Question 1

What step in deciding how to position a product should be done on a continual basis since consumer tastes change for almost every product?

Accepted Answer

A)  undergo market segmentation
B)  review the perceptual map
C)  evaluate feedback
D)  analyze competitors' positions
E)  define the product's competitive advantage A

Question 2

A perceptual map is a competitive analysis tool that creates a visual picture of where products are located in consumer's minds.

Accepted Answer

A) True 
 B)False  True

Question 3

Market segmentation refers to

Accepted Answer

A)  having regional sales forces that can market a product according to geographic area.
B)  redesigning or repositioning a product so it meets the needs of a target market.
C)  taking an overall marketing plan and dividing it into smaller campaigns based on each product.
D)  marketing a product so that each and every consumer can get value from it.
E)  dividing a larger market into smaller groups based on meaningfully shared characteristics. D

Question 4

A firm marketing its product in the United States and abroad may have to tweak the product for its international customers and as such may have to market it differently. What type of targeting strategy would work best for this situation?

Accepted Answer

A)  undifferentiated
B)  niche
C)  differentiated
D)  geographic
E)  concentrated

Question 5

Market size, customer convenience and population shifts are all factors related to _________ segmentation.

Accepted Answer

The answer of Market size, customer convenience and population shifts...

Question 6

A successful positioning statement should include the competitive advantages of the product.

Accepted Answer

A) True 
 B)False

Question 7

Market segments are

Accepted Answer

A)  relatively heterogeneous groups of consumers that result from the segmentation process.
B)  the different geographical areas in which a product must be marketed differently.
C)  the various types of advertising and promotional campaigns used to sway consumer interest in a product.
D)  the two buying groups: those that have never purchased a firm's product, and those that are potential repeat customers.
E)  relatively homogenous groups of consumers that result from the segmentation process.

Question 8

When a company seeks consumers who are active users of Facebook and Twitter, this is an example of how ________ ________ can be used as a market segmentation strategy.

Accepted Answer

The answer of When a company seeks consumers who are...

Question 9

Firms typically segment international markets using three general bases: unique, regional, and _________.

Accepted Answer

The answer of Firms typically segment international markets using three...

Question 10

The group of customers toward which an organization has decided to direct its marketing efforts is called its

Accepted Answer

A)  primary market.
B)  primary segment.
C)  target market.
D)  target sector.
E)  marketing segment.

Question 11

Regardless of what target marketing strategy firms use, they must keep in mind the growing ethical concerns around targeting some market segments, in particular children and older adults.

Accepted Answer

A) True 
 B)False

Question 12

Marketers are particularly interested in segmenting older Americans because they typically have two things that most of their younger counterparts do not have: time and ________.

Accepted Answer

The answer of Marketers are particularly interested in segmenting older...

Question 13

Which of the following is not one of the broad segmentation bases outlined in your text that can be used to segment a market?

Accepted Answer

A)  demand
B)  demographic
C)  behavioral
D)  geographic
E)  psychographic

Question 14

When it comes to segmenting markets based on income, the group of American households that have between $100,000 and $250,000 in investable assets and is one of the fastest growing segments in the United States is referred to as ________ ________.

Accepted Answer

The answer of When it comes to segmenting markets based...

Question 15

An auto insurance company segmented its market by both gender and age and designed different marketing campaigns to appeal to both. In the end, both segments responded the same to the different marketing strategies, in part, because both segments are required to have auto insurance. This firm failed to understand the criteria of market segments needing to be

Accepted Answer

A)  substantial.
B)  accessible.
C)  differentiable.
D)  measurable.
E)  actionable.

Question 16

When highlighting a product's competitive advantage based on attributes, a firm will

Accepted Answer

A)  show how its product use can be advantageous to the customer.
B)  concentrate on the unique aspects of the product that sets it apart from the competition.
C)  remind customers the value of the product received in comparison to its price.
D)  show how its product is priced lower than the competition.
E)  develop a relationship with the target market that will enhance the product's brand.

Question 17

The VALS framework identifies three primary motivations: achievement, self-expression, and _________.

Accepted Answer

The answer of The VALS framework identifies three primary motivations:...

Question 18

Social media outlets like Facebook are not generally helpful in segmenting markets because of the wide variety of people who utilize this type of technology.

Accepted Answer

A) True 
 B)False

Question 19

The two dimensions of the VALS framework, needs and wants, helps to explain why different consumer groups exhibit different behaviors, and why different consumer groups often exhibit the same behaviors for different reasons.

Accepted Answer

A) True 
 B)False

Question 20

Stores such as Bass Pro Shops focus their attention on consumers who like to fish, hunt, and pursue other outdoor activities. This represents the form of segmentation called _________ segmentation.

Accepted Answer

The answer of Stores such as Bass Pro Shops focus...

Exam 7: Segmentation, Targeting, and Positioning

What step in deciding how to position a product should be done on a continual basis since consumer tastes change for almost every product?

A perceptual map is a competitive analysis tool that creates a visual picture of where products are located in consumer's minds.

Market segmentation refers to

A firm marketing its product in the United States and abroad may have to tweak the product for its international customers and as such may have to market it differently. What type of targeting strategy would work best for this situation?

Market size, customer convenience and population shifts are all factors related to _________ segmentation.

A successful positioning statement should include the competitive advantages of the product.

Market segments are

When a company seeks consumers who are active users of Facebook and Twitter, this is an example of how can be used as a market segmentation strategy.

Firms typically segment international markets using three general bases: unique, regional, and _________.

The group of customers toward which an organization has decided to direct its marketing efforts is called its

Regardless of what target marketing strategy firms use, they must keep in mind the growing ethical concerns around targeting some market segments, in particular children and older adults.

Marketers are particularly interested in segmenting older Americans because they typically have two things that most of their younger counterparts do not have: time and ________.

Which of the following is not one of the broad segmentation bases outlined in your text that can be used to segment a market?

When it comes to segmenting markets based on income, the group of American households that have between $100,000 and $250,000 in investable assets and is one of the fastest growing segments in the United States is referred to as .

When highlighting a product's competitive advantage based on attributes, a firm will

The VALS framework identifies three primary motivations: achievement, self-expression, and _________.

Social media outlets like Facebook are not generally helpful in segmenting markets because of the wide variety of people who utilize this type of technology.

The two dimensions of the VALS framework, needs and wants, helps to explain why different consumer groups exhibit different behaviors, and why different consumer groups often exhibit the same behaviors for different reasons.

Stores such as Bass Pro Shops focus their attention on consumers who like to fish, hunt, and pursue other outdoor activities. This represents the form of segmentation called _________ segmentation.