MKTG 409 Module 4 MindTap Study Guide – Marketing Research, Data Collection & Decision
Making Review
Consumer Market - ✔✔Purchasers and household members who intend to consume or benefit
from the purchased products and do not buy products to make profits or serve an
organizational need
Business Market - ✔✔Individuals or groups that purchase a specific kind of product for resale,
direct use in producing other products, or use in general daily operations
The first of two major components of developing a marketing strategy is to _______. -
✔✔select a target market
The first step in the target market selection process is to - ✔✔identify the appropriate
targeting strategy
Which of the following is the fourth step of the target market selection process? - ✔✔Evaluate
relevant market segments
Undifferentiated targeting - ✔✔A strategy in which an organization designs a single marketing
mix and directs it at the entire market for a particular product
Concentrated targeting - ✔✔A market segmentation strategy in which an organization targets
a single market segment using one marketing mix
Differentiated targeting - ✔✔A strategy in which an organization targets two or more segments
by developing a marketing mix for each segment
Heterogeneous market - ✔✔A market made up of individuals or organizations with diverse
needs for products in a specific product class
, Market segmentation - ✔✔The process of dividing a total market into groups with relatively
similar product needs to design a marketing mix that matches those needs
Market segment - ✔✔Individuals, groups, or organizations sharing one or more similar
characteristics that cause them to have similar product needs
Homogeneous market - ✔✔A market in which a large proportion of customers have similar
needs for a product
When a company uses a single marketing mix to target all customers, it is utilizing _______. -
✔✔undifferentiated targeting
An advantage of the _______ strategy is that it allows a firm to specialize. - ✔✔concentrated
targeting
When a company targets several different market segments and creates a different marketing
mix for each segment, they are using _______. - ✔✔differentiated targeting
Which of the following is a market composed of individuals or organizations with diverse
product needs? - ✔✔Heterogeneous market
A market segment that has enough profit potential to justify developing and maintaining a
special marketing mix is said to be _______. - ✔✔profitable
A market segment is _______ if marketers can reach members of the segment with customized
marketing mixes. - ✔✔accessible
Making Review
Consumer Market - ✔✔Purchasers and household members who intend to consume or benefit
from the purchased products and do not buy products to make profits or serve an
organizational need
Business Market - ✔✔Individuals or groups that purchase a specific kind of product for resale,
direct use in producing other products, or use in general daily operations
The first of two major components of developing a marketing strategy is to _______. -
✔✔select a target market
The first step in the target market selection process is to - ✔✔identify the appropriate
targeting strategy
Which of the following is the fourth step of the target market selection process? - ✔✔Evaluate
relevant market segments
Undifferentiated targeting - ✔✔A strategy in which an organization designs a single marketing
mix and directs it at the entire market for a particular product
Concentrated targeting - ✔✔A market segmentation strategy in which an organization targets
a single market segment using one marketing mix
Differentiated targeting - ✔✔A strategy in which an organization targets two or more segments
by developing a marketing mix for each segment
Heterogeneous market - ✔✔A market made up of individuals or organizations with diverse
needs for products in a specific product class
, Market segmentation - ✔✔The process of dividing a total market into groups with relatively
similar product needs to design a marketing mix that matches those needs
Market segment - ✔✔Individuals, groups, or organizations sharing one or more similar
characteristics that cause them to have similar product needs
Homogeneous market - ✔✔A market in which a large proportion of customers have similar
needs for a product
When a company uses a single marketing mix to target all customers, it is utilizing _______. -
✔✔undifferentiated targeting
An advantage of the _______ strategy is that it allows a firm to specialize. - ✔✔concentrated
targeting
When a company targets several different market segments and creates a different marketing
mix for each segment, they are using _______. - ✔✔differentiated targeting
Which of the following is a market composed of individuals or organizations with diverse
product needs? - ✔✔Heterogeneous market
A market segment that has enough profit potential to justify developing and maintaining a
special marketing mix is said to be _______. - ✔✔profitable
A market segment is _______ if marketers can reach members of the segment with customized
marketing mixes. - ✔✔accessible
