GB 350 CH 8 EXAM QUESTIONS AND
ANSWERS
market - Correct Answers -people or organizations with needs or wants and the ability
and willingness to buy
market segment - Correct Answers -a subgroup of people or organizations sharing one
or more characteristics that cause them to have similar product needs
market segmentation - Correct Answers -the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
segmentation bases (variables) - Correct Answers -characteristics of individuals,
groups, or organizations
geographic segmentation - Correct Answers -segmenting markets by region of a
country or the world, market size, market density, or climate
demographic segmentation - Correct Answers -segmenting markets by age, gender,
income, ethic background, and family life cycle
cannibalization - Correct Answers -a situation that occurs when sales of a new product
cut into sales of a firm's existing products
positioning - Correct Answers -developing a specific marketing mix to influence potential
customer's overall perception of a brand, product line, or organization in general
position - Correct Answers -the place a product, brand, or group of product occupies in
consumer's minds relative to competing offerings
family life cycle (FLC) - Correct Answers -a series of stages determined by a
combination of age, marital status, and the presence or absence of children
psychographic segmentation - Correct Answers -segmenting markets on the basis of
personality, motives lifestyles, and geodemographics
geodemographic segmentation - Correct Answers -segmenting potential customers into
neighborhood lifestyle categories
ANSWERS
market - Correct Answers -people or organizations with needs or wants and the ability
and willingness to buy
market segment - Correct Answers -a subgroup of people or organizations sharing one
or more characteristics that cause them to have similar product needs
market segmentation - Correct Answers -the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
segmentation bases (variables) - Correct Answers -characteristics of individuals,
groups, or organizations
geographic segmentation - Correct Answers -segmenting markets by region of a
country or the world, market size, market density, or climate
demographic segmentation - Correct Answers -segmenting markets by age, gender,
income, ethic background, and family life cycle
cannibalization - Correct Answers -a situation that occurs when sales of a new product
cut into sales of a firm's existing products
positioning - Correct Answers -developing a specific marketing mix to influence potential
customer's overall perception of a brand, product line, or organization in general
position - Correct Answers -the place a product, brand, or group of product occupies in
consumer's minds relative to competing offerings
family life cycle (FLC) - Correct Answers -a series of stages determined by a
combination of age, marital status, and the presence or absence of children
psychographic segmentation - Correct Answers -segmenting markets on the basis of
personality, motives lifestyles, and geodemographics
geodemographic segmentation - Correct Answers -segmenting potential customers into
neighborhood lifestyle categories
