Chapter 7 - Chapter 7-Segmenting and Targeting Markets 212...

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Chapter 7—Segmenting and Targeting Markets 212 questions (28 true/false, 162 multiple choice, 22 essay) MULTIPLE CHOICE 1. A _____ is a group of people or organizations that has wants and needs that can be satisfied by particular product categories, has the ability to purchase these products, and is willing to exchange resources for the products. a. firm b. buyer c. market d. consumer e. target ANS: C PTS: 1 REF: 206 OBJ: 07-1 TYPE: Def TOP: 2. A group of middle school students stop by a sporting goods store. The store has just received a new shipment of high-end racing bicycles. The bicycles range in price from $1,200 to $3,000. All of the students want one of these new bikes, but none has the means to buy one. Is this group of consumers a potential market for the expensive bikes? a. Yes, they are a potential market since they are all about the same age. b. No, they do not have the ability to purchase at this time. c. No, to qualify as a market, they must need the product. d. Yes, they are a market because this product could satisfy their consumer wants and desires. e. Yes, they are a market because this group shares relatively similar product needs and purchasing characteristics. ANS: B PTS: 1 REF: 206 OBJ: 07-1 TYPE: App A market is a group of people or organizations that has wants and needs that can be satisfied by particular product categories, has the ability to purchase these products, and is willing to exchange resources for the products. There is no suggestion of ability in this case. TOP: 3. A market is people or organizations that have: a. the ability, willingness, and power to buy b. a medium of exchange and products they desire c. needs and wants and an ability and willingness to buy d. unmet needs or wants and products or services that satisfy those unmet needs or wants e. communication, financial, and capital resources ANS: C PTS: 1 REF: 206 OBJ: 07-1 TYPE: Def A market is defined as having four imperative characteristics: people or organizations, needs and wants, ability, and willingness to buy. TOP: 4. A(n) _____ is a subgroup of individuals or organizations sharing one or more characteristics that cause them to have relatively similar product needs. a. market universe b. market segment c. aggregated market d. segmentation base Chapter 7 Segmenting and Targeting Markets 1
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e. population sample ANS: B PTS: 1 REF: 206 OBJ: 07-1 TYPE: Def TOP: 5. _____ is the process of dividing a market into meaningful groups that are relatively similar and identifiable. a.
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This note was uploaded on 02/11/2012 for the course MARK 3371 taught by Professor Staff during the Spring '08 term at Texas Pan American.

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Chapter 7 - Chapter 7-Segmenting and Targeting Markets 212...

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