Question 1

Once the total market potential has been estimated by a firm,the next step in the market segmentation process is to forecast the probable market share.

Accepted Answer

A) True 
 B)False

Question 2

If a company markets a consumer product,such as toilet paper,in bulk quantities to the entire market,it is involved in micromarketing.

Accepted Answer

A) True 
 B)False

Question 3

You have just completed an extensive marketing research project designed to determine the potential of a new service your company is considering launching.Using surveys,polling,face-to-face interviews,and mail-in questionnaires,you have determined that the consumers who are most inclined to use this new service live in densely populated urban areas within certain zip codes.What approach to market segmentation should you use?​

Accepted Answer

A)  ​use psychographic variables to segment the market
B)  ​use demographic variables to segment the market
C)  ​use behavior variables to segment the market
D)  ​use geographic variables to segment the market
E)  ​use sociocultural variables to segment the marketF) All of the above
G) B) and D)

Question 4

Ford Motor Company surveyed 10,000 customers to analyze their needs and preferences in automobiles.At the end of the survey,respondents were asked to provide demographic information,including age.Responses concerning preferences were strikingly similar for each group within a specific five-year age range.This result is an example of the _____ effect.

Accepted Answer

A)  income
B)  life cycle
C)  cohort
D)  Hafner'sE) B) and C)
F) A) and B)

Question 5

In the process of market segmentation,once the market potential of the segments has been estimated,the next step is to:

Accepted Answer

A)  develop a marketing mix.
B)  develop a relevant profile for each segment.
C)  forecast probable market share.
D)  seek strategies to enter the market.E) A) and D)
F) None of the above

Question 6

Marketers must consider the advantages and disadvantages of each marketing strategy as they choose which one is the best fit for their firm.You have chosen to market your company's product using a differentiated marketing strategy.What disadvantage will you face?​

Accepted Answer

A)  ​Your mass marketing approach may put you out of touch with today's consumer.
B)  ​Your marketing costs will be higher and you will have more production processes.
C)  ​Your direct competition may appeal to your very narrow niche market in a similar manner.
D)  ​Your firm may lose sight of other larger and more profitable markets.
E)  ​Your mass marketing approach may not appeal to smaller market segments.F) A) and C)
G) A) and B)

Question 7

The revised VALS framework categories consumers by characteristics that correlate with _____.

Accepted Answer

A)  age
B)  socioeconomic level
C)  purchase behavior
D)  genderE) B) and C)
F) All of the above

Question 8

List out the different positioning approaches followed by marketers.Give an example for each.

Accepted Answer

To achieve the goal of positioning,marke...

Question 9

There are a number of strategies that you can use to position your company's technology product in the mind of the consumer.You decide to focus your advertising campaign on the perception that your product is what the others aspire to be--the best.Which of the common categories for product positioning are you using to develop your marketing campaign?​

Accepted Answer

A)  ​application
B)  ​usage rate
C)  ​attributes
D)  ​product class
E)  ​product userF) None of the above
G) C) and D)

Question 10

Income is a common demographic variable for segmenting the consumer market,and expenditure patterns vary with income.Engel's laws are three general statements based on Ernst Engel's statistical study of the impact of changes in household income on consumer spending behavior.These statements were valid over 100 years ago and with a few exceptions,still appear to be valid today.Choose the statement below that best summarizes Engel's laws.​

Accepted Answer

A)  ​As income increases: a smaller percentage is spent on food; the percentage spent on housing and clothing increases; the percentage spent on other items like recreation remains constant.
B)  ​As income increases: a larger percentage is spent on food; the percentage spent on housing and clothing remains constant; the percentage spent on other items like recreation increases.
C)  As income increases: the percentage spent on food remains constant; the percentage spent on housing and clothing decreases; the percentage spent on other items like recreation increases.​
D)  ​As income increases: a larger percentage is spent on food; the percentage spent on housing and clothing increases; the percentage spent on other items like recreation remains constant.
E)  ​As income increases: a smaller percentage is spent on food; the percentage spent on housing and clothing remains constant; the percentage spent on other items like recreation increases.F) A) and C)
G) A) and D)

Question 11

An undifferentiated marketing strategy:

Accepted Answer

A)  involves developing different marketing mixes for different segments.
B)  benefits from the control and efficiency of short production runs.
C)  is also known as a concentrated marketing strategy.
D)  is efficient from a production point of view.E) A) and D)
F) B) and D)

Question 12

Developing a relevant user profile is the first step in the market segmentation process.How are segment profiles used to identify the typical customer in each segment?​

Accepted Answer

A)  ​Segment profiles are used to describe differences among members of a market segment, and to explain similarities among members in separate market segments.
B)  ​Segment profiles are used to describe differences among members of a market segment, and to explain differences among members in separate market segments.
C)  ​Segment profiles are used to describe similarities among members of a market segment, and to explain similarities among members in separate market segments.
D)  ​Segment profiles are used to describe preferences among members of a market segment, and to explain preferences among members in separate market segments.
E)  ​Segment profiles are used to describe similarities among members of a market segment, and to explain differences among members in separate market segments.F) A) and B)
G) C) and E)

Question 13

The division of the total market into smaller,homogenous groups is called _____.

Accepted Answer

A)  customer aggregation
B)  market capitalization
C)  market segmentation
D)  brand segmentationE) B) and C)
F) A) and D)

Question 14

Geographic indicators such as job growth give useful guidance to marketers,depending on the type of products they sell.

Accepted Answer

A) True 
 B)False

Question 15

A young single person setting up an apartment for the first time is most likely to be a good prospect for:

Accepted Answer

A)  expensive furnishings.
B)  luxury cars, personalized gifts and power tools.
C)  small home appliances such as coffee makers and toasters.
D)  health care products and insurance policies.E) B) and C)
F) C) and D)

Question 16

Segmentation by benefits sought is a product-related segmentation approach that:

Accepted Answer

A)  determines the marketer's effectiveness in satisfying the consumer.
B)  measures brand loyalty and consumer perception.
C)  re-evaluates customer reactions post-consumption.
D)  focuses on the attributes that people seek in a product.E) C) and D)
F) B) and D)

Question 17

The four basic determinants of a market-specific segmentation strategy include company resources,competitors' strategies,stage in the product lifecycle,and:

Accepted Answer

A)  product demand.
B)  product homogeneity.
C)  environmental constraints.
D)  organizational efficiencies.E) A) and D)
F) All of the above

Question 18

"For the same dollars that you spend on a no-frills ticket to Los Angeles,fly Business Class with us!" is the advertising statement issued by FlyHigh Airlines.It represents an attempt by FlyHigh Airlines to position itself with respect to its competitors.

Accepted Answer

A) True 
 B)False

Question 19

The lumber that a carpenter purchases to make a table for a customer can be classified as a(n) :

Accepted Answer

A)  impulse product.
B)  business product.
C)  consumer good.
D)  final product.E) A) and B)
F) A) and C)

Question 20

The 80/20 principle states that:

Accepted Answer

A)  market segmentation succeeds 80 percent of the time and fails the remaining 20 percent of the time.
B)  roughly 80 percent of total product sales come from 20 percent of customers.
C)  nearly 80 percent of the market segment is generally tapped within first 10 years of the introduction of the product, and 20 percent remains unreached.
D)  80 percent of the market can be segmented, and 20 percent cannot.E) B) and C)
F) All of the above

Exam 9: Market Segmentation, targeting, and Positioning

The four basic determinants of a market-specific segmentation strategy include company resources,competitors' strategies,stage in the product lifecycle,and:

Correct Answer
verified

A young single person setting up an apartment for the first time is most likely to be a good prospect for:

Correct Answer
verified

In the process of market segmentation,once the market potential of the segments has been estimated,the next step is to:

Correct Answer
verified

An undifferentiated marketing strategy:

Correct Answer
verified

Correct Answer
verified

The 80/20 principle states that:

Correct Answer
verified

The revised VALS framework categories consumers by characteristics that correlate with _____.

Correct Answer
verified

Geographic indicators such as job growth give useful guidance to marketers,depending on the type of products they sell.

Correct Answer
verified

Marketers must consider the advantages and disadvantages of each marketing strategy as they choose which one is the best fit for their firm.You have chosen to market your company's product using a differentiated marketing strategy.What disadvantage will you face?

Correct Answer
verified

Correct Answer
verified

Once the total market potential has been estimated by a firm,the next step in the market segmentation process is to forecast the probable market share.

Correct Answer
verified

Developing a relevant user profile is the first step in the market segmentation process.How are segment profiles used to identify the typical customer in each segment?

Correct Answer
verified

Segmentation by benefits sought is a product-related segmentation approach that:

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

List out the different positioning approaches followed by marketers.Give an example for each.

Correct Answer
verified
To achieve the goal of positioning,marke...
View Answer

The lumber that a carpenter purchases to make a table for a customer can be classified as a(n) :

Correct Answer
verified

"For the same dollars that you spend on a no-frills ticket to Los Angeles,fly Business Class with us!" is the advertising statement issued by FlyHigh Airlines.It represents an attempt by FlyHigh Airlines to position itself with respect to its competitors.

Correct Answer
verified

If a company markets a consumer product,such as toilet paper,in bulk quantities to the entire market,it is involved in micromarketing.

Correct Answer
verified

The division of the total market into smaller,homogenous groups is called _____.

Correct Answer
verified

Exam 9: Market Segmentation, targeting, and Positioning

The four basic determinants of a market-specific segmentation strategy include company resources,competitors' strategies,stage in the product lifecycle,and:

Correct AnswerverifiedShow Answer

A young single person setting up an apartment for the first time is most likely to be a good prospect for:

Correct AnswerverifiedShow Answer

In the process of market segmentation,once the market potential of the segments has been estimated,the next step is to:

Correct AnswerverifiedShow Answer

An undifferentiated marketing strategy:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The 80/20 principle states that:

Correct AnswerverifiedShow Answer

The revised VALS framework categories consumers by characteristics that correlate with _____.

Correct AnswerverifiedShow Answer

Geographic indicators such as job growth give useful guidance to marketers,depending on the type of products they sell.

Correct AnswerverifiedShow Answer

Marketers must consider the advantages and disadvantages of each marketing strategy as they choose which one is the best fit for their firm.You have chosen to market your company's product using a differentiated marketing strategy.What disadvantage will you face?​

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Once the total market potential has been estimated by a firm,the next step in the market segmentation process is to forecast the probable market share.

Correct AnswerverifiedShow Answer

Developing a relevant user profile is the first step in the market segmentation process.How are segment profiles used to identify the typical customer in each segment?​

Correct AnswerverifiedShow Answer

Segmentation by benefits sought is a product-related segmentation approach that:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

List out the different positioning approaches followed by marketers.Give an example for each.

Correct AnswerverifiedTo achieve the goal of positioning,marke...View AnswerShow Answer

The lumber that a carpenter purchases to make a table for a customer can be classified as a(n) :

Correct AnswerverifiedShow Answer

"For the same dollars that you spend on a no-frills ticket to Los Angeles,fly Business Class with us!" is the advertising statement issued by FlyHigh Airlines.It represents an attempt by FlyHigh Airlines to position itself with respect to its competitors.

Correct AnswerverifiedShow Answer

If a company markets a consumer product,such as toilet paper,in bulk quantities to the entire market,it is involved in micromarketing.

Correct AnswerverifiedShow Answer

The division of the total market into smaller,homogenous groups is called _____.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Marketers must consider the advantages and disadvantages of each marketing strategy as they choose which one is the best fit for their firm.You have chosen to market your company's product using a differentiated marketing strategy.What disadvantage will you face?

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Developing a relevant user profile is the first step in the market segmentation process.How are segment profiles used to identify the typical customer in each segment?

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
To achieve the goal of positioning,marke...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified