Question 1

A product-market definition should include:

Accepted Answer

A)  product type. 
B)  customer types. 
C)  customer needs. 
D)  geographic area. 
E)  All of these alternatives are correct. 
A)  product type. 
B)  customer types. 
C)  customer needs. 
D)  geographic area. 
E)  All of these alternatives are correct.

Question 2

A generic market definition includes all of the following terms EXCEPT:

Accepted Answer

A)  customer needs. 
B)  product type. 
C)  geographic area. 
D)  customer type. 
A)  customer needs. 
B)  product type. 
C)  geographic area. 
D)  customer type.

Question 3

A generic market description should NOT include any:

Accepted Answer

A)  customer needs. 
B)  geographic area. 
C)  product type. 
D)  customer types. 
E)  all of these should be included in a generic market description. 
A)  customer needs. 
B)  geographic area. 
C)  product type. 
D)  customer types. 
E)  all of these should be included in a generic market description.

Question 4

A product-market is one in which

Accepted Answer

A)  products from different industries compete for customers by trying to satisfy the same basic need. 
B)  price is the determining factor in deciding which brand to buy. 
C)  all of the customers want the exact same product but will consider a substitute if their preferred brand is not available. 
D)  one seller has a monopoly and there is no competition. 
E)  None of these alternatives is true. 
A)  products from different industries compete for customers by trying to satisfy the same basic need. 
B)  price is the determining factor in deciding which brand to buy. 
C)  all of the customers want the exact same product but will consider a substitute if their preferred brand is not available. 
D)  one seller has a monopoly and there is no competition. 
E)  None of these alternatives is true.

Question 5

When segmenting broad product-markets, cost considerations tend

Accepted Answer

A)  to encourage managers to disregard the criterion that a product-market segment should be substantial. 
B)  to lead to more aggregating. 
C)  to be unimportant as long as the segmenting dimensions are operational. 
D)  to lead to a large number of small, but very homogeneous, product-market segments. 
E)  All of these are true. 
A)  to encourage managers to disregard the criterion that a product-market segment should be substantial. 
B)  to lead to more aggregating. 
C)  to be unimportant as long as the segmenting dimensions are operational. 
D)  to lead to a large number of small, but very homogeneous, product-market segments. 
E)  All of these are true.

Question 6

Which of the following is not a valid criterion of a "good" market segment?

Accepted Answer

A)  Homogeneous within 
B)  Heterogeneous between 
C)  Substantial 
D)  Remarkable 
E)  Operational 
A)  Homogeneous within 
B)  Heterogeneous between 
C)  Substantial 
D)  Remarkable 
E)  Operational

Question 7

Watson's Bakery found five different market segments among customers for its bakery goods. When developing a market-oriented strategy, the marketing manager used a ____ approach, putting two target markets together and developing a single marketing mix that would meet the needs of the new larger segment.

Accepted Answer

A)  particular target market 
B)  multiple target market 
C)  combined target market 
D)  product-market target market 
E)  specialty targeting 
A)  particular target market 
B)  multiple target market 
C)  combined target market 
D)  product-market target market 
E)  specialty targeting

Question 8

The main difference between a generic market and a product-market is that:

Accepted Answer

A)  a generic-market involves a less similar set of needs than does a product-market. 
B)  a product-market is usually larger than a generic market. 
C)  product-markets usually don't involve competition, but generic markets do. 
D)  sellers in a generic market are more concerned with prices than sellers in a product-market. 
E)  There is no difference between the two. 
A)  a generic-market involves a less similar set of needs than does a product-market. 
B)  a product-market is usually larger than a generic market. 
C)  product-markets usually don't involve competition, but generic markets do. 
D)  sellers in a generic market are more concerned with prices than sellers in a product-market. 
E)  There is no difference between the two.

Question 9

Gina Williams wanted to start a decorating business. She identified several possible target markets, but decided to serve a market composed of recently married couples that owned their first home. Gina appears to be following:

Accepted Answer

A)  A multiple target market approach. 
B)  A single target market approach. 
C)  A combined target market approach. 
D)  A mass marketing approach. 
E)  None of these approaches is correct. 
A)  A multiple target market approach. 
B)  A single target market approach. 
C)  A combined target market approach. 
D)  A mass marketing approach. 
E)  None of these approaches is correct.

Question 10

A profit-oriented firm will usually want to continue aggregating potential customers into larger submarkets until every consumer fits neatly into some segment.

Accepted Answer

A) True 
 B)False

Question 11

A basic difference between a "generic market" and a "product-market" is:

Accepted Answer

A)  whether or not sellers in the market rely on e-commerce. 
B)  how similar the competing sellers' products are. 
C)  whether customer needs are similar or different. 
D)  whether the market includes only buyers-or both buyers and sellers. 
E)  There is NO DIFFERENCE-the terms mean the same thing. 
A)  whether or not sellers in the market rely on e-commerce. 
B)  how similar the competing sellers' products are. 
C)  whether customer needs are similar or different. 
D)  whether the market includes only buyers-or both buyers and sellers. 
E)  There is NO DIFFERENCE-the terms mean the same thing.

Question 12

A generic market

Accepted Answer

A)  related to a consumer's functional need is smaller than a related product-market. 
B)  might involve competition among skis, roller blades, bicycles, and ice skates. 
C)  might logically include rubber, cement, a lamp, and a CD player. 
D)  is usually narrower than the firm's target market. 
E)  All of these choices are correct. 
A)  related to a consumer's functional need is smaller than a related product-market. 
B)  might involve competition among skis, roller blades, bicycles, and ice skates. 
C)  might logically include rubber, cement, a lamp, and a CD player. 
D)  is usually narrower than the firm's target market. 
E)  All of these choices are correct.

Question 13

"Good" market segments are those which are:

Accepted Answer

A)  heterogeneous between. 
B)  operational. 
C)  substantial. 
D)  homogeneous within. 
E)  All of these choices are correct. 
A)  heterogeneous between. 
B)  operational. 
C)  substantial. 
D)  homogeneous within. 
E)  All of these choices are correct.

Question 14

When a company provides its advertising agency with a statement about a new product to use in designing an advertising campaign, and this statement includes a description of the target market, the product type, the primary benefits of using the product, and how this product is different from, and better than, competitive products, what type of statement is this?

Accepted Answer

A)  Qualifying 
B)  Positioning 
C)  Determining 
D)  Clustering 
E)  Combining 
A)  Qualifying 
B)  Positioning 
C)  Determining 
D)  Clustering 
E)  Combining

Question 15

"Positioning" is a marketing management aid that refers to:

Accepted Answer

A)  a product's ability to provide both immediate satisfaction and social responsibility. 
B)  how customers think about proposed and/or present brands in a market. 
C)  a firm's ability to distribute products through intermediaries who are in the right position to reach target customers. 
D)  how a firm approaches customer relationship management. 
E)  all of these alternatives are true. 
A)  a product's ability to provide both immediate satisfaction and social responsibility. 
B)  how customers think about proposed and/or present brands in a market. 
C)  a firm's ability to distribute products through intermediaries who are in the right position to reach target customers. 
D)  how a firm approaches customer relationship management. 
E)  all of these alternatives are true.

Question 16

A firm's "relevant market for finding opportunities" should:

Accepted Answer

A)  be limited to products the firm already produces. 
B)  be bigger than the firm's present product-market-but not so big that the firm could not be an important competitor. 
C)  have no geographic boundaries. 
D)  be as large a possible. 
E)  be no larger than the firm's present product-market. 
A)  be limited to products the firm already produces. 
B)  be bigger than the firm's present product-market-but not so big that the firm could not be an important competitor. 
C)  have no geographic boundaries. 
D)  be as large a possible. 
E)  be no larger than the firm's present product-market.

Question 17

The segmenting step of the segmentation process

Accepted Answer

A)  brainstorms possible marketing mixes. 
B)  fits potential customers neatly into market segments. 
C)  disaggregates all possible needs. 
D)  involves selecting a target marketing approach. 
E)  looks for similarities in needs. 
A)  brainstorms possible marketing mixes. 
B)  fits potential customers neatly into market segments. 
C)  disaggregates all possible needs. 
D)  involves selecting a target marketing approach. 
E)  looks for similarities in needs.

Question 18

Firms that operate on the Internet are at a disadvantage when it comes to using approaches like CRM.

Accepted Answer

A) True 
 B)False

Question 19

Identify the INCORRECT statement about approaches to market-oriented strategy planning.

Accepted Answer

A)  It's usually safer to be a combiner. 
B)  Cost considerations encourage aggregating. 
C)  Demand considerations encourage less aggregating. 
D)  The approach a firm uses depends in part on the firm's resources. 
E)  Generally, it is better to try and satisfy some customers very well instead of many just fairly well. 
A)  It's usually safer to be a combiner. 
B)  Cost considerations encourage aggregating. 
C)  Demand considerations encourage less aggregating. 
D)  The approach a firm uses depends in part on the firm's resources. 
E)  Generally, it is better to try and satisfy some customers very well instead of many just fairly well.

Question 20

______________ is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.

Accepted Answer

A)  Market positioning 
B)  Market segmentation 
C)  Mass marketing 
D)  Diversification 
E)  Strategic planning 
A)  Market positioning 
B)  Market segmentation 
C)  Mass marketing 
D)  Diversification 
E)  Strategic planning

A product-market definition should include:

A generic market definition includes all of the following terms EXCEPT:

A generic market description should NOT include any:

A product-market is one in which

When segmenting broad product-markets, cost considerations tend

Which of the following is not a valid criterion of a "good" market segment?

The main difference between a generic market and a product-market is that:

Gina Williams wanted to start a decorating business. She identified several possible target markets, but decided to serve a market composed of recently married couples that owned their first home. Gina appears to be following:

A profit-oriented firm will usually want to continue aggregating potential customers into larger submarkets until every consumer fits neatly into some segment.

A basic difference between a "generic market" and a "product-market" is:

A generic market

"Good" market segments are those which are:

"Positioning" is a marketing management aid that refers to:

A firm's "relevant market for finding opportunities" should:

The segmenting step of the segmentation process

Firms that operate on the Internet are at a disadvantage when it comes to using approaches like CRM.

Identify the INCORRECT statement about approaches to market-oriented strategy planning.

______________ is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

Evaluating Opportunities in the Changing Market Environment

Final Consumers and Their Buying Behavior

Business and Organizational Customers and Their Buying Behavior

Improving Decisions With Marketing Information

Elements of Product Planning for Goods and Services

Product Management and New-Product Development

Place and Development of Channel Systems

Distribution Customer Service and Logistics

Retailers, Wholesalers, and Their Strategy Planning

Promotion-Introduction to Integrated Marketing Communications

Personal Selling and Customer Service

Advertising, Publicity, and Sales Promotion

Pricing Objectives and Policies

Price Setting in the Business World

Ethical Marketing in a Consumer-Oriented World: Appraisal and Challe

Filters

Exam 4: Focusing Marketing Strategy With Segmentation and Positioning

A product-market definition should include:

A generic market definition includes all of the following terms EXCEPT:

A generic market description should NOT include any:

A product-market is one in which

When segmenting broad product-markets, cost considerations tend

Which of the following is not a valid criterion of a "good" market segment?

The main difference between a generic market and a product-market is that:

Gina Williams wanted to start a decorating business. She identified several possible target markets, but decided to serve a market composed of recently married couples that owned their first home. Gina appears to be following:

A profit-oriented firm will usually want to continue aggregating potential customers into larger submarkets until every consumer fits neatly into some segment.

A basic difference between a "generic market" and a "product-market" is:

A generic market

"Good" market segments are those which are:

"Positioning" is a marketing management aid that refers to:

A firm's "relevant market for finding opportunities" should:

The segmenting step of the segmentation process

Firms that operate on the Internet are at a disadvantage when it comes to using approaches like CRM.

Identify the INCORRECT statement about approaches to market-oriented strategy planning.

______________ is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

Evaluating Opportunities in the Changing Market Environment

Final Consumers and Their Buying Behavior

Business and Organizational Customers and Their Buying Behavior

Improving Decisions With Marketing Information

Elements of Product Planning for Goods and Services

Product Management and New-Product Development

Place and Development of Channel Systems

Distribution Customer Service and Logistics

Retailers, Wholesalers, and Their Strategy Planning

Promotion-Introduction to Integrated Marketing Communications

Personal Selling and Customer Service

Advertising, Publicity, and Sales Promotion

Pricing Objectives and Policies

Price Setting in the Business World

Ethical Marketing in a Consumer-Oriented World: Appraisal and Challe

Filters