Strand 2: Marklet Planning

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

What is the process called of splitting a market into smaller groups of consumers based on similar needs and wants?

An example of B2C marketing would be if 7-Eleven advertised a new Slurpee flavor to a student.

An example of B2B marketing would be if Arizona Jeans Company marketed its products to Wal Mart.

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

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

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

Segmenting the market based on purchasing-related behavior.

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

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

Analysis of a company's strengths and weaknesses. It also includes the opportunities and the threats that surround it.

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

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

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

If my company used information on population from a census to segment the market, this would be an example of (blank)?

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

When a company is doing B2B marketing who at the business would they most likely communicate and market to?

A niche market is as small as a market can get.

Segmentation of the market based on where people live.