Question 1

The second step in segmenting and targeting markets that link customer needs to marketing actions is to

Accepted Answer

A)  group potential buyers into segments.
B)  develop a market-product grid and estimate size of the overall market.
C)  select target markets.
D)  take marketing actions to reach target markets.
E)  group products to be sold into categories.F) A) and B)
G) C) and D)

Question 2

All of the following are examples of increased customer value from organizational synergy except

Accepted Answer

A)  lower prices.
B)  increased brand awareness.
C)  more products.
D)  improved distribution.
E)  improved quality of existing products.F) A) and E)
G) C) and D)

Question 3

The purpose of market segmentation is to respond more effectively to the wants of groups of potential buyers in order to

Accepted Answer

A)  maintain market share.
B)  increase sales and profits.
C)  assume social responsibility.
D)  use the firm's resources most efficiently.
E)  provide the best quality products on the market.F) A) and E)
G) A) and D)

Question 4

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 variable(s)  you will use to segment your target market. Which segmentation base and associated variable(s)  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 5

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 C)
G) All of the above

Question 6

Which of the following is a criterion used for selecting a target market?

Accepted Answer

A)  similarity of needs of potential buyers within a segment
B)  difference of needs of sellers between segments
C)  feasibility of a marketing action to reach a segment
D)  market size
E)  simplicity and cost of assigning potential buyers to segmentsF) A) and C)
G) B) and C)

Question 7

Which of the following statements about market segmentation for organizational markets is most accurate?

Accepted Answer

A)  Criteria for segmenting markets are the same whether the market is composed of consumers or organizations.
B)  Both consumer markets and organizational markets use demographic, geographic, and behavioral bases to segment markets.
C)  Psychographic criteria are just as important in segmenting organizational markets as they are in segmenting consumer markets.
D)  Consumer markets use market segmentation criteria while organizational markets do not.
E)  The greatest difference in market segmentation strategies between consumer and organizational markets is the number of employees employed in the segmentation process.F) A) and C)
G) B) and C)

Question 8

All of the following are criterion used for selecting target market segments except

Accepted Answer

A)  compatibility with the organization's objectives and resources.
B)  market size.
C)  simplicity and cost of assigning potential buyers to segments.
D)  competitive position.
E)  cost of reaching the segment.F) A) and E)
G) B) and C)

Question 9

Product repositioning refers to

Accepted Answer

A)  the place a product offering occupies in consumers' minds on important attributes.
B)  using a market-product grid to place products in their appropriate places on that grid to identify potential untapped markets.
C)  changing the place an offering occupies in consumers' minds relative to competitive products.
D)  the practice of selling a firm's least successful product line and redirecting that revenue into a totally new product.
E)  the competitive advantage of one product over another.F) C) and D)
G) A) and D)

Question 10

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) A) and B)
G) D) and E)

Question 11

MyTwinn makes dolls that look like young girls. For $119, the firm will make a doll that looks just like a photograph. So, if you send in the money and a photo of your young niece, she could have a doll that is her twin! This is an example of

Accepted Answer

A)  family branding.
B)  production marketing.
C)  multiple products and multiple market segments.
D)  mass customization.
E)  specialty customization.F) A) and E)
G) B) and E)

Question 12

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) B) and C)
G) B) and E)

Question 13

Grouping potential buyers into meaningful segments involves meeting some specific criteria that answer the following question:

Accepted Answer

A)  Is this product useful on a global scale?
B)  Is it possible to reposition this product?
C)  Is there too much competition for this product?
D)  Is the market loyal to the product?
E)  Would segmentation be worth doing and is it possible?F) A) and B)
G) None of the above

Question 14

_______ 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 E)
G) C) and E)

Question 15

A marketing manager should develop segments for a market that meet five principal criteria. List these important factors in forming market segments.

Accepted Answer

The five criteria are: (1) simplicity an...

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) B) and D)
G) A) and B)

Question 17

"For upscale American families who desire a carefree driving experience, Volvo is a premium-priced automobile that offers the utmost in safety and dependability" is a __________ statement for Volvo in North America.

Accepted Answer

A)  perception
B)  positioning
C)  market-product
D)  vision
E)  differentiationF) A) and C)
G) A) and E)

Question 18

Suppose marketers want to use product differentiation and market segmentation strategies. What question should they ask when considering the potential for cannibalization with these strategies?

Accepted Answer

A)  Will our new products steal customers or sales from our older ones?
B)  Will the products compete head-to-head with those of a competitor?
C)  Can this action successfully draw customers away from competitors?
D)  Are there enough similarities within the market segment to warrant such high costs?
E)  Will this action eliminate the need for individualized advertising and promotion?F) C) and E)
G) A) and E)

Question 19

Explain the 80/20 rule.

Accepted Answer

Usage rate is sometimes referred to in t...

Question 20

All of the following are criteria used for forming market segments except

Accepted Answer

A)  difference of needs of buyers among segments.
B)  potential for increased profit.
C)  cost of reaching the segment.
D)  potential of a marketing action to reach a segment.
E)  simplicity and cost-effectiveness of assigning potential buyers to segments.F) A) and B)
G) C) and E)

Exam 9: Market Segmentation Targeting and Positioning

Product repositioning refers to

Correct Answer
verified

Which of the following statements about market segmentation for organizational markets is most accurate?

Correct Answer
verified

Suppose marketers want to use product differentiation and market segmentation strategies. What question should they ask when considering the potential for cannibalization with these strategies?

Correct Answer
verified

All of the following are criterion used for selecting target market segments except

Correct Answer
verified

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

Correct Answer
verified

"For upscale American families who desire a carefree driving experience, Volvo is a premium-priced automobile that offers the utmost in safety and dependability" is a __________ statement for Volvo in North America.

Correct Answer
verified

Which of the following is a criterion used for selecting a target market?

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

Grouping potential buyers into meaningful segments involves meeting some specific criteria that answer the following question:

Correct Answer
verified

Perceptual map refers to

Correct Answer
verified

All of the following are criteria used for forming market segments except

Correct Answer
verified

All of the following are examples of increased customer value from organizational synergy except

Correct Answer
verified

The purpose of market segmentation is to respond more effectively to the wants of groups of potential buyers in order to

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 variable(s) you will use to segment your target market. Which segmentation base and associated variable(s) should you use?

Correct Answer
verified

Correct Answer
verified

MyTwinn makes dolls that look like young girls. For $119, the firm will make a doll that looks just like a photograph. So, if you send in the money and a photo of your young niece, she could have a doll that is her twin! This is an example of

Correct Answer
verified

Explain the 80/20 rule.

Correct Answer
verified
Usage rate is sometimes referred to in t...
View Answer

The second step in segmenting and targeting markets that link customer needs to marketing actions is to

Correct Answer
verified

A marketing manager should develop segments for a market that meet five principal criteria. List these important factors in forming market segments.

Correct Answer
verified
The five criteria are: (1) simplicity an...
View Answer

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

Correct Answer
verified

Exam 9: Market Segmentation Targeting and Positioning

Product repositioning refers to

Correct AnswerverifiedShow Answer

Which of the following statements about market segmentation for organizational markets is most accurate?

Correct AnswerverifiedShow Answer

Suppose marketers want to use product differentiation and market segmentation strategies. What question should they ask when considering the potential for cannibalization with these strategies?

Correct AnswerverifiedShow Answer

All of the following are criterion used for selecting target market segments except

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

"For upscale American families who desire a carefree driving experience, Volvo is a premium-priced automobile that offers the utmost in safety and dependability" is a __________ statement for Volvo in North America.

Correct AnswerverifiedShow Answer

Which of the following is a criterion used for selecting a target market?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Grouping potential buyers into meaningful segments involves meeting some specific criteria that answer the following question:

Correct AnswerverifiedShow Answer

Perceptual map refers to

Correct AnswerverifiedShow Answer

All of the following are criteria used for forming market segments except

Correct AnswerverifiedShow Answer

All of the following are examples of increased customer value from organizational synergy except

Correct AnswerverifiedShow Answer

The purpose of market segmentation is to respond more effectively to the wants of groups of potential buyers in order to

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 variable(s) you will use to segment your target market. Which segmentation base and associated variable(s) should you use?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

MyTwinn makes dolls that look like young girls. For $119, the firm will make a doll that looks just like a photograph. So, if you send in the money and a photo of your young niece, she could have a doll that is her twin! This is an example of

Correct AnswerverifiedShow Answer

Explain the 80/20 rule.

Correct AnswerverifiedUsage rate is sometimes referred to in t...View AnswerShow Answer

The second step in segmenting and targeting markets that link customer needs to marketing actions is to

Correct AnswerverifiedShow Answer

A marketing manager should develop segments for a market that meet five principal criteria. List these important factors in forming market segments.

Correct AnswerverifiedThe five criteria are: (1) simplicity an...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

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verified
Usage rate is sometimes referred to in t...
View Answer

Correct Answer
verified

Correct Answer
verified
The five criteria are: (1) simplicity an...
View Answer

Correct Answer
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