The Impact and Value of Diversity in Marketing
___________ is the shared beliefs, values, language, art, religion, and customs of a particular group of people.
Culture
The reasons people make certain purchases
buying motives
Which buying motive leads consumers to purchase an item that is higher priced and shows economic status?
pride
What drives companies to research the precise needs of their discerning customers and to pursue market segmentation?
competition
Sheila’s Shovel Shop wants to target customers who live in areas where it snows a lot. Segmenting groups based on where someone lives is called:
geographic segmentation
Creating equal representation amongst many different cultures
multiculturalism
Which buying motive is based on feeling and attitude?
Emotional
What is a convenience product?
products that are easy to find and purchase
The process of sorting people into groups who share one or more common or similar characteristics, lumped together for target marketing purposes, is called:
If the Avalanche hockey team wants to target customers who are fans of the team, they would use:
Behavioral segmentation
In-culture means relating to a cultural group’s __________, attitudes, and views.
values
Which buying motive is based on logic?
Rational
a business model that allows companies to buy and sell products over the internet
e-commerce
Jimmy’s skateboard shop uses social media ads to appeal to boys, age 13-18. The skateboard shop is using _________ marketing in a certain ___________ segment.
target, demographic
Randall Realty wants to target customers who are first-time home buyers. Segmenting groups based on life stage and socioeconomic status is called:
demographic segmentation
Which diversity marketing component leads companies to invest in and socially interact with consumers in the communities where they live?
In-Person
Which generation of consumers are commonly characterized by being self-absorbed, ambitious, and highly focused on their work?
Baby Boomers
Which generation is more racially and ethnically diverse, as well as socially conscious?
Gen z
If a company’s marketing team sorted customers based on lifestyles, interests, and values, they would be using:
psychographic segmentation
What is a disadvantage of market segmentation?
more costly to do research
What do companies do to better understand the wants and needs of the target group they are trying to reach?
Conduct Research
things that people do not plan on wanting or needing
unsought products
Which generation has led marketers to develop results-driven methods for selling products and services?
Gen X
Mass marketing involves a ______________ product and message.
one size fits all
When PepsiCo makes many variations of refreshments, they are trying to appeal to:
different market segments