| A | B |
|---|
| Define Demographics | categorize market segments by age, gender, race, income, and educational level |
| Market share is | is the percentage of total sales of a product or service that a company expects to capture in relation to the competition |
| __________________ is important to obtain or develop the best product mix within your market and your target market. | Product |
| _________________ the guiding principle for all business decisions and provides direction for planning. | Mission statement |
| __________________ is created with marketing strategies for the marketing mix. | Marketing Plan |
| __________________ are important because they are the framework of conducting business. | Marketing strategies |
| _______________ is important because it is the avenues you come into contact with your customers. This is the element that has direct impact on loyalty and repeat customers. | Place |
| ___________ guide the allocation of a business’s resources. | Marketing Strategies |
| ______________ unites the marketing activities throughout the business and everyone is on the same page and eliminates chaos and confusion. | Marketing strategies |
| __________________ is important because it establishes your profit and set the quality level of your products/services | Price |
| What is a market? | Those who have a need or desire, and the ability to pay, and the willingness to buy soon |
| Which is an advantage of Mass marketing? | Low profit margins |
| _________________ is important because it communicates with your customers so they know about your product mix. | Promotion |
| they have in common | Target Market |
| _____________ are the customers the business seeks to attract | Target Market |
| __________ represents the people most likely to buy what you sell. | Target Market |
| ____________________ have something in common that solidifies their desire for your product or service | Target Market |
| ____________ is the process of dividing a larger market into smaller parts. | Market Segments |
| _________________ is a subgroup of a larger market that share one or more characteristics. | Market Segment |
| Which is not an disadvantage of market segmentation? | Providing the products customers want |
| Which is advantage of market segmentation? | Effective communication |
| True or False: Higher response rate is an advantage of market segmentation. | True |
| True or False: Repeat and loyal customers is an disadvantage of market segmentation | False |
| True of False: Expensive to set up is a disadvantage of a market segmentation. | True |
| True or False: Requires more marketing research is an advantage of market segmentation | False |
