Question 1

A market-product grid is a framework to relate

Accepted Answer

A) total estimated expenses for each product sold to each market segment. 
B) total anticipated revenue for each product-market segment combination. 
C) total anticipated profit for each product sold to each market segment. 
D) the market segments of current buyers to relative market share compared to the largest competitor. 
E) the market segments of potential buyers to products offered or potential marketing actions by an organization. 
A) total estimated expenses for each product sold to each market segment. 
B) total anticipated revenue for each product-market segment combination. 
C) total anticipated profit for each product sold to each market segment. 
D) the market segments of current buyers to relative market share compared to the largest competitor. 
E) the market segments of potential buyers to products offered or potential marketing actions by an organization.

Question 2

Market segmentation refers to

Accepted Answer

A) the philosophy that to do a truly excellent job of marketing, a company should concentrate on only one customer segment at a time. 
B) sorting prospective buyers into groups that are willing to pay more than the cost of production for a good or service. 
C) disaggregating prospective buyers from groups into segments of one (individuals) and then creating specific products that will satisfy this person's unique needs. 
D) aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action. 
E) the belief that it is possible to satisfy every customer's needs if you can identify the correct segment within which they belong. 
A) the philosophy that to do a truly excellent job of marketing, a company should concentrate on only one customer segment at a time. 
B) sorting prospective buyers into groups that are willing to pay more than the cost of production for a good or service. 
C) disaggregating prospective buyers from groups into segments of one (individuals) and then creating specific products that will satisfy this person's unique needs. 
D) aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action. 
E) the belief that it is possible to satisfy every customer's needs if you can identify the correct segment within which they belong.

Question 3

Tailoring products or services to the tastes of individual customers on a high-volume scale is referred to as

Accepted Answer

A) family branding. 
B) mass customization. 
C) product differentiation. 
D) economies of scale marketing. 
E) build-to-order. 
A) family branding. 
B) mass customization. 
C) product differentiation. 
D) economies of scale marketing. 
E) build-to-order.

Question 4

There are five steps involved in segmenting and targeting markets. What should a marketer do after he or she has grouped products to be sold into categories?

Accepted Answer

A) Create product groupings. 
B) Identify market needs. 
C) Take marketing actions to reach target markets. 
D) Develop a market-product grid and estimate size of markets. 
E) Form prospective buyers into market segments. 
A) Create product groupings. 
B) Identify market needs. 
C) Take marketing actions to reach target markets. 
D) Develop a market-product grid and estimate size of markets. 
E) Form prospective buyers into market segments.

Question 5

__________ often come at the expense of __________ because a single customer segment will likely require a variety of products, each of which will have to designed and manufactured.

Accepted Answer

A) Product synergies; marketing synergies 
B) Marketing synergies; product synergies 
C) Supplier synergies; consumer synergies 
D) Distributor synergies; supplier synergies 
E) Marketing synergies; finance synergies 
A) Product synergies; marketing synergies 
B) Marketing synergies; product synergies 
C) Supplier synergies; consumer synergies 
D) Distributor synergies; supplier synergies 
E) Marketing synergies; finance synergies

Question 6

Which of the following statements regarding segmentation bases is most accurate?

Accepted Answer

A) The identification of demographic variables is more objective than the identification of psychographic variables, which is more subjective. 
B) Marketers should use segmentation bases in this order to reduce potential costs: behavioral, demographic, psychographic, and geographic. 
C) The identification of psychographic variables is more objective than the identification of demographic variables, which is more subjective. 
D) Behavioral segmentation is based primarily on personality. 
E) Psychographic segmentation is based primarily on product features. 
A) The identification of demographic variables is more objective than the identification of psychographic variables, which is more subjective. 
B) Marketers should use segmentation bases in this order to reduce potential costs: behavioral, demographic, psychographic, and geographic. 
C) The identification of psychographic variables is more objective than the identification of demographic variables, which is more subjective. 
D) Behavioral segmentation is based primarily on personality. 
E) Psychographic segmentation is based primarily on product features.

Question 7

Name Maker is an online company that sells high-end gift wrapping that can have custom slogans or names printed on it, such as the name of a person celebrating a birthday or a couple who is getting married. This made-to-order gift wrapping is priced from $24.95 to $32.95 per 12-foot roll. This is an example of

Accepted Answer

A) family branding. 
B) mass customization. 
C) synergistic marketing. 
D) "Tiffany/Walmart" marketing. 
E) specialty customization. 
A) family branding. 
B) mass customization. 
C) synergistic marketing. 
D) "Tiffany/Walmart" marketing. 
E) specialty customization.

Question 8

A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization is referred to as a

Accepted Answer

A) payoff table. 
B) cross-tabulation. 
C) market-product grid. 
D) growth-share matrix. 
E) product differentiation table. 
A) payoff table. 
B) cross-tabulation. 
C) market-product grid. 
D) growth-share matrix. 
E) product differentiation table.

Question 9

A market-product grid is a framework to relate

Accepted Answer

A) total estimated expenses for each product sold to each market segment. 
B) total anticipated revenue for each product-market segment combination. 
C) total anticipated profit for each product sold to each market segment. 
D) the market segments of potential buyers to relative market share compared to the largest competitor. 
E) the market segments of potential buyers to products offered or potential marketing actions by an organization. 
A) total estimated expenses for each product sold to each market segment. 
B) total anticipated revenue for each product-market segment combination. 
C) total anticipated profit for each product sold to each market segment. 
D) the market segments of potential buyers to relative market share compared to the largest competitor. 
E) the market segments of potential buyers to products offered or potential marketing actions by an organization.

Question 10

Product positioning refers to

Accepted Answer

A) an outdated concept that assigns product value by association with social class. 
B) the place a product offering occupies in consumers' minds on important attributes. 
C) the competitive advantage of one product over another. 
D) changing the place a product occupies in a consumer's mind relative to competitive products. 
E) using a market-product grid to place products in their appropriate places on that grid to identify potential untapped markets. 
A) an outdated concept that assigns product value by association with social class. 
B) the place a product offering occupies in consumers' minds on important attributes. 
C) the competitive advantage of one product over another. 
D) changing the place a product occupies in a consumer's mind relative to competitive products. 
E) using a market-product grid to place products in their appropriate places on that grid to identify potential untapped markets.

Question 11

Zappos focuses on people who will shop for and buy shoes online and like to use mobile technology. The strategy of appealing to specific types of customers in this way is an example of

Accepted Answer

A) mass customization. 
B) product definition. 
C) market segmentation. 
D) single chain marketing. 
E) market specific selection. 
A) mass customization. 
B) product definition. 
C) market segmentation. 
D) single chain marketing. 
E) market specific selection.

Question 12

Small athletic shoe manufacturers such as Vans target niche markets and make shoes designed to satisfy the needs of different specific groups of customers. This strategy is an example of

Accepted Answer

A) market segmentation. 
B) mass customization. 
C) customized manufacturing. 
D) single chain marketing. 
E) market specific selection. 
A) market segmentation. 
B) mass customization. 
C) customized manufacturing. 
D) single chain marketing. 
E) market specific selection.

Question 13

Which of the following is a criterion used for selecting a target segment?

Accepted Answer

A) potential for increased profit 
B) competitive position 
C) similarity of needs of potential buyers within a segment 
D) difference of needs of buyers among segments 
E) potential of a marketing action to reach a segment 
A) potential for increased profit 
B) competitive position 
C) similarity of needs of potential buyers within a segment 
D) difference of needs of buyers among segments 
E) potential of a marketing action to reach a segment

Question 14

Five general criteria are often used to select target segments. They include: (1) the size of the market, (2) expected growth of the market, (3) competitive position of the firm with respect to the market, (4) cost of reaching the segment, and (5) __________.

Accepted Answer

A) compatibility with the organization's objectives and resources 
B) potential of a marketing action to reach a segment 
C) similarity of needs of potential buyers within a segment 
D) difference of needs of buyers among segments 
E) potential for increased profit 
A) compatibility with the organization's objectives and resources 
B) potential of a marketing action to reach a segment 
C) similarity of needs of potential buyers within a segment 
D) difference of needs of buyers among segments 
E) potential for increased profit

Question 15

Which of the following is not a criterion to use in forming market segments?

Accepted Answer

A) The ability to assign buyers to a segment is cost-effective and simple. 
B) The result of segmenting will cause an increase in market share or profit. 
C) There are significant similarities among buyers in the market segment. 
D) There is a potential marketing action to reach the segment. 
E) The cost to reach the segment exceeds its profitability. 
A) The ability to assign buyers to a segment is cost-effective and simple. 
B) The result of segmenting will cause an increase in market share or profit. 
C) There are significant similarities among buyers in the market segment. 
D) There is a potential marketing action to reach the segment. 
E) The cost to reach the segment exceeds its profitability.

Question 16

Magazines such as Fitness, Field & Stream, Golf Digest, and Health focus on how people live their lives, and thus all use a __________ segmentation strategy.

Accepted Answer

A) psychographic 
B) behavioral 
C) situational 
D) socioeconomic 
E) geographic 
A) psychographic 
B) behavioral 
C) situational 
D) socioeconomic 
E) geographic

Question 17

Lands' End will custom-fit a Marinac jacket and make it with additional features such as thumb loops, underarm ventilation slits, and a key clip when you order from LandsEnd.com. This is an example of

Accepted Answer

A) family branding. 
B) mass customization. 
C) "Tiffany/Walmart" marketing. 
D) market melding. 
E) specialty customization. 
A) family branding. 
B) mass customization. 
C) "Tiffany/Walmart" marketing. 
D) market melding. 
E) specialty customization.

Question 18

Nielsen PRIZM segmentation classifies every household into one of 66 demographically and __________ distinct neighborhood segments to identify lifestyles and purchase behavior within a defined geographic market area, such as zip code.

Accepted Answer

A) financially 
B) behaviorally 
C) ethnically 
D) socially 
E) ethnographically 
A) financially 
B) behaviorally 
C) ethnically 
D) socially 
E) ethnographically

Question 19

Changing the place an offering occupies in consumers' minds relative to competitive products is referred to as

Accepted Answer

A) product placement. 
B) perceptual mapping. 
C) product positioning. 
D) product repositioning. 
E) product differentiation. 
A) product placement. 
B) perceptual mapping. 
C) product positioning. 
D) product repositioning. 
E) product differentiation.

Question 20

A nonprofit food bank was handing out food to anyone who requested it on a weekly basis. It now wants to give free food only to people who go hungry on a daily basis. This will be the market segment it targets. How does the formation of its market segments differ from the strategy used for a retail store?

Accepted Answer

There is one key difference between for-

Exam 9: Market Segmentation Targeting and Positioning

A market-product grid is a framework to relate

Market segmentation refers to

Tailoring products or services to the tastes of individual customers on a high-volume scale is referred to as

There are five steps involved in segmenting and targeting markets. What should a marketer do after he or she has grouped products to be sold into categories?

__________ often come at the expense of __________ because a single customer segment will likely require a variety of products, each of which will have to designed and manufactured.

Which of the following statements regarding segmentation bases is most accurate?

A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization is referred to as a

A market-product grid is a framework to relate

Product positioning refers to

Zappos focuses on people who will shop for and buy shoes online and like to use mobile technology. The strategy of appealing to specific types of customers in this way is an example of

Small athletic shoe manufacturers such as Vans target niche markets and make shoes designed to satisfy the needs of different specific groups of customers. This strategy is an example of

Which of the following is a criterion used for selecting a target segment?

Five general criteria are often used to select target segments. They include: (1) the size of the market, (2) expected growth of the market, (3) competitive position of the firm with respect to the market, (4) cost of reaching the segment, and (5) __________.

Which of the following is not a criterion to use in forming market segments?

Magazines such as Fitness, Field & Stream, Golf Digest, and Health focus on how people live their lives, and thus all use a __________ segmentation strategy.

Lands' End will custom-fit a Marinac jacket and make it with additional features such as thumb loops, underarm ventilation slits, and a key clip when you order from LandsEnd.com. This is an example of

Nielsen PRIZM segmentation classifies every household into one of 66 demographically and __________ distinct neighborhood segments to identify lifestyles and purchase behavior within a defined geographic market area, such as zip code.

Changing the place an offering occupies in consumers' minds relative to competitive products is referred to as

Creating Customer Relationships and Value Through Marketing

Developing Successful Organizational and Marketing Strategies

Scanning the Marketing Environment

Ethical and Social Responsibility for Sustainable Marketing

Understanding Consumer Behavior

Understanding Organizations As Customers

Understanding and Reaching Global Consumers and Markets

Marketing Research: From Customer Insights to Actions

Developing New Products and Services

Managing Successful Products Services and Brands

Services Marketing

Building the Price Foundation

Arriving at the Final Price

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising Sales Promotion and Public Relations

Using Social Media and Mobile Marketing to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multichannel Marketing

Pulling It All Together: the Strategic Marketing Process

Financial Aspects of Marketing

Building an Effective Marketing Plan

Filters

often come at the expense of because a single customer segment will likely require a variety of products, each of which will have to designed and manufactured.