Question 1

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 2

In the seven-step approach to market segmentation, it is best to identify the relevant needs of all potential customers BEFORE trying to form homogeneous submarkets.

Accepted Answer

A) True 
 B)False

Question 3

The marketing management team for Dada Motors brainstormed a variety of solutions to the problem of how to transport people in the world. This process came during the ____ step in the market segmentation process.

Accepted Answer

A)  disaggregating 
B)  market definition 
C)  segmenting 
D)  aggregating 
E)  approach selection 
A)  disaggregating 
B)  market definition 
C)  segmenting 
D)  aggregating 
E)  approach selection

Question 4

"Positioning":

Accepted Answer

A)  applies to new products--but not existing products. 
B)  helps strategy planners see how customers view competitors' offerings. 
C)  is concerned with obtaining the best shelf space in retail outlets. 
D)  is useful for combining but not for segmenting. 
E)  eliminates the need for judgment in strategy planning. 
A)  applies to new products--but not existing products. 
B)  helps strategy planners see how customers view competitors' offerings. 
C)  is concerned with obtaining the best shelf space in retail outlets. 
D)  is useful for combining but not for segmenting. 
E)  eliminates the need for judgment in strategy planning.

Question 5

A marketing manager has just learned about generic markets. This may lead the manager

Accepted Answer

A)  to see a larger set of potential competitors. 
B)  to put less emphasis on market penetration or market development opportunities and more emphasis on product development opportunities. 
C)  to think about new ways of satisfying the needs of her current customers. 
D)  All of the above. 
E)  None of the above. 
A)  to see a larger set of potential competitors. 
B)  to put less emphasis on market penetration or market development opportunities and more emphasis on product development opportunities. 
C)  to think about new ways of satisfying the needs of her current customers. 
D)  All of the above. 
E)  None of the above.

Question 6

Using one or two demographic dimensions to describe market segments usually does not provide enough detail for planning a marketing strategy.

Accepted Answer

A) True 
 B)False

Question 7

In a generic market,

Accepted Answer

A)  diverse types of products may compete for customers. 
B)  customers have broadly similar needs. 
C)  there may be many ways to satisfy customers' needs. 
D)  All of the above are true. 
E)  None of the above is true. 
A)  diverse types of products may compete for customers. 
B)  customers have broadly similar needs. 
C)  there may be many ways to satisfy customers' needs. 
D)  All of the above are true. 
E)  None of the above is true.

Question 8

When a company segments its business customers on the basis of whether or not they require contract bids over the Internet, what segmenting dimension is this company using?

Accepted Answer

A)  Kind of relationship. 
B)  Demographics. 
C)  Type of customer. 
D)  How customer will use product. 
E)  Purchasing methods. 
A)  Kind of relationship. 
B)  Demographics. 
C)  Type of customer. 
D)  How customer will use product. 
E)  Purchasing methods.

Question 9

Which of the following is the WORST example of a "generic market"?

Accepted Answer

A)  The information storage market. 
B)  The recreation market. 
C)  The designer jeans market. 
D)  The home improvement market. 
E)  The entertainment market. 
A)  The information storage market. 
B)  The recreation market. 
C)  The designer jeans market. 
D)  The home improvement market. 
E)  The entertainment market.

Question 10

When a company becomes aware that a new product is being test marketed by one of its competitors in St. Louis, it decides to create a similar product and rush it to market. This company can be described as a(n):

Accepted Answer

A)  copycat. 
B)  innovator. 
C)  me-too imitator. 
D)  first mover. 
A)  copycat. 
B)  innovator. 
C)  me-too imitator. 
D)  first mover.

Question 11

The combined target market approach:

Accepted Answer

A)  tends to focus on small, homogeneous market segments. 
B)  aims at several target markets and offers each target market a unique marketing mix. 
C)  tries to improve the general appeal of a firm's basic marketing mix rather than tailor it to meet the strongly felt needs of some people. 
D)  works well only when each submarket of a product-market has a different demand curve. 
E)  All of the above. 
A)  tends to focus on small, homogeneous market segments. 
B)  aims at several target markets and offers each target market a unique marketing mix. 
C)  tries to improve the general appeal of a firm's basic marketing mix rather than tailor it to meet the strongly felt needs of some people. 
D)  works well only when each submarket of a product-market has a different demand curve. 
E)  All of the above.

Question 12

Which of the following is NOT likely to be a part of the segmenting step in market segmentation?

Accepted Answer

A)  Looking for similarities rather than basic differences in needs. 
B)  Naming a broad product-market of interest to the firm. 
C)  Clustering people with similar needs into a "market segment." 
D)  Determining an appropriate number of segments. 
E)  Aggregating individual customers into market segments. 
A)  Looking for similarities rather than basic differences in needs. 
B)  Naming a broad product-market of interest to the firm. 
C)  Clustering people with similar needs into a "market segment." 
D)  Determining an appropriate number of segments. 
E)  Aggregating individual customers into market segments.

Question 13

"Positioning":

Accepted Answer

A)  involves a packaged-goods manufacturer's attempt to obtain the best possible shelf space for its products in retail outlets. 
B)  is useful for segmenting but not combining. 
C)  helps strategy planners understand how customers think about various brands or products in relation to each other. 
D)  applies only to existing products, not new products. 
E)  eliminates the need for subjective decision making in product planning. 
A)  involves a packaged-goods manufacturer's attempt to obtain the best possible shelf space for its products in retail outlets. 
B)  is useful for segmenting but not combining. 
C)  helps strategy planners understand how customers think about various brands or products in relation to each other. 
D)  applies only to existing products, not new products. 
E)  eliminates the need for subjective decision making in product planning.

Question 14

Marketing managers for Mountain Dew used a positioning statement to help focus efforts and gain market share in a competitive environment.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is a consumer market demographic dimension?

Accepted Answer

A)  Sex. 
B)  Age. 
C)  Occupation. 
D)  Education. 
E)  All of the above are examples. 
A)  Sex. 
B)  Age. 
C)  Occupation. 
D)  Education. 
E)  All of the above are examples.

Question 16

Qualifying dimensions

Accepted Answer

A)  need to be very specific. 
B)  help identify the "core benefits." 
C)  work in isolation in marketing strategy planning. 
D)  affect the customer's purchase of a particular product. 
E)  affect the customer's brand choice. 
A)  need to be very specific. 
B)  help identify the "core benefits." 
C)  work in isolation in marketing strategy planning. 
D)  affect the customer's purchase of a particular product. 
E)  affect the customer's brand choice.

Question 17

A detailed customer database, containing past purchases and other segmenting information, is used to focus marketing efforts on individual customers in a:

Accepted Answer

A)  Clustering management system. 
B)  Product positioning matrix. 
C)  Product differentiation matrix. 
D)  Diversification management system. 
E)  Customer relationship management system. 
A)  Clustering management system. 
B)  Product positioning matrix. 
C)  Product differentiation matrix. 
D)  Diversification management system. 
E)  Customer relationship management system.

Question 18

If geographic location and other demographic characteristics are used as target market dimensions, which potential strategy decision area is mostly likely to get effected?

Accepted Answer

A)  Promotion - what potential customers need. 
B)  Target markets - size. 
C)  Price - what customers might be willing to pay. 
D)  Product line assortment. 
E)  Product - which features to include. 
A)  Promotion - what potential customers need. 
B)  Target markets - size. 
C)  Price - what customers might be willing to pay. 
D)  Product line assortment. 
E)  Product - which features to include.

Question 19

Clustering techniques try to find similar patterns within sets of data.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is MOST LIKELY to be a DETERMINING dimension with respect to purchase of a particular brand of coffee?

Accepted Answer

A)  Taste. 
B)  Income. 
C)  Age. 
D)  Sex. 
E)  None of the above. 
A)  Taste. 
B)  Income. 
C)  Age. 
D)  Sex. 
E)  None of the above.

Exam 4: Focusing Marketing Strategy With Segmentation and Positioning

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

In the seven-step approach to market segmentation, it is best to identify the relevant needs of all potential customers BEFORE trying to form homogeneous submarkets.

The marketing management team for Dada Motors brainstormed a variety of solutions to the problem of how to transport people in the world. This process came during the ____ step in the market segmentation process.

"Positioning":

A marketing manager has just learned about generic markets. This may lead the manager

Using one or two demographic dimensions to describe market segments usually does not provide enough detail for planning a marketing strategy.

In a generic market,

When a company segments its business customers on the basis of whether or not they require contract bids over the Internet, what segmenting dimension is this company using?

Which of the following is the WORST example of a "generic market"?

When a company becomes aware that a new product is being test marketed by one of its competitors in St. Louis, it decides to create a similar product and rush it to market. This company can be described as a(n):

The combined target market approach:

Which of the following is NOT likely to be a part of the segmenting step in market segmentation?

"Positioning":

Marketing managers for Mountain Dew used a positioning statement to help focus efforts and gain market share in a competitive environment.

Which of the following is a consumer market demographic dimension?

Qualifying dimensions

A detailed customer database, containing past purchases and other segmenting information, is used to focus marketing efforts on individual customers in a:

If geographic location and other demographic characteristics are used as target market dimensions, which potential strategy decision area is mostly likely to get effected?

Clustering techniques try to find similar patterns within sets of data.

Which of the following is MOST LIKELY to be a DETERMINING dimension with respect to purchase of a particular brand of coffee?

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

Evaluating Opportunities in the Changing Marketing Environment

Demographic Dimensions of Global Consumer Markets

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

Implementing and Controlling Marketing Plans: Evolution and Revolution

Managing Marketings Link With Other Functional Areas

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

Economics Fundamentals

Marketing Arithmetic

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