Question 1

_______ links market needs to an organization's marketing program.

Accepted Answer

A)   Market segmentation
B)   Market need
C)   Marketing protocol
D)   Marketing program actions
E)   Product selectionF) A) and B)
G) C) and E)

Question 2

New Balance has many offerings.It makes the Minimus line of shoes with a Vibram outsole and REVlite cushioning for those who want to "feel the trail." Its 1260v2 shoe incorporates Stabilicore technology to "deliver a plush,smooth,and stable ride." And its top of the line,990v3 traditional running/walking shoe uses a "premium pigskin upper with mesh inserts for breathability,a stability-enhancing ABZORB insole,and ENCAP to promote a healthy gait." The strategy of appealing to different types of customers in this way is an example of

Accepted Answer

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

Question 3

One advantage of a market-product grid is that it can be used to

Accepted Answer

A)   make cost-cutting decisions under conditions of uncertainty.
B)   screen many new-product ideas in order to select the one with the best long-run market potential.
C)   determine which target market segments to select and which product groupings to offer.
D)   select representative samples of consumers for marketing research studies.
E)   relate the product life cycle to consumer demand.F) C) and D)
G) B) and D)

Question 4

Frequency marketing is a strategy that focuses on

Accepted Answer

A)   demographics.
B)   benefits offered.
C)   usage rate.
D)   geography.
E)   lifestyle.F) A) and D)
G) All of the above

Question 5

The increased customer value achieved through performing organizational functions such as marketing or manufacturing more efficiently is referred to as

Accepted Answer

A)   aggregation.
B)   organizational synergy.
C)   segmentation.
D)   amalgamation.
E)   valuation.F) A) and C)
G) B) and C)

Question 6

A basic test of the usefulness of the market segmentation process is whether it leads to tangible marketing actions that can

Accepted Answer

A)   increase sales and profitability.
B)   stand up to legal scrutiny.
C)   be socially responsible.
D)   create sustainable demand.
E)   produce product differentiation.F) All of the above
G) A) and D)

Question 7

Differentiation positioning requires a product to

Accepted Answer

A)   emphasize unique product attributes to compete directly with competitors.
B)   compete directly with competitors on similar product attributes in the same target market.
C)   compete with competitors on similar product attributes but in a different market.
D)   seek a less-competitive, smaller market niche in which to locate a brand.
E)   develop marketing actions to move a product or brand to an ideal position.F) C) and D)
G) A) and B)

Question 8

Market segmentation refers to

Accepted Answer

A)   the philosophy that to do a truly excellent job of marketing, a company should concentrate on only one customer segment at a time.
B)   sorting prospective buyers into groups that are willing to pay more than the cost of production for a good or service.
C)   disaggregating prospective buyers from groups into segments of one (individuals)  and then creating specific products that will satisfy this person's unique needs.
D)   aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.
E)   the belief that it is possible to satisfy every customer's needs if you can identify the correct segment within which they belong.F) None of the above
G) A) and B)

Question 9

A nonprofit food bank was handing out food to anyone who requested it on a weekly basis.It now wants to give free food only to people who go hungry on a daily basis.This will be the market segment it targets.How does the formation of its market segments differ from the strategy used for a retail store?

Accepted Answer

There is one key difference between for-...

Question 10

Some Timex wristwatches can be purchased for less than $30 while Rolex wristwatches may carry a price tag of several thousand dollars.In general,consumers view Timex watches as being dependable,relatively accurate,and inexpensive timepieces that can be purchased in drugstores,discount stores,and department stores.The Rolex brand is perceived as an expensive status symbol distributed in fine jewelry stores or specialty shops.By using distinctly different pricing and distribution strategies,the marketers of Rolex watches

Accepted Answer

A)   compete for the same segment through different channels of distribution.
B)   develop similar products as Timex but under different names.
C)   use a differentiation positioning strategy.
D)   compete for the same customers through similar retail outlets.
E)   create cognitive dissonance in consumers who purchased Timex wristwatches.F) A) and B)
G) A) and C)

Question 11

When a firm produces only a single product or service and attempts to sell it to two or more market segments,it avoids

Accepted Answer

A)   the extra cost of developing and producing additional versions of the product.
B)   creating a customer service gap.
C)   indirect distribution and logistics problems.
D)   restructuring the firm's strategic planning.
E)   amortization costs of product enhancements.F) D) and E)
G) B) and D)

Question 12

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

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 B)
G) C) and D)

Question 13

A recent study by the Aberdeen Group analyzed which segmentation bases were used by the 20 percent most profitable organizations of the 220 surveyed.Which segmentation base did these organizations use the most?

Accepted Answer

A)   behavioral
B)   psychographic
C)   geographic
D)   demographic
E)   productF) A) and E)
G) D) and E)

Question 14

A market-product grid is a framework to relate

Accepted Answer

A)   total estimated expenses for each product sold to each market segment.
B)   total anticipated revenue for each product-market segment combination.
C)   total anticipated profit for each product sold to each market segment.
D)   the market segments of potential buyers to relative market share compared to the largest competitor.
E)   the market segments of potential buyers to products offered or potential marketing actions by an organization.F) D) and E)
G) A) and E)

Question 15

Building open and honest relationships with communication is an example of one of Zappos'

Accepted Answer

A)   target markets.
B)   best practices being adapted from its new owner, Amazon.com.
C)   ten core values.
D)   supplier requirements.
E)   long-term goals.F) None of the above
G) A) and B)

Question 16

Perceptual map refers to

Accepted Answer

A)   a framework used to compare one firm's product offerings with another firm's offerings in relationship to their relative market share.
B)   a framework used to demonstrate the growth or decline of specific market segments within an industry.
C)   a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as its own product or brand.
D)   a framework to relate the market segments of potential buyers to the products offered or potential marketing actions by an organization.
E)   the place a product occupies in a single consumer's mind on unimportant attributes relative to competitive products.F) A) and B)
G) C) and D)

Question 17

Market segmentation involves aggregating prospective buyers into groups that __________ and will respond similarly to a marketing action.

Accepted Answer

A)   respond similarly to marketing messages
B)   have similar shopping styles
C)   will become loyal customers
D)   have common needs
E)   will become stakeholders of the organizationF) B) and D)
G) A) and E)

Question 18

Each cell of the complete market-product grid shows the

Accepted Answer

A)   relative market share.
B)   estimated market size.
C)   investment required to reach the market.
D)   market growth rate.
E)   estimated profit.F) A) and C)
G) B) and D)

Question 19

Describe the four general bases that are used to segment consumer markets.

Accepted Answer

The four general bases of segmentation a...

Question 20

Marketers use perceptual maps as a means to display or graph in two dimensions the location of products or brands

Accepted Answer

A)   against large market segments in a market-product grid.
B)   against small market segments in a market-product grid.
C)   in virtual space that represents the business or product's time in existence and growth.
D)   in the minds of consumers.
E)   against the revenues generated by other products or brands within the company.F) A) and C)
G) C) and E)

Exam 8: Market Segmentation, targeting, and Positioning

Each cell of the complete market-product grid shows the

Correct Answer
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Describe the four general bases that are used to segment consumer markets.

Correct Answer
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The four general bases of segmentation a...
View Answer

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There is one key difference between for-...
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Frequency marketing is a strategy that focuses on

Correct Answer
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Differentiation positioning requires a product to

Correct Answer
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A market-product grid is a framework to relate

Correct Answer
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One advantage of a market-product grid is that it can be used to

Correct Answer
verified

A basic test of the usefulness of the market segmentation process is whether it leads to tangible marketing actions that can

Correct Answer
verified

Building open and honest relationships with communication is an example of one of Zappos'

Correct Answer
verified

Market segmentation refers to

Correct Answer
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Correct Answer
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Perceptual map refers to

Correct Answer
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Correct Answer
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_______ links market needs to an organization's marketing program.

Correct Answer
verified

When a firm produces only a single product or service and attempts to sell it to two or more market segments,it avoids

Correct Answer
verified

Market segmentation involves aggregating prospective buyers into groups that __________ and will respond similarly to a marketing action.

Correct Answer
verified

The increased customer value achieved through performing organizational functions such as marketing or manufacturing more efficiently is referred to as

Correct Answer
verified

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

Correct Answer
verified

A recent study by the Aberdeen Group analyzed which segmentation bases were used by the 20 percent most profitable organizations of the 220 surveyed.Which segmentation base did these organizations use the most?

Correct Answer
verified

Marketers use perceptual maps as a means to display or graph in two dimensions the location of products or brands

Correct Answer
verified

Exam 8: Market Segmentation, targeting, and Positioning

Each cell of the complete market-product grid shows the

Correct AnswerverifiedShow Answer

Describe the four general bases that are used to segment consumer markets.

Correct AnswerverifiedThe four general bases of segmentation a...View AnswerShow Answer

Correct AnswerverifiedThere is one key difference between for-...View AnswerShow Answer

Frequency marketing is a strategy that focuses on

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Differentiation positioning requires a product to

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A market-product grid is a framework to relate

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One advantage of a market-product grid is that it can be used to

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A basic test of the usefulness of the market segmentation process is whether it leads to tangible marketing actions that can

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Building open and honest relationships with communication is an example of one of Zappos'

Correct AnswerverifiedShow Answer

Market segmentation refers to

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Correct AnswerverifiedShow Answer

Perceptual map refers to

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

_______ links market needs to an organization's marketing program.

Correct AnswerverifiedShow Answer

When a firm produces only a single product or service and attempts to sell it to two or more market segments,it avoids

Correct AnswerverifiedShow Answer

Market segmentation involves aggregating prospective buyers into groups that __________ and will respond similarly to a marketing action.

Correct AnswerverifiedShow Answer

The increased customer value achieved through performing organizational functions such as marketing or manufacturing more efficiently is referred to as

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A recent study by the Aberdeen Group analyzed which segmentation bases were used by the 20 percent most profitable organizations of the 220 surveyed.Which segmentation base did these organizations use the most?

Correct AnswerverifiedShow Answer

Marketers use perceptual maps as a means to display or graph in two dimensions the location of products or brands

Correct AnswerverifiedShow Answer

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The four general bases of segmentation a...
View Answer

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There is one key difference between for-...
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