Question 1

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A) an outdated concept that assigns product value by association with social class.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A) an outdated concept that assigns product value by association with social class.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 2

Hallmark placed its scrapbook supplies, photo albums, and related supplies into one product group because

Accepted Answer

A) it was easier to forecast future sales since there were fewer market-product combinations. 
B) customers could buy in quantity and take advantage of quantity discounts. 
C) their suppliers provided free displays and shelving to highlight Hallmark's products. 
D) it helped buyers relate to the products and make decisions in a more meaningful way. 
E) it allowed customers to compare price and quality with competitors who displayed their products in a similar manner. 
A) it was easier to forecast future sales since there were fewer market-product combinations. 
B) customers could buy in quantity and take advantage of quantity discounts. 
C) their suppliers provided free displays and shelving to highlight Hallmark's products. 
D) it helped buyers relate to the products and make decisions in a more meaningful way. 
E) it allowed customers to compare price and quality with competitors who displayed their products in a similar manner.

Question 3

Segmentation based on where prospective customers live or work is referred to as

Accepted Answer

A) zip code segmentation. 
B) geographic segmentation. 
C) regional segmentation. 
D) MSA segmentation. 
E) NAICS code segmentation. 
A) zip code segmentation. 
B) geographic segmentation. 
C) regional segmentation. 
D) MSA segmentation. 
E) NAICS code segmentation.

Question 4

During its market segmentation process for the Nike LeBron X basketball shoe, which sells for $200+ a pair, Nike decided to concentrate on affluent teens rather than members of high school basketball teams. This is an example of

Accepted Answer

A) selecting target market segments to reach. 
B) forming products to be sold into groups. 
C) developing a market-product grid and estimating size of markets. 
D) taking marketing actions to reach target markets. 
E) forming prospective buyers into segments. 
A) selecting target market segments to reach. 
B) forming products to be sold into groups. 
C) developing a market-product grid and estimating size of markets. 
D) taking marketing actions to reach target markets. 
E) forming prospective buyers into segments.

Question 5

Which of the following statements regarding when and how to segment markets is most accurate?

Accepted Answer

A) Even if a firm finds only one potential market segment, it should take advantage of the method to appear cutting-edge to its competitors and customers. 
B) Market segmentation only works for large corporations; small businesses don't have the resources to engage in the process. 
C) Governments should not attempt market segmentation because the strategy is only applicable for consumer and organizational markets. 
D) If a business firm goes to the trouble and expense of segmenting its markets, it expects to increase its sales, profits, and return on investment. 
E) Market segmentation strategies work less than 10 percent of the time 
A) Even if a firm finds only one potential market segment, it should take advantage of the method to appear cutting-edge to its competitors and customers. 
B) Market segmentation only works for large corporations; small businesses don't have the resources to engage in the process. 
C) Governments should not attempt market segmentation because the strategy is only applicable for consumer and organizational markets. 
D) If a business firm goes to the trouble and expense of segmenting its markets, it expects to increase its sales, profits, and return on investment. 
E) Market segmentation strategies work less than 10 percent of the time

Question 6

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 7

Kellogg's has several cereals targeted at different types of users. This is an example of multiple products aimed at multiple markets. Manufacturing these different cereals is clearly more expensive than producing one, but seems worthwhile if it serves customers' needs better, doesn't reduce quality or increase price, and

Accepted Answer

A) conforms to all FDA guidelines. 
B) adds to the manufacturer's sales revenues and profits. 
C) creates economy of scale. 
D) decreases the cost of the physical plant. 
E) stabilizes the sales revenues and profits. 
A) conforms to all FDA guidelines. 
B) adds to the manufacturer's sales revenues and profits. 
C) creates economy of scale. 
D) decreases the cost of the physical plant. 
E) stabilizes the sales revenues and profits.

Question 8

If Wendy's customers are buying an eating experience, which of the following rationales would make the most sense if you were to group the products Wendy's sells?

Accepted Answer

A) grouping by caloric intake 
B) grouping by price 
C) grouping by meal occasion 
D) grouping by usage rate 
E) grouping by level of uniqueness 
A) grouping by caloric intake 
B) grouping by price 
C) grouping by meal occasion 
D) grouping by usage rate 
E) grouping by level of uniqueness

Question 9

Mott's used an advertising campaign to change the way consumers thought about its applesauce from a dinnertime side dish to a replacement for cooking oil in baking. The advertising message was that using applesauce in baking cuts calories and makes the resulting baked good healthier. Mott's used a __________ strategy.

Accepted Answer

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

Question 10

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 11

The company name Zappos was chosen because it

Accepted Answer

A) was the founder's family name. 
B) conveyed in Spanish the type of product sold. 
C) inferred how quickly you could purchase the product. 
D) contained letters from the names of the three founders. 
E) reflected the brand name of the first line of shoes they sold. 
A) was the founder's family name. 
B) conveyed in Spanish the type of product sold. 
C) inferred how quickly you could purchase the product. 
D) contained letters from the names of the three founders. 
E) reflected the brand name of the first line of shoes they sold.

Question 12

Explain the 80/20 rule.

Accepted Answer

Usage rate is sometimes referred to in t

Question 13

Explain the difference between marketing synergies and product synergies.

Accepted Answer

Synergy analysis seeks opportunities by

Question 14

Which of the following statements demonstrate the formation of a segment based on household size?

Accepted Answer

A) Campbell's makes a spicier nacho cheese sauce for its distributors in Texas than it does in Maine. 
B) GE built a downsized microwave oven to hang under kitchen cabinets. 
C) Del Monte offers a line of canned fruit with no added sugar or artificial sweeteners. 
D) A fast-food hamburger restaurant is only open for breakfast on weekdays and Saturdays but not Sundays. 
E) A gourmet grocer advertises its services on a small-audience classical music station even though there is a much larger-audience rock station in the area. 
A) Campbell's makes a spicier nacho cheese sauce for its distributors in Texas than it does in Maine. 
B) GE built a downsized microwave oven to hang under kitchen cabinets. 
C) Del Monte offers a line of canned fruit with no added sugar or artificial sweeteners. 
D) A fast-food hamburger restaurant is only open for breakfast on weekdays and Saturdays but not Sundays. 
E) A gourmet grocer advertises its services on a small-audience classical music station even though there is a much larger-audience rock station in the area.

Question 15

Marketing synergies often come at the expense of product synergies because

Accepted Answer

A) product synergies are more effective for penetrating a market rather than creating one. 
B) multiple market segments usually require multiple products. 
C) it is easier to change a product than to completely develop a new marketing plan. 
D) a single customer segment will likely require a variety of products. 
E) no company can afford to do both at the same time 
A) product synergies are more effective for penetrating a market rather than creating one. 
B) multiple market segments usually require multiple products. 
C) it is easier to change a product than to completely develop a new marketing plan. 
D) a single customer segment will likely require a variety of products. 
E) no company can afford to do both at the same time

Question 16

By dividing its tennis racquet market into three categories, which it labels Performance, Recreational, and Junior tennis players, Prince Sports is using a marketing strategy called

Accepted Answer

A) product differentiation. 
B) product innovation. 
C) market delineation. 
D) market segmentation. 
E) product groupings. 
A) product differentiation. 
B) product innovation. 
C) market delineation. 
D) market segmentation. 
E) product groupings.

Question 17

Alka-Seltzer was made originally as a hangover remedy that cured the headache and settled the stomach. Today, you can buy Original Alka-Seltzer, Extra Strength Alka-Seltzer, Alka-Seltzer Morning Relief (for morning headaches and fatigue), and Alka-Seltzer Heartburn Relief. Each Alka-Seltzer product has a unique formulation to relieve a specific malady that makes them more specialized than competing products. The maker of Alka-Seltzer is using

Accepted Answer

A) product variation. 
B) product differentiation. 
C) market sectioning. 
D) product segmentation. 
E) product base development. 
A) product variation. 
B) product differentiation. 
C) market sectioning. 
D) product segmentation. 
E) product base development.

Question 18

Which of the following competitors mentioned in the textbook should the owner of a Wendy's restaurant monitor closely due to its explosive growth in the number of current and proposed locations - one that is or may soon be near this Wendy's?

Accepted Answer

A) Burger King 
B) In-N-Out Burger 
C) McDonald's 
D) Five Guys Burgers 
E) Smashburger 
A) Burger King 
B) In-N-Out Burger 
C) McDonald's 
D) Five Guys Burgers 
E) Smashburger

Question 19

Zappos' original target market customers consisted of people who wanted all of the following EXCEPT:

Accepted Answer

A) to receive quick delivery of their merchandise. 
B) to buy sustainable shoes, accessories, and clothing. 
C) to shop online in the convenience of their own homes. 
D) to allow for free returns of goods if dissatisfied. 
E) to have a wide selection of shoes. 
A) to receive quick delivery of their merchandise. 
B) to buy sustainable shoes, accessories, and clothing. 
C) to shop online in the convenience of their own homes. 
D) to allow for free returns of goods if dissatisfied. 
E) to have a wide selection of shoes.

Question 20

When a new product or a new retail chain steals customers and sales from older existing ones of an organization, it is referred to as

Accepted Answer

A) cannibalization. 
B) amortization. 
C) product appropriation. 
D) product pilfering. 
E) marketing Darwinism. 
A) cannibalization. 
B) amortization. 
C) product appropriation. 
D) product pilfering. 
E) marketing Darwinism.

Product positioning refers to

Hallmark placed its scrapbook supplies, photo albums, and related supplies into one product group because

Segmentation based on where prospective customers live or work is referred to as

During its market segmentation process for the Nike LeBron X basketball shoe, which sells for $200+ a pair, Nike decided to concentrate on affluent teens rather than members of high school basketball teams. This is an example of

Which of the following statements regarding when and how to segment markets is most accurate?

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

If Wendy's customers are buying an eating experience, which of the following rationales would make the most sense if you were to group the products Wendy's sells?

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 __________.

The company name Zappos was chosen because it

Explain the 80/20 rule.

Explain the difference between marketing synergies and product synergies.

Which of the following statements demonstrate the formation of a segment based on household size?

Marketing synergies often come at the expense of product synergies because

By dividing its tennis racquet market into three categories, which it labels Performance, Recreational, and Junior tennis players, Prince Sports is using a marketing strategy called

Which of the following competitors mentioned in the textbook should the owner of a Wendy's restaurant monitor closely due to its explosive growth in the number of current and proposed locations - one that is or may soon be near this Wendy's?

Zappos' original target market customers consisted of people who wanted all of the following EXCEPT:

When a new product or a new retail chain steals customers and sales from older existing ones of an organization, it is referred to as

Creating Customer Relationships and Value Through Marketing

Developing Successful Organizational and Marketing Strategies

Understanding the Marketing Environment, Ethical Behavior, and Social Responsibility

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

Pricing Products and Services

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Using Social Media to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multichannel Marketing

Filters

Exam 8: Market Segmentation, Targeting, and Positioning

Product positioning refers to

Hallmark placed its scrapbook supplies, photo albums, and related supplies into one product group because

Segmentation based on where prospective customers live or work is referred to as

During its market segmentation process for the Nike LeBron X basketball shoe, which sells for $200+ a pair, Nike decided to concentrate on affluent teens rather than members of high school basketball teams. This is an example of

Which of the following statements regarding when and how to segment markets is most accurate?

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

If Wendy's customers are buying an eating experience, which of the following rationales would make the most sense if you were to group the products Wendy's sells?

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 __________.

The company name Zappos was chosen because it

Explain the 80/20 rule.

Explain the difference between marketing synergies and product synergies.

Which of the following statements demonstrate the formation of a segment based on household size?

Marketing synergies often come at the expense of product synergies because

By dividing its tennis racquet market into three categories, which it labels Performance, Recreational, and Junior tennis players, Prince Sports is using a marketing strategy called

Which of the following competitors mentioned in the textbook should the owner of a Wendy's restaurant monitor closely due to its explosive growth in the number of current and proposed locations - one that is or may soon be near this Wendy's?

Zappos' original target market customers consisted of people who wanted all of the following EXCEPT:

When a new product or a new retail chain steals customers and sales from older existing ones of an organization, it is referred to as

Creating Customer Relationships and Value Through Marketing

Developing Successful Organizational and Marketing Strategies

Understanding the Marketing Environment, Ethical Behavior, and Social Responsibility

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

Pricing Products and Services

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising, Sales Promotion, and Public Relations

Using Social Media to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multichannel Marketing

Filters