Question 1

Potluck participants bring a variety of dishes to share with family, friends, or coworkers at these events, but it is easy to forget to take the bowl that you brought home with you. Reynolds responded to this problem by creating PotLux cookware, attractive and inexpensive disposable dishes for transporting food. Reynolds is using __________ segmentation here.

Accepted Answer

A)  psychographic
B)  behavioral
C)  demographic
D)  social
E)  geographicF) B) and D)
G) C) and D)

Question 2

All of the following are market segmentation strategies EXCEPT:

Accepted Answer

A)  build-to-order.
B)  multiple products, multiple market segments.
C)  one product, multiple market segments.
D)  multiple products, one segment.
E)  mass customization.F) C) and D)
G) A) and E)

Question 3

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 profitF) A) and D)
G) C) and D)

Question 4

To effectively positioning a product or brand, companies take four steps: (1)  __________; (2)  discover how target customers rate competing products or brands with respect to critical attributes; (3)  discover where the company's product or brand is on these attributes in the minds of potential customers; and (4)  reposition the company's product or brand in the minds of potential customers.

Accepted Answer

A)  decide whether to keep or delete the market segment that your product offering targets
B)  identify the competitors' brands that make up the consideration set
C)  identify the important attributes for the product or brand class
D)  create a marketing plan based on customers' perceptions
E)  identify market niches that were not selected during the market segmentation processF) B) and C)
G) D) and E)

Question 5

About 3 percent of the population has some degree of allergic reaction, usually mild, to preservatives used in salad bars. Restaurants might consider people with these allergies as a separate segment. To implement this segmentation strategy, restaurants would have to prepare a regular salad bar and a special salad bar for the allergies segment. This multiple product and multiple market segment strategy would have the greatest difficulty meeting which of the following criteria used to form market segments?

Accepted Answer

A)  different needs of buyers among different segments
B)  similarity of needs of potential buyers within a segment
C)  simplicity and cost-effectiveness of assigning potential buyers to segments
D)  potential for increased profit and ROI
E)  potential of a marketing action to reach a segmentF) A) and D)
G) A) and B)

Question 6

The primary focus of Zappos' market segmentation strategy is to sell

Accepted Answer

A)  a wide selection of shoes, clothes, accessories, and housewares to people who will buy them online.
B)  a wide selection of leather shoes and boots to retailers.
C)  all types of shoes, accessories, and clothing to department stores.
D)  Spanish novelties and accessories to organizations.
E)  shoes in its own retail stores.F) A) and D)
G) B) and E)

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 E)
G) All of the above

Question 8

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

Accepted Answer

Organizational (business) mark...

Question 9

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

Question 10

The 80/20 rule is most closely related to which basis of segmentation?

Accepted Answer

A)  geographic
B)  psychographic
C)  opportunistic
D)  demographic
E)  behavioralF) A) and C)
G) None of the above

Question 11

Which of the following is a consumer demographic segmentation variable?

Accepted Answer

A)  personality
B)  gender
C)  usage rate
D)  needs
E)  regionF) C) and D)
G) None of the above

Question 12

A market-product grid is a framework to relate the market segments of potential buyers to

Accepted Answer

A)  estimated expenses for products sold.
B)  products offered or potential marketing actions by an organization.
C)  total anticipated revenue.
D)  total anticipated profit.
E)  market share of the closest competitor.F) B) and D)
G) B) and E)

Question 13

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

Accepted Answer

A)  potential for increased profit
B)  similarity of needs of potential buyers within a segment
C)  cost of reaching the segment
D)  difference of needs of buyers among segments
E)  potential of a marketing action to reach a segmentF) A) and B)
G) All of the above

Question 14

Define product positioning. What are two approaches to product positioning? Give an example of each approach.

Accepted Answer

Product positioning refers to the place ...

Question 15

A marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products is referred to as __________.

Accepted Answer

A)  market penetration
B)  points of difference
C)  market differentiation
D)  product positioning
E)  product differentiationF) D) and E)
G) A) and B)

Question 16

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 drug stores, 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) B) and E)
G) C) and D)

Question 17

-Figure 8-6 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus. Assume a large market (shown by a 3)  is three times the size of a small market (shown by a 1)  and a medium market (shown by a 2)  is twice the size of a small market. The meal occasion (product grouping)  that comprises the largest product grouping is

Accepted Answer

A)  breakfast.
B)  lunch.
C)  between-meal snack.
D)  dinner.
E)  after-dinner snack.F) C) and D)
G) A) and B)

Question 18

Which of the following is a disadvantage of employing a multiple products, multiple market segments strategy if NOT implemented well?

Accepted Answer

A)  higher sales but lower profits
B)  reduced quality and higher prices
C)  meeting customer needs but at the expense of higher prices
D)  lower prices but with higher production costs
E)  higher quality but lower pricesF) B) and D)
G) D) and E)

Question 19

All of the following are psychographic segmentation variables EXCEPT:

Accepted Answer

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

Question 20

Which of the following is a criterion used in forming market segments?

Accepted Answer

A)  similarity of segments to competitors' segments
B)  differences between potential suppliers or distributors
C)  differences of needs of buyers within a segment
D)  market size of the segment
E)  simplicity and cost-effectiveness of assigning potential buyers to segmentsF) B) and D)
G) None of the above

Exam 8: Market Segmentation, Targeting, and Positioning

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

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

Correct Answer
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Which of the following is a disadvantage of employing a multiple products, multiple market segments strategy if NOT implemented well?

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

Correct Answer
verified
Organizational (business) mark...
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All of the following are market segmentation strategies EXCEPT:

Correct Answer
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All of the following are psychographic segmentation variables EXCEPT:

Correct Answer
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Which of the following is a criterion used in forming market segments?

Correct Answer
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Correct Answer
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A market-product grid is a framework to relate the market segments of potential buyers to

Correct Answer
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Correct Answer
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The primary focus of Zappos' market segmentation strategy is to sell

Correct Answer
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Which of the following is a consumer demographic segmentation variable?

Correct Answer
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Correct Answer
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The 80/20 rule is most closely related to which basis of segmentation?

Correct Answer
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Define product positioning. What are two approaches to product positioning? Give an example of each approach.

Correct Answer
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Product positioning refers to the place ...
View Answer

Correct Answer
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Which of the following is a criterion used for selecting a target segment?

Correct Answer
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A marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products is referred to as __________.

Correct Answer
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Each cell of the complete market-product grid shows the __________.

Correct Answer
verified

Correct Answer
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Exam 8: Market Segmentation, Targeting, and Positioning

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is a disadvantage of employing a multiple products, multiple market segments strategy if NOT implemented well?

Correct AnswerverifiedShow Answer

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

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

All of the following are market segmentation strategies EXCEPT:

Correct AnswerverifiedShow Answer

All of the following are psychographic segmentation variables EXCEPT:

Correct AnswerverifiedShow Answer

Which of the following is a criterion used in forming market segments?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A market-product grid is a framework to relate the market segments of potential buyers to

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The primary focus of Zappos' market segmentation strategy is to sell

Correct AnswerverifiedShow Answer

Which of the following is a consumer demographic segmentation variable?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The 80/20 rule is most closely related to which basis of segmentation?

Correct AnswerverifiedShow Answer

Define product positioning. What are two approaches to product positioning? Give an example of each approach.

Correct AnswerverifiedProduct positioning refers to the place ...View AnswerShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products is referred to as __________.

Correct AnswerverifiedShow Answer

Each cell of the complete market-product grid shows the __________.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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Organizational (business) mark...
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Product positioning refers to the place ...
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