Name that Market
This term refers to the process of analyzing consumer needs and determining how to satisfy them.
What is market identification?
This divides a market into these smaller groups based on shared characteristics.
What is market segmentation?
This type of marketing strategy attempts to reach a broad audience with one message.
What is mass marketing?
This term refers to the specific group of consumers a business aims to sell its products or services to.
These are individuals or entities who seek to acquire goods or services in exchange for money or other forms of value.
What are buyers?
Before identifying a market, businesses conduct this to gather data on customers.
What is market research?
Segmenting a market by age, gender, income, education, or ethnicity is called this.
What is demographic segmentation?
The Super Bowl is famous for having some of the most expensive and widely viewed commercials in this format.
What are TV ads?
This market segmentation differentiates people based on technology use.
What are technographics?
These are individuals or entities offering goods or services for sale.
What are sellers?
This is a space or mechanism where buyers and sellers come together to exchange a good or service.
What is a market?
Segmenting a market based on where people live, such as urban, suburban, or rural areas.
What is geographic segmentation?
This traditional form of advertising includes newspapers, and magazines.
What are print ads?
If a company is selling portable A/C Units, the target market will be in extremely hot regions of the world and not cold areas. This is an example of what?
This refers to the system through which prices of goods and services are determined by the forces of supply and demand in a market
What is the price mechanism?
Principle describing the relationship between the quantity of goods or services available and the quantity desired by buyers which will influence prices.
What is supply and demand?
Dividing consumers based on their interests, lifestyle, and values falls under this segmentation category.
What is psychographic segmentation?
A catchy jingle is most commonly used in this type of mass advertisement (it is not visible).
What are radio ads?
The group of people who are most likely to buy a business’s product or service.
What is the primary target market?
These are tangible goods which are manufactured or produced for sale.
What is a product?
This person or group buys goods and services to satisfy their needs and wants.
What is a customer?
Grouping customers based on their purchasing behavior or product usage.
What is behavioral segmentation?
These are a type of mass print ad designed to be read quickly by drivers or commuters?
What are billboards?
An additional group that may also be interested in a product but is not the business's main focus.
What is a secondary target market?
Intangible offerings like entertainment & transportation.
What are services?