Question 1

Differentiating the marketing mix is important because:

Accepted Answer

A)  It can help the firm build a competitive advantage with a group of target customers. 
B)  It can help target customers to view the firm's position in the market as uniquely suited to their preferences and needs. 
C)  It can clarify the position the firm wants to achieve with customers. 
D)  It can contribute to better blending of marketing mix decisions to achieve desired objectives. 
E)  All of these alternatives are true. 
A)  It can help the firm build a competitive advantage with a group of target customers. 
B)  It can help target customers to view the firm's position in the market as uniquely suited to their preferences and needs. 
C)  It can clarify the position the firm wants to achieve with customers. 
D)  It can contribute to better blending of marketing mix decisions to achieve desired objectives. 
E)  All of these alternatives are true.

Question 2

If a product-market segment is "homogeneous within," it is called a "substantial" target market.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is NOT one of the target marketing approaches for developing market-oriented strategies in a broad product-market?

Accepted Answer

A)  Multiple. 
B)  Single. 
C)  Exclusive. 
D)  Combined. 
E)  All of these are target marketing approaches. 
A)  Multiple. 
B)  Single. 
C)  Exclusive. 
D)  Combined. 
E)  All of these are target marketing approaches.

Question 4

____ dimensions actually affect the customer's purchase of a specific product or brand in a product-market.

Accepted Answer

A)  Behavioral 
B)  Demographic 
C)  Determining 
D)  Qualifying 
E)  Geographic 
A)  Behavioral 
B)  Demographic 
C)  Determining 
D)  Qualifying 
E)  Geographic

Question 5

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

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 6

Which is the first step in market segmentation?

Accepted Answer

A)  Finding one or two demographic characteristics to divide up the whole mass market. 
B)  Clustering people with similar needs into a market segment. 
C)  Naming a broad product-market of interest to the firm. 
D)  Evaluating market segments to determine if they are large enough. 
E)  None of these alternatives is the first step in market segmentation. 
A)  Finding one or two demographic characteristics to divide up the whole mass market. 
B)  Clustering people with similar needs into a market segment. 
C)  Naming a broad product-market of interest to the firm. 
D)  Evaluating market segments to determine if they are large enough. 
E)  None of these alternatives is the first step in market segmentation.

Question 7

The customer type component of the product-market should include:

Accepted Answer

A)  the buyer of the product 
B)  the type of good and service 
C)  the user of the product 
D)  the geographic area where customers live 
E)  All of these alternatives should be in the customer type. 
A)  the buyer of the product 
B)  the type of good and service 
C)  the user of the product 
D)  the geographic area where customers live 
E)  All of these alternatives should be in the customer type.

Question 8

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 9

______________ is a marketing management aid which refers to how customers think about proposed and/or present brands in a market.

Accepted Answer

A)  Brand familiarity 
B)  Positioning 
C)  Market scanning 
D)  Market segmentation 
E)  Customer relationship management (CRM) 
A)  Brand familiarity 
B)  Positioning 
C)  Market scanning 
D)  Market segmentation 
E)  Customer relationship management (CRM)

Question 10

When PepsiCo asked its advertising agency to develop an advertising program for its Mountain Dew soft drink, it gave the agency a statement describing the age and fun-loving spirit of its target market and the one-of-a-kind citrus flavor of the new product, what type of statement was this?

Accepted Answer

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

Question 11

A marketing manager who is able to use qualifying dimensions in forming market segments will not need to worry about determining dimensions.

Accepted Answer

A) True 
 B)False

Question 12

When a hotel chain asks one of its new customers to specify the preferred location of his room, what type of pillow he likes, and his credit card information, and then stores this information in a database to use the next time this customer reserves a room online, what target market approach is this chain using?

Accepted Answer

A)  Single 
B)  Clustering 
C)  Segment of one 
D)  Multiple 
E)  Combined 
A)  Single 
B)  Clustering 
C)  Segment of one 
D)  Multiple 
E)  Combined

Question 13

The more heterogeneous a firm's target market becomes, the more likely the firm will see competition from an innovative segmenter.

Accepted Answer

A) True 
 B)False

Question 14

A generic market

Accepted Answer

A)  may include sellers who compete in different product-markets. 
B)  would probably be broader than the firm's target market. 
C)  might be composed of several different product-markets. 
D)  has sellers offering a more diverse set of products. 
E)  All of these are correct for a generic market. 
A)  may include sellers who compete in different product-markets. 
B)  would probably be broader than the firm's target market. 
C)  might be composed of several different product-markets. 
D)  has sellers offering a more diverse set of products. 
E)  All of these are correct for a generic market.

Question 15

A firm involved in international marketing should pay even more attention to segmenting than a firm that sells only in the United States.

Accepted Answer

A) True 
 B)False

Question 16

A pencil, a dictating machine, and a word processor might compete in the same

Accepted Answer

A)  target market. 
B)  generic market. 
C)  product-market. 
D)  Any of these could be correct. 
A)  target market. 
B)  generic market. 
C)  product-market. 
D)  Any of these could be correct.

Question 17

The main difference between naming broad product-markets and market segmentation is:

Accepted Answer

A)  naming is a computerized process, while segmentation requires more thought. 
B)  naming is concerned with customers, while segmentation is concerned with product features. 
C)  naming involves breaking down markets, while segmentation involves aggregating customers with similar needs. 
D)  naming involves looking for similarities, while segmentation involves looking for differences. 
E)  None of these alternatives is correct. 
A)  naming is a computerized process, while segmentation requires more thought. 
B)  naming is concerned with customers, while segmentation is concerned with product features. 
C)  naming involves breaking down markets, while segmentation involves aggregating customers with similar needs. 
D)  naming involves looking for similarities, while segmentation involves looking for differences. 
E)  None of these alternatives is correct.

Question 18

A combined target market approach

Accepted Answer

A)  sacrifices possible economies of scale. 
B)  requires more investment than a multiple target market approach. 
C)  may not satisfy customers as well as the multiple target market approach. 
D)  trades off sales volume to provide a small market superior value. 
E)  aims at two or more segments with multiple marketing mixes. 
A)  sacrifices possible economies of scale. 
B)  requires more investment than a multiple target market approach. 
C)  may not satisfy customers as well as the multiple target market approach. 
D)  trades off sales volume to provide a small market superior value. 
E)  aims at two or more segments with multiple marketing mixes.

Question 19

In the seven-step approach to market segmentation, it is best to narrow down to smaller product-markets BEFORE identifying the needs of all potential customers.

Accepted Answer

A) True 
 B)False

Question 20

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.

Differentiating the marketing mix is important because:

If a product-market segment is "homogeneous within," it is called a "substantial" target market.

Which of the following is NOT one of the target marketing approaches for developing market-oriented strategies in a broad product-market?

____ dimensions actually affect the customer's purchase of a specific product or brand in a product-market.

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

Which is the first step in market segmentation?

The customer type component of the product-market should include:

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

______________ is a marketing management aid which refers to how customers think about proposed and/or present brands in a market.

When PepsiCo asked its advertising agency to develop an advertising program for its Mountain Dew soft drink, it gave the agency a statement describing the age and fun-loving spirit of its target market and the one-of-a-kind citrus flavor of the new product, what type of statement was this?

A marketing manager who is able to use qualifying dimensions in forming market segments will not need to worry about determining dimensions.

The more heterogeneous a firm's target market becomes, the more likely the firm will see competition from an innovative segmenter.

A generic market

A firm involved in international marketing should pay even more attention to segmenting than a firm that sells only in the United States.

A pencil, a dictating machine, and a word processor might compete in the same

The main difference between naming broad product-markets and market segmentation is:

A combined target market approach

In the seven-step approach to market segmentation, it is best to narrow down to smaller product-markets BEFORE identifying the needs of all potential customers.

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

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

Evaluating Opportunities in the Changing Marketing 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

Promotionintroduction 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

Filters

Exam 4: Focusing Marketing Strategy With Segmentation and Positioning

Differentiating the marketing mix is important because:

If a product-market segment is "homogeneous within," it is called a "substantial" target market.

Which of the following is NOT one of the target marketing approaches for developing market-oriented strategies in a broad product-market?

____ dimensions actually affect the customer's purchase of a specific product or brand in a product-market.

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

Which is the first step in market segmentation?

The customer type component of the product-market should include:

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

______________ is a marketing management aid which refers to how customers think about proposed and/or present brands in a market.

When PepsiCo asked its advertising agency to develop an advertising program for its Mountain Dew soft drink, it gave the agency a statement describing the age and fun-loving spirit of its target market and the one-of-a-kind citrus flavor of the new product, what type of statement was this?

A marketing manager who is able to use qualifying dimensions in forming market segments will not need to worry about determining dimensions.

The more heterogeneous a firm's target market becomes, the more likely the firm will see competition from an innovative segmenter.

A generic market

A firm involved in international marketing should pay even more attention to segmenting than a firm that sells only in the United States.

A pencil, a dictating machine, and a word processor might compete in the same

The main difference between naming broad product-markets and market segmentation is:

A combined target market approach

In the seven-step approach to market segmentation, it is best to narrow down to smaller product-markets BEFORE identifying the needs of all potential customers.

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

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

Evaluating Opportunities in the Changing Marketing 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

Promotionintroduction 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

Filters