Which of the following statements demonstrate the formation of a segment based on household size? General Mills launches Caramel Crunch Cheerios. Segmenting buyers by personal characteristics such as their age, income, ethnicity, family size, and so forth is called demographic segmentation. Although its hard to be all things to all people, many companies try to broaden their customer bases by appealing to multiple generations so they dont lose market share when demographics change. Four general categories used to segment consumer markets are geographic segmentation, demographic segmentation, , and behavioral segmentation. After all, are you really going to develop different products and different marketing campaigns and communications for each group? Which of the following is a consumer demographic segmentation variable? The purpose of the five key steps in segmenting and targeting markets is to link market needs of customers to the organization's marketing program. During its market segmentation process for the Nike Air Jordan XVII, Nike decided to concentrate on affluent teens rather than members of high school basketball teams. A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization is referred to as a __________. Post recently launched a campaign to increase consumption of the cereal by inviting consumers to sprinkle the crunchy cereal on yogurt, salad, or soup as a delicious addition. High energy costs, the credit crunch, and concern for the environment are leading people to demand smaller houses. The fastest-growing product in the financial services sector is prepaid debit cards, most of which are being bought and used by people who dont have bank accounts. The results are as follows: XFrequency1225384125126071\begin{array}{|l|l|} A variety of pasta, seafood and beef dishes round out your options. Geographic segmentation divides the market into areas based on location and explains why the checkout clerks at stores sometimes ask for your zip code. 09/28/2016. Except for buffet-style restaurants, casual dining restaurants typically provide table service. The target market consists of men aged 18 to 34 years old (Generation Y) who dont remember the Old Spice brand sold to their grandfathers (pre baby boomer) many years ago. Tweens might appear to be a very attractive market when you consider they will be buying products for years to come. If your offering fulfills the needs of a specific demographic group, then the demographic can be an important basis for identifying groups of consumers interested in your product. One criterion management wants to use to evaluate potential new geographic market segments is whether new equipment must be bought to serve each new segment. A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization is referred to as a __________. When compared to a multiple products, multiple market segments strategy, a one product, multiple market segment strategy. This could impact both their response to marketing and their buying habits. CHAPTER 7 MARKET SEGMENTATION, TARGETING, AND POSITIONING. The advertising message was that using applesauce in baking cuts calories and also makes the resulting baked good healthier. Kellogg's has several cereals targeted at different types of users. 7000 E. Mayo Blvd., Scottsdale, 602-283-4730, smarantos.com. Which of the following statements regarding market segmentation is most accurate? Suppose your great new product or service idea involves opening a local store. Kelloggs different types of cereals are each targeted at a different type of user. Different factors influence consumers to buy certain things. The advertising message was that using applesauce in baking cuts calories and makes the resulting baked good healthier. In comparison to traditional demand gen, account-based marketing is often described as a flipped funnel approach because it inverts the process. (Recall that this is how Healthy Choice frozen dinners were created.) cut responsibilities is called the ________. changing the place an offering occupies in consumers' minds relative to competitive products. Have you ever gone to their homes and been shocked by their lifestyles and how vastly different they are from yours? aggregating prospective buyers into groups that have common needs and will respond similar to a marketing action. (Incidentally, one rainy day, the author of this chapter made rain boots out of Press n Seal for her dog. When a firm produces only a single product or service and attempts to sell it to two or more market segments, it avoids __________, which often results in extremely high research, engineering, and manufacturing expenses. Which of the following is a basis used to segment U.S. organizational markets? Just like peoples demographics change, so do their tastes. The idea behind PRIZM is that you are where you live. Combining both demographic and geographic information is referred to as geodemographics or neighborhood geography. Its also why businesses print codes on coupons that correspond to zip codes. Marketing professionals develop consumer insight when they gather both quantitative and qualitative information about their customers. When a firm produces only a single product or service and attempts to sell it to two or more market segments, it avoids . Thus, a country music event in eastern Canada is very likely to have lots of empty seats even though it is more populous than the western part of the country. 6) The most artistic step in preparing to meet guests' foodservice needs is ________. 1) All of the following are restaurant market segments EXCEPT? This allows Apple to enjoy __________. Its also considered by many businesses to be the most cost-effective way to divide a target market. ppp is in dollars and qqq is the number of units. Couples with several children have different needs than those who just had their first child. 93% (54) Criteria for forming segments involve both similarities and differences. 7. Sellers can choose to pursue consumer markets, business-to-business (B2B) markets, or both. Gender is another way to segment consumers. What buyer characteristics do companies look at when they segment markets? When considering the quick-service restaurant competition, it will be most important for Wendy's to consider not only the offerings of Burger King, McDonald's, Five Guys Burgers, and other hamburger chains but also the. a more adult-oriented beverage than sports drinks. Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as. All of the following are market segmentation strategies EXCEPT: B. multiple products, multiple market segments. Once you choose a boot style, you select materials, colors, and textures. creates greater cost savings in manufacturing costs. Today, a firm is more likely to use: a. a "bazooka" approach, where special effects are used to "explode" into the buyer's the market segments of potential buyers to products offered or potential marketing actions by an organization. Nearly 70 percent of Hispanics in the United States trace their lineage to Mexico; others trace theirs to Central America, South America, and the Caribbean. Am I looking at life from their point of view? Sometimes income isnt always indicative of who will buy your product. But would you change your mind if you knew that baby boomers account for 50 percent of all consumer spending in the United States? A) service seekers B) value seekers C) portion seekers D) atmosphere seekers 1) 2) The commercial raising of shrimp, salmon, and oysters is called ________. there were no coherent product lines targeted at identifiable market segments. Conversely, 85% of new product launches in the US fail to generate desired revenue due to poor segmentation. Forty randomly selected students were asked about the number of pairs of sneakers they owned. Which of the following is an example of a multiple products and multiple markets strategy? At a Hallmark store you can find several different product lines of greeting cards, likely including Fresh Ink, Natures Sketchbook, Shoebox, Maxine, Mahogany, and Tree of Life cardsall made by Hallmark for sale in its stores and intended to appeal to different target markets. In some areas, you can switch your mobile phone to a discoverable mode while youre shopping and, if you want, get ads and deals from stores as you pass by them, which is often less expensive than hiring people to hand you a flier as you walk by3. So, of course, McDonald's adapted, even though they are a burger chain, by advertising their non-red-meat and vegetarian options. Consequently, one obvious way to begin the segmentation process is to segment markets into these two types of groups. Grouping potential buyers into meaningful segments involves meeting some specific criteria that answer the question, "Would segmentation be worth doing and is it possible?". Both consumer markets and organizational markets use demographic, geographic, and behavioral bases to segment markets. (Loganville, GA: Richard K. Miller & Associates, 2009), 15766. In this example, Post is using which segmentation variable? This is an example of. If marketing professionals know what those benefits are, they can then tailor different toothpaste offerings to you (and other people like you). Table 5.4 An Example of Geodemographic Segmentation for 76137 (Fort Worth, TX) shows the profiles of buyers who can be found the zip code 76137the Brite Lites, Lil City bunch, and Home Sweet Home set. For a fraction of the cost of attending a trade show to exhibit their products, B2B sellers are holding Webcasts and conducting online product demonstrations for potential customers. One of these devices is capable of generating energy equal to $2 million of natural gas per year. If increased revenues dont offset extra costs of this action, a marketer should __________. von Hoffman, C., For Some Marketers, Low Income Is Hot, Brandweek, September 11, 2006, http://cfsinnovation.com/content/some-marketers-low-income-hot (accessed December 2, 2009). 8.The purpose of market segmentation is to: a. reduce the market down to a size the firm can handle b. divide the market into equal size and profit regions for sales territories c. group a large number of markets together, enabling a company to serve them simultaneously d. develop a generalized definition of the market as a whole e. These books have been marketed to preteen, teen, and adult readers around the world. This variable can be viewed regarding specific age ranges or life cycle stages: babies, children, adolescents, adults, middle-age, and seniors. The segmentation strategy used by Prince Sports today is. A means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as its own product or brand, is referred to as a. Zappos original target market customers consisted of people who wanted all of the following EXCEPT: to buy sustainable shoes, accessories, and clothing. Moreover, both the Asian and Hispanic market segments include new immigrants, people who immigrated to the United States years ago, and native-born Americans. Within a segment, the needs of potential buyers should be similar; among segments, the needs of buyers should be different. For example, if you have no children, your demand for pediatric services (medical care for children) is likely to be slim to none, but if you have children, your demand might be very high because children frequently get sick. The O3 technology refers to an innovative tennis racquet Prince Sports developed that simultaneously delivers faster racquet speed and a bigger "sweet spot" in the middle of the frame. The trends toward larger cars and larger houses appear to be reversing. The bureau was also able to identify segments significantly different from the Chicago segment, including blue-collar adults in the Cleveland area who vacation without their children. Each variable adds a layer of information. This strategy is an example of. Resorts also segment vacationers depending on where they are in their family life cycles. Ford manufactures SUVs for those who wish to carry lots of people and pickup trucks for those who wish to carry lots of cargo. We design just a few products that consumers truly want, leveraging best-in-class components and micro-factory approaches for rapid design, launch, and direct delivery," said William Santana Li, president and CEO of Model E. Model E manufactures a car only when there is an order from a customer. Imagine that the agency decided the singer would not perform at venues located in small town communities that have less than 100,000 people. As an owner of a Wendys fast-food restaurant, the information in Figure 9-6 above suggests. Psychographic segmentation can help fill in some of the blanks. it helped buyers relate to the products and make decisions in a more meaningful way. What if your product crosses several market segments? If youve visited a grocery store that caters to a different ethnic group than your own, you were probably surprised to see the types of products sold there.
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