Question 1

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 2

In a generic market

Accepted Answer

A)  sellers offer various, often diverse, ways of satisfying broadly similar needs. 
B)  consumers are offered various close substitute ways of satisfying needs. 
C)  everything is the same as in a product-market. 
D)  customers have very diverse needs. 
E)  sellers produce unbranded products. 
A)  sellers offer various, often diverse, ways of satisfying broadly similar needs. 
B)  consumers are offered various close substitute ways of satisfying needs. 
C)  everything is the same as in a product-market. 
D)  customers have very diverse needs. 
E)  sellers produce unbranded products.

Question 3

Saying that a market segment is "substantial" means that it contains customers from a variety of demographic variables.

Accepted Answer

A) True 
 B)False

Question 4

A "product-market" is a market in which:

Accepted Answer

A)  all sellers offer exactly the same product. 
B)  one firm has achieved a competitive advantage. 
C)  all sellers offer products that are unique and innovative. 
D)  sellers offer very close substitute ways of satisfying potential customers' needs. 
E)  sellers offer substitute products which are quite different physically or conceptually. 
A)  all sellers offer exactly the same product. 
B)  one firm has achieved a competitive advantage. 
C)  all sellers offer products that are unique and innovative. 
D)  sellers offer very close substitute ways of satisfying potential customers' needs. 
E)  sellers offer substitute products which are quite different physically or conceptually.

Question 5

"Positioning" is a marketing management aid which refers to:

Accepted Answer

A)  a product's ability to provide both immediate satisfaction and social responsibility. 
B)  how customers think about proposed and/or present brands in a market. 
C)  a firm's ability to distribute products through intermediaries who are in the right position to reach target customers. 
D)  how a firm approaches customer relationship management. 
E)  all of these alternatives are true. 
A)  a product's ability to provide both immediate satisfaction and social responsibility. 
B)  how customers think about proposed and/or present brands in a market. 
C)  a firm's ability to distribute products through intermediaries who are in the right position to reach target customers. 
D)  how a firm approaches customer relationship management. 
E)  all of these alternatives are true.

Question 6

A producer of electrical components combined electrical supply wholesalers and manufacturers of electrical equipment into the same market segment--one of several segments it was targeting. Soon it lost the manufacturers' business to a competitor. It seems that the firm failed to consider the risk of

Accepted Answer

A)  too much aggregating. 
B)  insulting the manufacturers by putting them in the same market segment with the wholesalers. 
C)  picking market segments based on qualifying dimensions. 
D)  selecting market segments that were not substantial. 
E)  using too many segmenting dimensions. 
A)  too much aggregating. 
B)  insulting the manufacturers by putting them in the same market segment with the wholesalers. 
C)  picking market segments based on qualifying dimensions. 
D)  selecting market segments that were not substantial. 
E)  using too many segmenting dimensions.

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 is most likely to rely on customer relationship management (CRM) approaches when it does not have a database of information on individual customers.

Accepted Answer

A) True 
 B)False

Question 9

A product-market is one

Accepted Answer

A)  in which exchanges are based on barter rather than money. 
B)  where one seller has a patent for a superior product and other firms try to imitate the leader the best they can. 
C)  where all of the customers want the same product but will consider a substitute if their preferred brand is not available. 
D)  in which competing sellers offer physically or conceptually similar products. 
E)  in which no intermediaries operate. 
A)  in which exchanges are based on barter rather than money. 
B)  where one seller has a patent for a superior product and other firms try to imitate the leader the best they can. 
C)  where all of the customers want the same product but will consider a substitute if their preferred brand is not available. 
D)  in which competing sellers offer physically or conceptually similar products. 
E)  in which no intermediaries operate.

Question 10

______________ 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 11

A market-oriented strategy planner applies the ______________ target market approach.

Accepted Answer

A)  combined 
B)  multiple 
C)  single 
D)  Any of these could be true. 
A)  combined 
B)  multiple 
C)  single 
D)  Any of these could be true.

Question 12

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 13

A ______________ market is a market with broadly similar needs and sellers offering various--and often diverse--ways of satisfying those needs.

Accepted Answer

A)  planned 
B)  target 
C)  central 
D)  generic 
E)  relevant 
A)  planned 
B)  target 
C)  central 
D)  generic 
E)  relevant

Question 14

A firm's "relevant market for finding opportunities" should be bigger than the present product-market but not so large that it couldn't expand and still be an important competitor.

Accepted Answer

A) True 
 B)False

Question 15

Effective market segmentation is a two-step process that starts with naming broad product-markets and then goes on to segmenting these broad product-markets into more homogeneous submarkets.

Accepted Answer

A) True 
 B)False

Question 16

A profit-oriented firm will usually want to continue aggregating potential customers into larger submarkets until every consumer fits neatly into some segment.

Accepted Answer

A) True 
 B)False

Question 17

A "generic market" is a market in which sellers offer substitute products which are so similar that customers see them as "all the same."

Accepted Answer

A) True 
 B)False

Question 18

A ______________ market is a market with broadly similar needs and sellers offering various--and often diverse--ways of satisfying those needs.

Accepted Answer

A)  homogeneous 
B)  product 
C)  relevant 
D)  generic 
E)  target 
A)  homogeneous 
B)  product 
C)  relevant 
D)  generic 
E)  target

Question 19

The clustering techniques that can be used in segmenting:

Accepted Answer

A)  eliminate the need for management intuition and judgment. 
B)  group people together into heterogeneous product-market segments. 
C)  try to find similar patterns within sets of data. 
D)  allow managers to ignore segmenting dimensions. 
E)  None of these is true. 
A)  eliminate the need for management intuition and judgment. 
B)  group people together into heterogeneous product-market segments. 
C)  try to find similar patterns within sets of data. 
D)  allow managers to ignore segmenting dimensions. 
E)  None of these is true.

Question 20

Ford Motor Co. asks members of its target market to rate its cars and those of General Motors and Chrysler on a 7-point scale in terms of two dimensions (comfortable seats and engine power) so that it can establish a quadrant-grid of these ratings. What type of analysis is Ford conducting?

Accepted Answer

A)  Positioning 
B)  Combining 
C)  Qualifying 
D)  Dimensional 
A)  Positioning 
B)  Combining 
C)  Qualifying 
D)  Dimensional

A combined target market approach

In a generic market

Saying that a market segment is "substantial" means that it contains customers from a variety of demographic variables.

A "product-market" is a market in which:

"Positioning" is a marketing management aid which refers to:

A producer of electrical components combined electrical supply wholesalers and manufacturers of electrical equipment into the same market segment--one of several segments it was targeting. Soon it lost the manufacturers' business to a competitor. It seems that the firm failed to consider the risk of

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

A firm is most likely to rely on customer relationship management (CRM) approaches when it does not have a database of information on individual customers.

A product-market is one

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

A market-oriented strategy planner applies the ______________ target market approach.

A generic market

A ______________ market is a market with broadly similar needs and sellers offering various--and often diverse--ways of satisfying those needs.

A firm's "relevant market for finding opportunities" should be bigger than the present product-market but not so large that it couldn't expand and still be an important competitor.

Effective market segmentation is a two-step process that starts with naming broad product-markets and then goes on to segmenting these broad product-markets into more homogeneous submarkets.

A profit-oriented firm will usually want to continue aggregating potential customers into larger submarkets until every consumer fits neatly into some segment.

A "generic market" is a market in which sellers offer substitute products which are so similar that customers see them as "all the same."

A ______________ market is a market with broadly similar needs and sellers offering various--and often diverse--ways of satisfying those needs.

The clustering techniques that can be used in segmenting:

Ford Motor Co. asks members of its target market to rate its cars and those of General Motors and Chrysler on a 7-point scale in terms of two dimensions (comfortable seats and engine power) so that it can establish a quadrant-grid of these ratings. What type of analysis is Ford conducting?

Marketing39s 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

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

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

Economics Fundamentals

Marketing Arithmetic

Filters

Exam 4: Focusing Marketing Strategy With Segmentation and Positioning

A combined target market approach

In a generic market

Saying that a market segment is "substantial" means that it contains customers from a variety of demographic variables.

A "product-market" is a market in which:

"Positioning" is a marketing management aid which refers to:

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

A firm is most likely to rely on customer relationship management (CRM) approaches when it does not have a database of information on individual customers.

A product-market is one

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

A market-oriented strategy planner applies the ______________ target market approach.

A generic market

A ______________ market is a market with broadly similar needs and sellers offering various--and often diverse--ways of satisfying those needs.

A firm's "relevant market for finding opportunities" should be bigger than the present product-market but not so large that it couldn't expand and still be an important competitor.

Effective market segmentation is a two-step process that starts with naming broad product-markets and then goes on to segmenting these broad product-markets into more homogeneous submarkets.

A profit-oriented firm will usually want to continue aggregating potential customers into larger submarkets until every consumer fits neatly into some segment.

A "generic market" is a market in which sellers offer substitute products which are so similar that customers see them as "all the same."

A ______________ market is a market with broadly similar needs and sellers offering various--and often diverse--ways of satisfying those needs.

The clustering techniques that can be used in segmenting:

Ford Motor Co. asks members of its target market to rate its cars and those of General Motors and Chrysler on a 7-point scale in terms of two dimensions (comfortable seats and engine power) so that it can establish a quadrant-grid of these ratings. What type of analysis is Ford conducting?

Marketing39s 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

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

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

Economics Fundamentals

Marketing Arithmetic

Filters