Question 1

What is the purpose of conducting market segmentation and market opportunity analysis in the second stage of the market segmentation process?

Accepted Answer

A)  to identify the specific members of each segment and contact each of them directly 
B)  to determine the level of resources that must be committed to each segment 
C)  to produce a forecast of market potential within each segment 
D)  to design a marketing strategy and tactics to reinforce the firm's image 
A)  to identify the specific members of each segment and contact each of them directly 
B)  to determine the level of resources that must be committed to each segment 
C)  to produce a forecast of market potential within each segment 
D)  to design a marketing strategy and tactics to reinforce the firm's image

Question 2

Another name for concentrated marketing is niche marketing.

Accepted Answer

A) True 
 B)False

Question 3

From which point of view is an undifferentiated marketing strategy efficient?

Accepted Answer

A)  It serves the consumer better because the products offered are designed to meet the needs of a specific group of people. 
B)  It maintains control of short production runs. 
C)  It captures high profits in small segments of the market. 
D)  It supports mass production and promotion. 
A)  It serves the consumer better because the products offered are designed to meet the needs of a specific group of people. 
B)  It maintains control of short production runs. 
C)  It captures high profits in small segments of the market. 
D)  It supports mass production and promotion.

Question 4

Items can be classified as business products not because of what they are but because of how they will be used, such as shovels and rakes purchased by a lawn care service.

Accepted Answer

A) True 
 B)False

Question 5

A census metropolitan area (CMA) is considered to be the largest government classification of urban data in Canada.

Accepted Answer

A) True 
 B)False

Question 6

Micromarketers run the risk that they may spend too much time, effort, and money to reach a market that is too small and specialized to be profitable.

Accepted Answer

A) True 
 B)False

Question 7

PlaySports manufactures apparel for youth sports teams.The attire can be customized with the team logo and the child's name.This customization costs the manufacturer very little, enabling it to sell uniforms for less than $30.PlaySports is successful because it has matched its market segment with its capabilities.

Accepted Answer

A) True 
 B)False

Question 8

Population age distribution and projected changes in age groups are important to marketers because consumer needs and wants differ notably among age groups.

Accepted Answer

A) True 
 B)False

Question 9

The information, analysis, and forecasts accumulated through the entire market segmentation decision process allow management to assess the potential for achieving company goals and to justify committing resources to develop one or more segments.

Accepted Answer

A) True 
 B)False

Question 10

Discuss the differences between the business and consumer product markets.

Accepted Answer

Consumer products are purchased by the u

Question 11

Why are micromarketing techniques used?

Accepted Answer

A)  primarily to sell services or other intangibles 
B)  to maximize revenue potential of large firms that have abundant financial resources only by mass marketers 
C)  for the sale of industrial goods by vendors only 
D)  to target very specific groups or individuals 
A)  primarily to sell services or other intangibles 
B)  to maximize revenue potential of large firms that have abundant financial resources only by mass marketers 
C)  for the sale of industrial goods by vendors only 
D)  to target very specific groups or individuals

Question 12

The division of the total market into smaller, relatively homogeneous groups is called market selectivity.

Accepted Answer

A) True 
 B)False

Question 13

The Canadian population is distributed uniformly across the country.

Accepted Answer

A) True 
 B)False

Question 14

The question that determines whether a product will be a consumer or business product is "Who will ultimately consume this product?"

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is one of the basic determinants of a market-specific segmentation strategy?

Accepted Answer

A)  product demand 
B)  competitors' strategies 
C)  environmental constraints 
D)  organizational efficiencies 
A)  product demand 
B)  competitors' strategies 
C)  environmental constraints 
D)  organizational efficiencies

Question 16

Firms such as Lexus and Gucci try to position their products in terms of product class.

Accepted Answer

A) True 
 B)False

Question 17

VALS™ defines eight personality types that impact purchasing decisions.Which of the following set of traits is NOT part of the VALS matrix?

Accepted Answer

A)  Achievers and Strivers 
B)  Experiencers and Survivors 
C)  Thinkers and Believers 
D)  Makers and Definers 
A)  Achievers and Strivers 
B)  Experiencers and Survivors 
C)  Thinkers and Believers 
D)  Makers and Definers

Question 18

Identify and describe four strategies for reaching target markets.

Accepted Answer

a. Undifferentiated marketing, also know

Question 19

Concerning market segmentation, which of the following statements is NOT correct?

Accepted Answer

A)  Only for-profit organizations practice market segmentation. 
B)  Firms that practice market segmentation don't necessarily change their products to meet the needs of different market segments. 
C)  There are too many variables to attract all customers using the same marketing mix. 
D)  Market segmentation attempts to divide the total market into smaller groups. 
A)  Only for-profit organizations practice market segmentation. 
B)  Firms that practice market segmentation don't necessarily change their products to meet the needs of different market segments. 
C)  There are too many variables to attract all customers using the same marketing mix. 
D)  Market segmentation attempts to divide the total market into smaller groups.

Question 20

In the process of market segmentation, what is the next step once market potential has been estimated?

Accepted Answer

A)  forecast probable market share 
B)  determine potential sales 
C)  develop a marketing mix 
D)  seek strategies to meet the outcomes 
A)  forecast probable market share 
B)  determine potential sales 
C)  develop a marketing mix 
D)  seek strategies to meet the outcomes

What is the purpose of conducting market segmentation and market opportunity analysis in the second stage of the market segmentation process?

Another name for concentrated marketing is niche marketing.

From which point of view is an undifferentiated marketing strategy efficient?

Items can be classified as business products not because of what they are but because of how they will be used, such as shovels and rakes purchased by a lawn care service.

A census metropolitan area (CMA) is considered to be the largest government classification of urban data in Canada.

Micromarketers run the risk that they may spend too much time, effort, and money to reach a market that is too small and specialized to be profitable.

Population age distribution and projected changes in age groups are important to marketers because consumer needs and wants differ notably among age groups.

The information, analysis, and forecasts accumulated through the entire market segmentation decision process allow management to assess the potential for achieving company goals and to justify committing resources to develop one or more segments.

Discuss the differences between the business and consumer product markets.

Why are micromarketing techniques used?

The division of the total market into smaller, relatively homogeneous groups is called market selectivity.

The Canadian population is distributed uniformly across the country.

The question that determines whether a product will be a consumer or business product is "Who will ultimately consume this product?"

Which of the following is one of the basic determinants of a market-specific segmentation strategy?

Firms such as Lexus and Gucci try to position their products in terms of product class.

VALS™ defines eight personality types that impact purchasing decisions.Which of the following set of traits is NOT part of the VALS matrix?

Identify and describe four strategies for reaching target markets.

Concerning market segmentation, which of the following statements is NOT correct?

In the process of market segmentation, what is the next step once market potential has been estimated?

Marketing: The Art and Science of Satisfying Customers

Strategic Planning in Contemporary Marketing

The Marketing Environment, Ethics, and Social Responsibility

Consumer Behaviour

Business-to-Business (B2B) Marketing

Serving Global Markets

Marketing Research, Decision Support Systems, and Sales Forecasting

Product and Service Strategies

Developing and Managing Brand and Product Strategies

Marketing Channels and Supply Chain Management

Retailers Wholesalers and Direct Marketers

Integrated Marketing Communications

Advertising and Digital Communications

Personal Selling and Sales Promotion

Pricing Concepts and Strategies

TB Boone 3Ce final

Filters

Exam 8: Market Segmentation, Targeting, and Positioning

What is the purpose of conducting market segmentation and market opportunity analysis in the second stage of the market segmentation process?

Another name for concentrated marketing is niche marketing.

From which point of view is an undifferentiated marketing strategy efficient?

Items can be classified as business products not because of what they are but because of how they will be used, such as shovels and rakes purchased by a lawn care service.

A census metropolitan area (CMA) is considered to be the largest government classification of urban data in Canada.

Micromarketers run the risk that they may spend too much time, effort, and money to reach a market that is too small and specialized to be profitable.

Population age distribution and projected changes in age groups are important to marketers because consumer needs and wants differ notably among age groups.

The information, analysis, and forecasts accumulated through the entire market segmentation decision process allow management to assess the potential for achieving company goals and to justify committing resources to develop one or more segments.

Discuss the differences between the business and consumer product markets.

Why are micromarketing techniques used?

The division of the total market into smaller, relatively homogeneous groups is called market selectivity.

The Canadian population is distributed uniformly across the country.

The question that determines whether a product will be a consumer or business product is "Who will ultimately consume this product?"

Which of the following is one of the basic determinants of a market-specific segmentation strategy?

Firms such as Lexus and Gucci try to position their products in terms of product class.

VALS™ defines eight personality types that impact purchasing decisions.Which of the following set of traits is NOT part of the VALS matrix?

Identify and describe four strategies for reaching target markets.

Concerning market segmentation, which of the following statements is NOT correct?

In the process of market segmentation, what is the next step once market potential has been estimated?

Marketing: The Art and Science of Satisfying Customers

Strategic Planning in Contemporary Marketing

The Marketing Environment, Ethics, and Social Responsibility

Consumer Behaviour

Business-to-Business (B2B) Marketing

Serving Global Markets

Marketing Research, Decision Support Systems, and Sales Forecasting

Product and Service Strategies

Developing and Managing Brand and Product Strategies

Marketing Channels and Supply Chain Management

Retailers Wholesalers and Direct Marketers

Integrated Marketing Communications

Advertising and Digital Communications

Personal Selling and Sales Promotion

Pricing Concepts and Strategies

TB Boone 3Ce final

Filters