Question 1According to a recent study, the buying power of _____ is rising at a rate nearly triple that of the national average.African AmericansNative AmericansAsian AmericansHispanics2.5 points Question 2The product-related segment of the consumer market based on the attributes people seek when they buy a product is called the _____ segment.price-shopperlifestyleexpenditure patternbenefits-sought2.5 points Question 3A company that chooses to focus its efforts on satisfying only one market segment for profit is using a _____ strategy.niche marketingelimination marketingundifferentiated marketingdesigner marketing2.5 points Question 4Which of the following is a basic requirement for effective market segmentation?The firm must avoid focusing on non-variables, such as profitability and volume.The market segment must have measurable purchasing power and size.The company must expand beyond its marketing capabilities to capture growing markets.The market segment must reflect the population’s changing attitudes and lifestyles.2.5 points Question 5The cohort effect describes:why members of the same psychographic group decide to vote the same way and have a lot of similarities in their Generation X uses its financial power to influence product trends, and are closely followed by the marketers.the predictability of demographic characteristics in analyzing purchase habits, product usage rates, and brand preference.the tendency of members of a generation to be influenced and bound together by events occurring during the key formative years when they were 17 to 22 years of age.2.5 points Question 6The 80/20 principle states that:market segmentation succeeds 80 percent of the time and fails the remaining 20 percent of the time.roughly 80 percent of total product sales come from 20 percent of customers.80 percent of the market segment is tapped, and 20 percent has not yet been reached.80 percent of the market can be segmented, and 20 percent cannot.2.5 points Question 7Psychographic segmentation is based on:the quantitative side of consumer demographic analysis.the quantitative side of consumer geographic analysis.individuals’ residential patterns and life cycle preferences.grouping people according to their values and lifestyles.2.5 points Question 8Product-usage segmentation can be an important tool for marketers as they attempt to:eliminate competition and target the competitor’s loyal customers.identify heavy users and lure them away from a competitive brand.reduce costs from 80 percent to 20 percent.increase profitability and improve the product benefits.2.5 points Question 9The division of the total market into smaller, _____ groups is called market segmentation.equivocalrandomly selectedrelatively homogeneousconveniently stratified2.5 points Question 10Before beginning the market segmentation process, a firm should:identify bases for segmenting markets.forecast total market potential.forecast market target market segments.
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