Question 1

A company manufactures and sells only salvage cranes.This is an example of:

Accepted Answer

A) differentiated segmentation. 
B) behavioural segmentation. 
C) geodemographic segmentation. 
D) undifferentiated segmentation. 
E) concentrated segmentation. 
A) differentiated segmentation. 
B) behavioural segmentation. 
C) geodemographic segmentation. 
D) undifferentiated segmentation. 
E) concentrated segmentation.

Question 2

Personal ideas and feelings about a product or brand drive the customers toward or away from a brand or company.

Accepted Answer

A) True 
 B)False

Question 3

A company uses a youth icon to endorse its new range of biker glasses.The commercial symbolizes youth and freedom.An individual who wants to live a life of freedom would be attracted to the ad.This is an example of:

Accepted Answer

A) self-concept. 
B) ideal point. 
C) self-value. 
D) lifestyle. 
E) self-morals. 
A) self-concept. 
B) ideal point. 
C) self-value. 
D) lifestyle. 
E) self-morals.

Question 4

Which of the following holds true for psychographics?

Accepted Answer

A) It refers to the segmentation of consumers based on the worth they get from products or services. 
B) It refers to the segmentation of consumers on the basis of where they live. 
C) It refers to the segmentation of consumers on the basis of how consumers describe themselves. 
D) It refers to the strategy of investing in retention and initiatives to retain the firm's most profitable customers. 
E) It refers to the segmentation of consumers on the basis of easily measured, objective
Characteristics such as age, gender, income, and education. 
A) It refers to the segmentation of consumers based on the worth they get from products or services. 
B) It refers to the segmentation of consumers on the basis of where they live. 
C) It refers to the segmentation of consumers on the basis of how consumers describe themselves. 
D) It refers to the strategy of investing in retention and initiatives to retain the firm's most profitable customers. 
E) It refers to the segmentation of consumers on the basis of easily measured, objective
Characteristics such as age, gender, income, and education.

Question 5

When people describe themselves by using those characteristics that help them choose how they occupy their time (behaviour) and what underlying psychological reasons determine those choices, they are using:

Accepted Answer

A) demographics. 
B) psychographics. 
C) geodemographics. 
D) chromodynamics. 
E) matronymics. 
A) demographics. 
B) psychographics. 
C) geodemographics. 
D) chromodynamics. 
E) matronymics.

Question 6

Market positioning involves a process of defining the marketing mix variables.

Accepted Answer

A) True 
 B)False

Question 7

A chainsaw company markets its products only in areas with forests.This is an example of:

Accepted Answer

A) geographic segmentation. 
B) benefit segmentation. 
C) demographic segmentation. 
D) loyalty segmentation. 
E) psychographic segmentation. 
A) geographic segmentation. 
B) benefit segmentation. 
C) demographic segmentation. 
D) loyalty segmentation. 
E) psychographic segmentation.

Question 8

Which of the following holds true for the term positioning?

Accepted Answer

A) It refers to the display, in two or more dimensions, of the position of products or brands in the consumer's mind. 
B) It refers to the segmentation that tailors a product or service to suit an individual customer's wants or needs. 
C) It refers to the mental picture that people have about a company and its products or services relative to competitors. 
D) It refers to a strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences. 
E) It refers to the practice of interacting on a one-to-one basis with many people to create
Custom-made products or services. 
A) It refers to the display, in two or more dimensions, of the position of products or brands in the consumer's mind. 
B) It refers to the segmentation that tailors a product or service to suit an individual customer's wants or needs. 
C) It refers to the mental picture that people have about a company and its products or services relative to competitors. 
D) It refers to a strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences. 
E) It refers to the practice of interacting on a one-to-one basis with many people to create
Custom-made products or services.

Question 9

One disadvantage of repositioning is that the company risks alienating its core customers while simultaneously failing to attract new customers.

Accepted Answer

A) True 
 B)False

Question 10

The degree to which firms should segment their markets depends on the balance the firms want to achieve between the added perceived customer value that segmentation can offer and its cost.

Accepted Answer

A) True 
 B)False

Question 11

"Value" as a positioning strategy refers to the:

Accepted Answer

A) attributes that are most important to the target market. 
B) relationship of price to quality. 
C) psychological meaning of the brand to consumers. 
D) positioning of the product or service against a specific competitor or within the target market. 
E) position of the brand in the consumer's mind. 
A) attributes that are most important to the target market. 
B) relationship of price to quality. 
C) psychological meaning of the brand to consumers. 
D) positioning of the product or service against a specific competitor or within the target market. 
E) position of the brand in the consumer's mind.

Question 12

The car is targeted at customers in the high-income bracket.This kind of segmentation is called:

Accepted Answer

A) geographic segmentation. 
B) behavioural segmentation. 
C) demographic segmentation. 
D) geodemographic segmentation. 
E) psychographic segmentation. 
A) geographic segmentation. 
B) behavioural segmentation. 
C) demographic segmentation. 
D) geodemographic segmentation. 
E) psychographic segmentation.

Question 13

Demographic variables are often used for segmenting markets because it is relatively easy to gather demographic information.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following holds true for the term PSYTE cluster?

Accepted Answer

A) It refers to the display in two or more dimensions, the position of products or brands in the consumer's mind. 
B) It refers to the segmentation that tailors a product or service to suit an individual customer's wants or needs. 
C) It refers to the grouping of all neighbourhoods in Canada into 60 different lifestyles bundles. 
D) It refers to a strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences. 
E) It refers to the practice of interacting on a one-to-one basis with many people to create custom-made products or services. 
A) It refers to the display in two or more dimensions, the position of products or brands in the consumer's mind. 
B) It refers to the segmentation that tailors a product or service to suit an individual customer's wants or needs. 
C) It refers to the grouping of all neighbourhoods in Canada into 60 different lifestyles bundles. 
D) It refers to a strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences. 
E) It refers to the practice of interacting on a one-to-one basis with many people to create custom-made products or services.

Question 15

Customer lifetime value (CLV) refers to the:

Accepted Answer

A) sum total of benefits that a vendor promises a customer will receive in return for the customer's associated payment. 
B) strategy for managing a company's interactions with customers, clients, and sales prospects. 
C) total value of purchases of the customer over a lifetime of patronage. 
D) tendency of the customer to stick with the brand even when it is priced higher than an otherwise equal product. 
E) the provision of service to customers before, during, and after a purchase. 
A) sum total of benefits that a vendor promises a customer will receive in return for the customer's associated payment. 
B) strategy for managing a company's interactions with customers, clients, and sales prospects. 
C) total value of purchases of the customer over a lifetime of patronage. 
D) tendency of the customer to stick with the brand even when it is priced higher than an otherwise equal product. 
E) the provision of service to customers before, during, and after a purchase.

Question 16

Marketers can track and compare sales performance among various clusters in different locations with the help of systems, such as PSYTE and PRIZM CE.

Accepted Answer

A) differentiated 
B) behavioural 
C) geodemographic 
D) undifferentiated 
E) concentrated 
A) differentiated 
B) behavioural 
C) geodemographic 
D) undifferentiated 
E) concentrated

Question 17

Which of the following holds true for geographic segmentation?

Accepted Answer

A) It refers to the segmentation of consumers based on the worth they get from products or services. 
B) It refers to the segmentation of consumers based on where they live. 
C) It refers to the segmentation of consumers on the basis of how consumers describe themselves. 
D) It refers to the strategy of investing in retention and initiatives to retain the firm's most profitable customers. 
E) It refers to the segmentation of consumers based on easily measured, objective
Characteristics such as age, gender, income, and education. 
A) It refers to the segmentation of consumers based on the worth they get from products or services. 
B) It refers to the segmentation of consumers based on where they live. 
C) It refers to the segmentation of consumers on the basis of how consumers describe themselves. 
D) It refers to the strategy of investing in retention and initiatives to retain the firm's most profitable customers. 
E) It refers to the segmentation of consumers based on easily measured, objective
Characteristics such as age, gender, income, and education.

Question 18

Explain the criteria that marketers use to determine whether the segment is worth pursuing.

Accepted Answer

Marketers need a segment to be identifia

Question 19

Which of the following strategies refers to the marketing strategy a firm can use if the product or service is perceived to provide the same benefits to everyone, with no need to develop separate strategies for different groups?

Accepted Answer

A) differentiated segmentation 
B) behavioural segmentation 
C) geodemographic segmentation 
D) undifferentiated segmentation 
E) concentrated segmentation 
A) differentiated segmentation 
B) behavioural segmentation 
C) geodemographic segmentation 
D) undifferentiated segmentation 
E) concentrated segmentation

Question 20

A local bakery customizes its pastries and cakes to suit individual customer wants and needs.This is an example of:

Accepted Answer

A) differentiated segmentation. 
B) micro marketing. 
C) geodemographic segmentation. 
D) undifferentiated segmentation. 
E) concentrated segmentation. 
A) differentiated segmentation. 
B) micro marketing. 
C) geodemographic segmentation. 
D) undifferentiated segmentation. 
E) concentrated segmentation.

A company manufactures and sells only salvage cranes.This is an example of:

Personal ideas and feelings about a product or brand drive the customers toward or away from a brand or company.

A company uses a youth icon to endorse its new range of biker glasses.The commercial symbolizes youth and freedom.An individual who wants to live a life of freedom would be attracted to the ad.This is an example of:

Which of the following holds true for psychographics?

When people describe themselves by using those characteristics that help them choose how they occupy their time (behaviour) and what underlying psychological reasons determine those choices, they are using:

Market positioning involves a process of defining the marketing mix variables.

A chainsaw company markets its products only in areas with forests.This is an example of:

Which of the following holds true for the term positioning?

One disadvantage of repositioning is that the company risks alienating its core customers while simultaneously failing to attract new customers.

The degree to which firms should segment their markets depends on the balance the firms want to achieve between the added perceived customer value that segmentation can offer and its cost.

"Value" as a positioning strategy refers to the:

The car is targeted at customers in the high-income bracket.This kind of segmentation is called:

Demographic variables are often used for segmenting markets because it is relatively easy to gather demographic information.

Which of the following holds true for the term PSYTE cluster?

Customer lifetime value (CLV) refers to the:

Marketers can track and compare sales performance among various clusters in different locations with the help of systems, such as PSYTE and PRIZM CE.

Which of the following holds true for geographic segmentation?

Explain the criteria that marketers use to determine whether the segment is worth pursuing.

Which of the following strategies refers to the marketing strategy a firm can use if the product or service is perceived to provide the same benefits to everyone, with no need to develop separate strategies for different groups?

A local bakery customizes its pastries and cakes to suit individual customer wants and needs.This is an example of:

Developing a Marketing Strategies and a Marketing Plan

Analyzing the Marketing Environment

Understanding the Marketplace Consumer Behaviour

Business-To-Business Marketing

Targeting the Marketplace Segmentation, Targeting, and Positioning

Marketing Research

Product, Branding, and Packaging Decisions

Services the Intangible Product

Transacting Value Pricing Concepts and Strategies : Establishing Value

Value Delivery : Designing the Distribution Channel and Supply Chain Marketing Channels

Retailing and Multichanneled Marketing

Value Communication Integrated Marketing Communications

Advertising, Sales Promotions, and Personal Selling

Social and Mobile Marketing

Marketing in the Global Environment Global Marketing

Ethics and Socially Responsible Marketing

Filters

Exam 7: Value Creation Developing New Products

A company manufactures and sells only salvage cranes.This is an example of:

Personal ideas and feelings about a product or brand drive the customers toward or away from a brand or company.

A company uses a youth icon to endorse its new range of biker glasses.The commercial symbolizes youth and freedom.An individual who wants to live a life of freedom would be attracted to the ad.This is an example of:

Which of the following holds true for psychographics?

When people describe themselves by using those characteristics that help them choose how they occupy their time (behaviour) and what underlying psychological reasons determine those choices, they are using:

Market positioning involves a process of defining the marketing mix variables.

A chainsaw company markets its products only in areas with forests.This is an example of:

Which of the following holds true for the term positioning?

One disadvantage of repositioning is that the company risks alienating its core customers while simultaneously failing to attract new customers.

The degree to which firms should segment their markets depends on the balance the firms want to achieve between the added perceived customer value that segmentation can offer and its cost.

"Value" as a positioning strategy refers to the:

The car is targeted at customers in the high-income bracket.This kind of segmentation is called:

Demographic variables are often used for segmenting markets because it is relatively easy to gather demographic information.

Which of the following holds true for the term PSYTE cluster?

Customer lifetime value (CLV) refers to the:

Marketers can track and compare sales performance among various clusters in different locations with the help of systems, such as PSYTE and PRIZM CE.

Which of the following holds true for geographic segmentation?

Explain the criteria that marketers use to determine whether the segment is worth pursuing.

Which of the following strategies refers to the marketing strategy a firm can use if the product or service is perceived to provide the same benefits to everyone, with no need to develop separate strategies for different groups?

A local bakery customizes its pastries and cakes to suit individual customer wants and needs.This is an example of:

Developing a Marketing Strategies and a Marketing Plan

Analyzing the Marketing Environment

Understanding the Marketplace Consumer Behaviour

Business-To-Business Marketing

Targeting the Marketplace Segmentation, Targeting, and Positioning

Marketing Research

Product, Branding, and Packaging Decisions

Services the Intangible Product

Transacting Value Pricing Concepts and Strategies : Establishing Value

Value Delivery : Designing the Distribution Channel and Supply Chain Marketing Channels

Retailing and Multichanneled Marketing

Value Communication Integrated Marketing Communications

Advertising, Sales Promotions, and Personal Selling

Social and Mobile Marketing

Marketing in the Global Environment Global Marketing

Ethics and Socially Responsible Marketing

Filters