to businesses that sell expensive watches, second homes, and financial services?

Segmentation of the market based on where people live.

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

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

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