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275) Market segmentation refers to A) identifying small groups of customers with dissimilar needs. B) aggregating prospective buyers into groups and selecting only those whose needs cannot be met by competitors' products. C) aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action. D) aggregating different products into more reasonable product groupings to better serve consumers' needs. E) those characteristics of a product that make it superior to competitive substitutes. Answer: C Explanation: Key term definition—market segmentation. Difficulty: 1 Easy Topic: Methods of Market Segmentation Learning Objective: 02-05 Explain the three steps of the planning phase of the strategic marketing process. Bloom's: Remember AACSB: Analytical Thinking Accessibility: Keyboard Navigation 276) Market segmentation is a part of what step in the strategic marketing process? A) Situation analysis B) Market-product focus and goal setting C) Marketing program D) Implementation E) Evaluation Answer: B Explanation: Determining which products will be directed toward which customers (Step 2 of the planning phase, market-product focus and goal setting) is essential for developing an effective marketing program (Step 3). This decision is often based on market segmentation, or aggregating prospective buyers into segments that have common needs and will respond similarly to a marketing action. Difficulty: 2 Medium Topic: The Strategic Marketing Process Learning Objective: 02-05 Explain the three steps of the planning phase of the strategic marketing process. Bloom's: Understand AACSB: Analytical Thinking Accessibility: Keyboard Navigation

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Test Bank for Marketing 14th Kerin  

Test Bank Marketing 14th Edition Kerin 2019 (Test Bank Download) (9781259924040) (1259924041). Instant access. All chapter are included. All...

Test Bank for Marketing 14th Kerin  

Test Bank Marketing 14th Edition Kerin 2019 (Test Bank Download) (9781259924040) (1259924041). Instant access. All chapter are included. All...