Question 1

What are the three types of data needed from consumers to develop a perceptual map?

Accepted Answer

In determining a brand's position and th...

Question 2

Selling a product to a different market segment usually requires a different marketing action that, in turn, means greater costs. If increased revenues don't offset extra costs of this action, a marketer should

Accepted Answer

A)   increase the advertising budget.
B)   prune the product offerings.
C)   family brand the products.
D)   combine segments.
E)   group products into categories.F) A) and E)
G) C) and D)

Question 3

Name Maker is an online company that sells, among other items, high-end gift wrapping that can have custom slogans or names printed on it, such as the name of a person celebrating a birthday or a couple who is getting married. This made-to-order gift wrapping is an example of

Accepted Answer

A)   family branding.
B)   mass customization.
C)   synergistic marketing.
D)   "Tiffany/Walmart" marketing.
E)   specialty customization.F) None of the above
G) D) and E)

Question 4

To effectively position a product or brand, companies take four steps, including which of these?

Accepted Answer

A)   decide whether to keep or delete the market segment that your product offering targets
B)   identify the key differentiators for competitors' brands
C)   discover how target customers rate a company's product or brand on important attributes
D)   create a marketing plan based on customers' perceptions
E)   identify market niches that were not selected during the market segmentation processF) C) and D)
G) A) and D)

Question 5

The purpose of the five key steps in segmenting and targeting markets is to

Accepted Answer

A)   identify competitors that provide similar products that satisfy a firm's customers' needs.
B)   provide guidance to reposition a firm's products.
C)   generate new-product ideas for firms that are not growing in market share.
D)   link market needs of customers to the organization's marketing program.
E)   correlate directly to each of the five environmental forces.F) A) and E)
G) A) and D)

Question 6

What is product differentiation? How does it relate to market segmentation? How does it potentially improve a firm's revenues?

Accepted Answer

Product differentiation involves a firm ...

Question 7

The quantity consumed or patronage (store visits)  during a specific period is referred to as

Accepted Answer

A)   usage rate.
B)   purchase metric.
C)   consumption index.
D)   consumption rate.
E)   demand amount.F) A) and E)
G) A) and B)

Question 8

Custom Foot operates six retail locations. At first glance, none looks different from a typical boot store. But here the only boots on hand are display models. There is no inventory for sale and customers go home empty-handed, awaiting their orders. Customers browse the store, choosing style, color, and leather type, with about 100 displays to provide style guidelines. Custom Foot guarantees your boots will be ready within three weeks. This is an example of

Accepted Answer

A)   mass customization.
B)   specialty customization.
C)   virtual merchandising.
D)   one product and multiple market segments.
E)   multiple products and multiple market segments.F) A) and E)
G) A) and D)

Question 9

All of these are psychographic segmentation variables except which?

Accepted Answer

A)   lifestyle
B)   needs
C)   income
D)   PRIZM
E)   personalityF) A) and B)
G) B) and C)

Question 10

The annual Street & Smith's Baseballmagazine has 15 different covers featuring a baseball star from each of its regions in the United States, yet each regional issue has the same magazine content. What is the basis of its market segmentation strategy?

Accepted Answer

A)   psychographic segmentation
B)   retail outlet segmentation
C)   demographic segmentation
D)   behavioral segmentation
E)   geographic segmentationF) A) and C)
G) B) and D)

Question 11

In an the Apple market-product grid for its personal computer line, the iMac is popular among all the segments Apple can target. This product would allows Apple to enjoy

Accepted Answer

A)   segment differentiation.
B)   marketing synergies.
C)   product synergies.
D)   segment repositioning.
E)   product differentiation.F) B) and D)
G) A) and E)

Question 12

The annual Street & Smith's Baseballmagazine uses 15 different covers featuring a baseball star from each of its regions in the United States, yet each regional issue has the same magazine content. The publisher is using which of the following segmentation strategies?

Accepted Answer

A)   multiple products with one segment
B)   one product with one channel of distribution
C)   one product with multiple market segments
D)   one product with changes based on customer behavior
E)   multiple products with multiple segmentsF) A) and B)
G) C) and D)

Question 13

Small athletic shoe manufacturers such as Vans target niche markets like street culture or action sports enthusiasts, making shoes designed to satisfy the needs of these different specific groups of customers. This strategy is an example of

Accepted Answer

A)   market segmentation.
B)   mass customization.
C)   customized manufacturing.
D)   single chain marketing.
E)   market specific selection.F) A) and E)
G) B) and E)

Question 14

Behavioral segmentation may be based on

Accepted Answer

A)   lifestyles and demographics.
B)   retailer and wholesaler behaviors.
C)   geographic and demographic criteria.
D)   product features and user status.
E)   demand and supply.F) B) and D)
G) All of the above

Question 15

A relatively homogenous group of prospective buyers that results from the market segmentation process is

Accepted Answer

A)   a market segment.
B)   a target market.
C)   a customer base.
D)   an ultimate consumer.
E)   a preferred customer.F) A) and C)
G) C) and E)

Question 16

As an owner of a Wendy's fast-food restaurant located near a large urban university, you need to analyze your customers and determine which segmentation base and its associated variables you will use to segment your target market. Which segmentation base and associated variables should you use?

Accepted Answer

A)   psychographic: VALS and personality
B)   demographic: gender and age
C)   behavioral: students and nonstudents
D)   geographic: city size and zip code
E)   transportation mode: car, bike, public transportation, and none (walking) F) All of the above
G) C) and E)

Question 17

What are the segmentation bases for U.S. organizational (business) markets?

Accepted Answer

Organizational (business) mark...

Question 18

Segmentation based on some observable actions or attitudes by prospective customers, such as what benefits they seek, as well as where, how frequently, and why they buy, is referred to as

Accepted Answer

A)   demographic segmentation.
B)   psychographic segmentation.
C)   geographic segmentation.
D)   behavioral segmentation.
E)   socioeconomic segmentation.F) B) and C)
G) A) and C)

Question 19

After establishing the market segments and product groupings on a market-product grid, the next step is to

Accepted Answer

A)   fill in the appropriate cells with precise statistical data from primary and/or secondary sources.
B)   estimate, with intelligent guesstimates as necessary, the market size for each cell.
C)   total the vertical columns to identify the greatest marketing synergies and efficiencies.
D)   total the horizontal rows to identify greatest operations/production synergies and efficiencies.
E)   identify a marketing action for every product-market combination in the grid.F) B) and C)
G) A) and E)

Question 20

Which of the following statements demonstrate the formation of a segment based on household size?

Accepted Answer

A)   Campbell's makes a spicier nacho cheese sauce for its distributors in Texas than it does in Maine.
B)   GE built a smaller microwave oven to hang under kitchen cabinets.
C)   Del Monte offers a line of canned fruit with no added sugar or artificial sweeteners.
D)   A fast-food hamburger restaurant is only open for breakfast on weekdays and Saturdays but not Sundays.
E)   A gourmet grocer advertises its services on a small-audience classical music station even though there is a much larger-audience rock station in the area.F) A) and B)
G) D) and E)

Exam 9: Market Segmentation, Targeting, and Positioning

The quantity consumed or patronage (store visits) during a specific period is referred to as

Correct Answer
verified

Correct Answer
verified

To effectively position a product or brand, companies take four steps, including which of these?

Correct Answer
verified

What are the segmentation bases for U.S. organizational (business) markets?

Correct Answer
verified
Organizational (business) mark...
View Answer

In an the Apple market-product grid for its personal computer line, the iMac is popular among all the segments Apple can target. This product would allows Apple to enjoy

Correct Answer
verified

What are the three types of data needed from consumers to develop a perceptual map?

Correct Answer
verified
In determining a brand's position and th...
View Answer

Name Maker is an online company that sells, among other items, high-end gift wrapping that can have custom slogans or names printed on it, such as the name of a person celebrating a birthday or a couple who is getting married. This made-to-order gift wrapping is an example of

Correct Answer
verified

Segmentation based on some observable actions or attitudes by prospective customers, such as what benefits they seek, as well as where, how frequently, and why they buy, is referred to as

Correct Answer
verified

What is product differentiation? How does it relate to market segmentation? How does it potentially improve a firm's revenues?

Correct Answer
verified
Product differentiation involves a firm ...
View Answer

The purpose of the five key steps in segmenting and targeting markets is to

Correct Answer
verified

The annual Street & Smith's Baseballmagazine uses 15 different covers featuring a baseball star from each of its regions in the United States, yet each regional issue has the same magazine content. The publisher is using which of the following segmentation strategies?

Correct Answer
verified

All of these are psychographic segmentation variables except which?

Correct Answer
verified

Selling a product to a different market segment usually requires a different marketing action that, in turn, means greater costs. If increased revenues don't offset extra costs of this action, a marketer should

Correct Answer
verified

As an owner of a Wendy's fast-food restaurant located near a large urban university, you need to analyze your customers and determine which segmentation base and its associated variables you will use to segment your target market. Which segmentation base and associated variables should you use?

Correct Answer
verified

After establishing the market segments and product groupings on a market-product grid, the next step is to

Correct Answer
verified

A relatively homogenous group of prospective buyers that results from the market segmentation process is

Correct Answer
verified

Behavioral segmentation may be based on

Correct Answer
verified

Which of the following statements demonstrate the formation of a segment based on household size?

Correct Answer
verified

The annual Street & Smith's Baseballmagazine has 15 different covers featuring a baseball star from each of its regions in the United States, yet each regional issue has the same magazine content. What is the basis of its market segmentation strategy?

Correct Answer
verified

Small athletic shoe manufacturers such as Vans target niche markets like street culture or action sports enthusiasts, making shoes designed to satisfy the needs of these different specific groups of customers. This strategy is an example of

Correct Answer
verified

Exam 9: Market Segmentation, Targeting, and Positioning

The quantity consumed or patronage (store visits) during a specific period is referred to as

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

To effectively position a product or brand, companies take four steps, including which of these?

Correct AnswerverifiedShow Answer

What are the segmentation bases for U.S. organizational (business) markets?

Correct AnswerverifiedOrganizational (business) mark...View AnswerShow Answer

In an the Apple market-product grid for its personal computer line, the iMac is popular among all the segments Apple can target. This product would allows Apple to enjoy

Correct AnswerverifiedShow Answer

What are the three types of data needed from consumers to develop a perceptual map?

Correct AnswerverifiedIn determining a brand's position and th...View AnswerShow Answer

Name Maker is an online company that sells, among other items, high-end gift wrapping that can have custom slogans or names printed on it, such as the name of a person celebrating a birthday or a couple who is getting married. This made-to-order gift wrapping is an example of

Correct AnswerverifiedShow Answer

Segmentation based on some observable actions or attitudes by prospective customers, such as what benefits they seek, as well as where, how frequently, and why they buy, is referred to as

Correct AnswerverifiedShow Answer

What is product differentiation? How does it relate to market segmentation? How does it potentially improve a firm's revenues?

Correct AnswerverifiedProduct differentiation involves a firm ...View AnswerShow Answer

The purpose of the five key steps in segmenting and targeting markets is to

Correct AnswerverifiedShow Answer

The annual Street & Smith's Baseballmagazine uses 15 different covers featuring a baseball star from each of its regions in the United States, yet each regional issue has the same magazine content. The publisher is using which of the following segmentation strategies?

Correct AnswerverifiedShow Answer

All of these are psychographic segmentation variables except which?

Correct AnswerverifiedShow Answer

Selling a product to a different market segment usually requires a different marketing action that, in turn, means greater costs. If increased revenues don't offset extra costs of this action, a marketer should

Correct AnswerverifiedShow Answer

As an owner of a Wendy's fast-food restaurant located near a large urban university, you need to analyze your customers and determine which segmentation base and its associated variables you will use to segment your target market. Which segmentation base and associated variables should you use?

Correct AnswerverifiedShow Answer

After establishing the market segments and product groupings on a market-product grid, the next step is to

Correct AnswerverifiedShow Answer

A relatively homogenous group of prospective buyers that results from the market segmentation process is

Correct AnswerverifiedShow Answer

Behavioral segmentation may be based on

Correct AnswerverifiedShow Answer

Which of the following statements demonstrate the formation of a segment based on household size?

Correct AnswerverifiedShow Answer

The annual Street & Smith's Baseballmagazine has 15 different covers featuring a baseball star from each of its regions in the United States, yet each regional issue has the same magazine content. What is the basis of its market segmentation strategy?

Correct AnswerverifiedShow Answer

Small athletic shoe manufacturers such as Vans target niche markets like street culture or action sports enthusiasts, making shoes designed to satisfy the needs of these different specific groups of customers. This strategy is an example of

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Organizational (business) mark...
View Answer

Correct Answer
verified

Correct Answer
verified
In determining a brand's position and th...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Product differentiation involves a firm ...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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