Exam 10: Segmenting, Targeting, and Positioning

To evaluate the different market segments your company serves, you would be LEAST likely to look at which of the following factors?

Which of the following is a relatively recent development that optimizes the online advertising potential for products and services?

Explain the concept of positioning.

Explain why consumers in one country's market may have more in common with certain segments in another country's market than with consumers in their own country.

Using an undifferentiated marketing strategy, a company will create a distinctive marketing plan for each segment.

Which of the following is the process of dividing a market into meaningful and distinct customer groups?

Refer to the scenario below to answer the following questions. Herb Marks was making wooden writing utensils as a hobby until Mel Yoder recognized Herb's talent. Mel immediately ordered 250 pens and pencils of various styles to be displayed in his shop's showcase. Within three months, the writing utensils were a hit! Herb Marks had never thought of marketing his talent, but Mel's enthusiasm and the recent sales were enough to change his mind. With limited resources, Herb contacted three additional specialty shops within 100 miles. He explained his manufacturing processes and engraving options to each. All three shops' owners placed a trial order. Within two months, just prior to the holiday season, each shop owner placed an additional order. Herb was ecstatic! "I figured business would slow down after that," Herb stated, "but in February I was contacted by Elmore Distributors. At that point, I had to make a huge decision about how far I wanted to go with this business." Elmore Distributors provided products for school fundraisers in a seven-state area. Herb was offered a two-year contract and immediate inclusion in Elmore's promotional flyer. Herb Marks accepted the offer and, along with it, the responsibility to produce thousands of wooden pens and pencils. "I had to get a grip on the magnitude of this project!" Herb added. "I couldn't grow out of control. I was already working to capacity." Herb decided to place his major focus on the large contract with Elmore. However, to avoid placing his total emphasis with one customer, Herb continued nurturing his four previously established accounts without targeting any additional customers. "At this point, I had set up an assembly line in a rented building," Herb explained. "I had to hire three full-time employees to work the line while I managed the customer orders and purchased materials." Herb paused. "But I can't take the Elmore project for granted. It might not always be there. I'll have to have a good alternate plan if that day comes." -Herb promises to provide his customers with "pens and pencils that are both professional and personal." This is Herb's ________.

A company operating in the business market may find it useful to segment possible customers based on their level of risk aversion.

Multisegment marketing is likely to ________ and ________.

Explain how companies identify attractive market segments and choose a target marketing strategy.

Honor, a market researcher for a packaged goods company, is segmenting a population of consumers based on their responses to statements about different aspects of packaged goods. Honor is using behavioral segmentation.

Which of the following is the placement of a product or service offering in the minds of consumer targets?

Using concentrated marketing, the marketer goes after a ________ but ________ consumer segment.

The only time many people entertain is during November and December when their homes are decorated for the season's holidays. The increase in advertisements for prepared trays of food to be served at these functions is most directly related to ________ segmentation.

Consumers seldom make purchase decisions based solely on psychographics.

Superior Auto Sales, a chain of high-end used car dealerships, wants to sum up its company positioning and value proposition in a formal statement to serve as a guide for marketing communication development. Superior's management would use a ________.

Which of the following is an example of a strategic question?

Generational marketing involves grouping consumers by age and ________ factors.

What is one major assumption made by marketers who choose to use an undifferentiated marketing strategy?

For simplicity's sake, most marketers generally limit their segmentation analysis to one or a few variables.