Exam 5: Market Segmentation

The group or market segment that a company selects to market to is called a _____.

According to the VALS™ framework, consumers driven by knowledge and principles are motivated primarily by _____.

Which of the following statements is true of a firm's decision to "mass market" a product?

In the process of market segmentation, while determining consumer needs and wants, it is advisable for a company to:

Johnson & Coleman has created a new line of premium quality writing desks. The company marketed the product by highlighting its durability and functionality. According to the VALS™, to which of the following psychographic groups would the writing desk appeal the most?

According to the VALS™ model, Experiencers are:

According to the VALS™ framework, _____ are consumers who are change leaders and are most receptive to new ideas and technologies.

Which of the following is the most market-oriented approach to segmentation?

An advertisement for Utopia Bank describes the bank as not only providing all banking services a consumer could ever want, but also offering brokerage house services. Instead of just competing against banks, Utopia Bank increased its versatility by positioning its services:

Mike wanted to build a bowling alley in Canada. Market research shows that Western Canadians enjoy bowling and similar pastimes significantly more than those in Eastern Canada. By locating his alley in the Western province of Alberta, Mike used a _____ segmentation strategy.

Which of the following observations about geodemographic segmentation is true?

Bill is a carpenter who loves his job. Even when he is not working, he spends his time designing and building furniture and bookshelves for his house. Bill does not care much for material possessions and considers his job to be an act of self-expression, rather than a mere occupation. According to the VALS™ framework, Bill can be categorized as a(n) _____.

Vet Meds is the pharmaceutical branch of a large medical research center for animals. Vet Meds often conducts surveys at veterinary hospitals and private vet clinics to identify potential areas for improvisation and growth. The company noted that many domestic pet-owners reported finding it extremely difficult to give their dogs oral medications owing to the bitter taste of the medicines, which remained even when the medicines were mixed with food. In response to this finding, Vet Meds released oral medicines for dogs which came in various meat flavors. Which of the following segmentation approaches is used by Vet Meds to satisfy consumer needs?

Jake is the marketing manager at Z-T athletic shoes manufacturers. Jake wanted to know how consumers perceive Z-T shoes when compared to all other athletic shoes currently in the market. He develops and administers a survey which indicates that the important attributes consumers look for in athletic shoes include price, durability, fit, and support. In this case, Jake could determine how Z-T ranks against other brands by using a _____.

Consumer attitudes, preferences, and benefits sought, which are determined through marketing research:

How are consumer lifestyles measured during psychographic segmentation?

Which of the following is the primary focus of psychographic segmentation?

Garnet Inc. is a manufacturing firm that primarily uses surveys to understand customers' attitudes, preferences, and benefits sought in a particular product category. Finally, based on their responses, the firm groups them to form market segments. This implies that Garnet Inc. uses a(n) _____ segmentation approach.

In which of the following stages of the market segmentation process is a firm likely to be faced with the decision to either mass market or ignore the market?

Chewies has been the favorite candy of many Southerners for years. The caramel, peanut, marshmallow, and chocolate confectionery is distributed through retail outlets in the South-Eastern regions of America. Its manufacturers recently started selling the candy through certain mail-order catalogs. Through previous research and experience, the marketing managers were able to use the _____ segmentation approach to gather information that would help determine the appropriate target groups for mail-order catalogs for Chewies.