Match the term with its definition.
-A group of customers or potential customers who have purchasing power and unsatisfied needs
A)benefit variables
B)customer acquisition costs
C)market
D)market analysis
E)market segmentation
F)marketing mix
G)marketing research
H)multisegment strategy
I)single-segment strategy
J)unsegmented strategy (mass marketing)

Question

Quizplus · Accepted Answer

Market refers to a group of customers or potential customers who have purchasing power and unsatisfied needs.

Answer: E
 Market segmentation is the process of dividing a market into smaller groups (segments) of consumers with similar needs or characteristics.

Answer: J
 Unsegmented strategy (mass marketing) refers to a marketing approach where the company targets the entire market with a single marketing mix.

Answer: D
 Market analysis is the process of examining the market to identify opportunities and threats, as well as to assess the strengths and weaknesses of competitors.

Answer: F
 Marketing mix refers to the combination of product, price, place, and promotion that a company uses to satisfy customer needs.

Answer: G
 Marketing research is the process of gathering and analyzing data to inform marketing decisions.

Answer: H
 Multisegment strategy is a marketing approach where a company targets several market segments with separate marketing mixes.

Answer: I
 Single-segment strategy is a marketing approach where a company targets a single market segment with a specialized marketing mix.

Answer: A
 Benefit variables refer to the specific features or benefits that a customer values, such as convenience, quality, price, and service.

Answer: B
 Customer acquisition costs refer to the cost of acquiring new customers, including advertising, promotional expenses, and sales commissions.

Match the Term with Its Definition