Question 1

When pursuing a large-segment strategy,a business presents a generic value proposition built around the core customer need and the business's generic positioning strategy to the entire market.

Accepted Answer

A) True 
 B)False

Question 2

In the context of customer relationship management,every interaction with a customer or a potential customer is a(n) ________.

Accepted Answer

A)  value proposition
B)  irrelevant cost
C)  service contact
D)  touch point
E)  sales contact

Question 3

Compare and contrast the three types of customer relationship marketing strategies.

Accepted Answer

The three types of customer relationship...

Question 4

The best way to identify groups of similar customers is to segment customers on the basis of demographics,lifestyles,and usage behaviors.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is true about database marketing?

Accepted Answer

A)  It is at the core of customer relationship marketing.
B)  It assumes that all customers have the same needs.
C)  It avoids building a more personal relationship between the business and the customer.
D)  It treats all customers as the same,instead of assuming that each customer is unique.
E)  It prioritizes creating efficiency through technological advances over building customer relationships.

Question 6

Which of the following is true of needs-based market segments?

Accepted Answer

A)  Relevant demographics that cause differences in needs include investments,size of investment portfolio,and portfolio diversification.
B)  To make the segments actionable,the observable demographics and behaviors have to be determined.
C)  The main advantage is that individual customers who fall into each segment can be identified.
D)  The main disadvantage is that the segments are not directly based on specific customer needs.
E)  The usage behaviors that cause differences in needs include income and assets.

Question 7

For a segment marketing mix strategy to be successful,the strategy needs to include only certain elements of the marketing mix.

Accepted Answer

A) True 
 B)False

Question 8

The ultimate goal of a customer relationship management is to build one-on-one customized relationships between a business and individual customers.

Accepted Answer

A) True 
 B)False

Question 9

When differences in customer needs are small or demographics are not distinctive,a business may elect to use a ________ strategy.

Accepted Answer

A)  small-segment
B)  vertical integration
C)  horizontal integration
D)  mass-market
E)  niche-segment

Question 10

Growth-oriented entrepreneurs differ from cost-focused sustainers in that growth-oriented entrepreneurs ________.

Accepted Answer

A)  are more interested in maintaining the status quo at the lowest cost
B)  have a lower level of formal education at the leadership level
C)  are less likely to have a working financial plan
D)  are confused by value-added solutions
E)  are more sophisticated in their operations

Question 11

Mass-customization differs from mass-personalization in that mass-customization ________.

Accepted Answer

A)  is a customer relationship marketing strategy
B)  assumes that all customers have the same needs
C)  allows each customer to build a custom product to meet that customer's specific needs
D)  involves pursuing a large-segment strategy
E)  recognizes individual customers by name,needs,and buying behavior.

Question 12

Which of the following is true about customer relationship marketing?

Accepted Answer

A)  It is more focused on what happens before a customer is acquired.
B)  It aims to develop a short-term customer relationship to lower the cost of marketing.
C)  It has the same meaning as customer relationship management.
D)  It is a high-level program for developing ongoing individualized relationships with certain customers when both company and customer value are very high.
E)  It is a range of one-on-one relationship marketing programs based on the level of company and customer value.

Question 13

Business sophistication,growth orientation,innovativeness,technology,and decision making are all examples of firm demographic forces that can have a profound impact on consumer needs.

Accepted Answer

A) True 
 B)False

Question 14

MINI-CASE
FunTime Inc. ,is an American toy manufacturing firm,with its headquarters in New York.The firm specializes in manufacturing educational toys for children.The table given below shows the educational toys market segment performance for FunTime Inc.
 
-Mini-Case Question.What is the marketing ROI for FunTime Inc.?

Accepted Answer

A)  60%
B)  40%
C)  25%
D)  200%
E)  65%

Question 15

Differences in values,attitudes,and interests are examples of ________ forces shaping consumer needs.

Accepted Answer

A)  demographic
B)  lifestyle
C)  usage behavior
D)  geographic
E)  firmographic

Question 16

Lifestyle forces that shape customer needs and market demand include how the product is used,when it is used,and how much it is used.

Accepted Answer

A) True 
 B)False

Question 17

MINI-CASE
FunTime Inc. ,is an American toy manufacturing firm,with its headquarters in New York.The firm specializes in manufacturing educational toys for children.The table given below shows the educational toys market segment performance for FunTime Inc.
 
-Mini-Case Question.What is the marketing ROS for FunTime Inc.?

Accepted Answer

A)  27.5%
B)  50%
C)  10%
D)  15%
E)  52%

Question 18

The primary forces that shape the needs of consumers are demographic influences,lifestyle influences,and usage behaviors.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following statements is true of customer needs?

Accepted Answer

A)  Satisfying customer needs is the first step in successful market segmentation.
B)  All potential customers have the same needs.
C)  Solving customer problems requires knowing the identity of target customers.
D)  A business with a strong market orientation rarely divides its served market into customer segments.
E)  The factors influencing the needs of both consumers and businesses are the same.

Question 20

HomeVenture Inc.manufactures and sells a line of furniture under the brand name Elegant Lines.The firm has a 3 percent share of the U.S.furniture market,and competes with industry giants who have large economies of scale and marketing resources.However,Elegant Lines holds 65 percent of the overlooked "customized art furniture" segment,specializing in very expensive custom-designed,furniture.Each of the Elegant Lines furniture pieces is a unique piece of art.What type of market segmentation strategy is HomeVenture Inc.pursuing?

Accepted Answer

A)  a mass-segment strategy
B)  a niche-segment strategy
C)  a large-segment strategy
D)  a market-development strategy
E)  a mass-market strategy

Exam 5: Market Segmentation and Segmentation Strategies

For a segment marketing mix strategy to be successful,the strategy needs to include only certain elements of the marketing mix.

Correct Answer
verified

Differences in values,attitudes,and interests are examples of ________ forces shaping consumer needs.

Correct Answer
verified

Mass-customization differs from mass-personalization in that mass-customization ________.

Correct Answer
verified

Growth-oriented entrepreneurs differ from cost-focused sustainers in that growth-oriented entrepreneurs ________.

Correct Answer
verified

Correct Answer
verified

In the context of customer relationship management,every interaction with a customer or a potential customer is a(n) ________.

Correct Answer
verified

Which of the following is true of needs-based market segments?

Correct Answer
verified

The primary forces that shape the needs of consumers are demographic influences,lifestyle influences,and usage behaviors.

Correct Answer
verified

The best way to identify groups of similar customers is to segment customers on the basis of demographics,lifestyles,and usage behaviors.

Correct Answer
verified

Which of the following statements is true of customer needs?

Correct Answer
verified

Lifestyle forces that shape customer needs and market demand include how the product is used,when it is used,and how much it is used.

Correct Answer
verified

Which of the following is true about customer relationship marketing?

Correct Answer
verified

Which of the following is true about database marketing?

Correct Answer
verified

Correct Answer
verified

Business sophistication,growth orientation,innovativeness,technology,and decision making are all examples of firm demographic forces that can have a profound impact on consumer needs.

Correct Answer
verified

Correct Answer
verified

The ultimate goal of a customer relationship management is to build one-on-one customized relationships between a business and individual customers.

Correct Answer
verified

When pursuing a large-segment strategy,a business presents a generic value proposition built around the core customer need and the business's generic positioning strategy to the entire market.

Correct Answer
verified

Compare and contrast the three types of customer relationship marketing strategies.

Correct Answer
verified
The three types of customer relationship...
View Answer

When differences in customer needs are small or demographics are not distinctive,a business may elect to use a ________ strategy.

Correct Answer
verified

Exam 5: Market Segmentation and Segmentation Strategies

For a segment marketing mix strategy to be successful,the strategy needs to include only certain elements of the marketing mix.

Correct AnswerverifiedShow Answer

Differences in values,attitudes,and interests are examples of ________ forces shaping consumer needs.

Correct AnswerverifiedShow Answer

Mass-customization differs from mass-personalization in that mass-customization ________.

Correct AnswerverifiedShow Answer

Growth-oriented entrepreneurs differ from cost-focused sustainers in that growth-oriented entrepreneurs ________.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

In the context of customer relationship management,every interaction with a customer or a potential customer is a(n) ________.

Correct AnswerverifiedShow Answer

Which of the following is true of needs-based market segments?

Correct AnswerverifiedShow Answer

The primary forces that shape the needs of consumers are demographic influences,lifestyle influences,and usage behaviors.

Correct AnswerverifiedShow Answer

The best way to identify groups of similar customers is to segment customers on the basis of demographics,lifestyles,and usage behaviors.

Correct AnswerverifiedShow Answer

Which of the following statements is true of customer needs?

Correct AnswerverifiedShow Answer

Lifestyle forces that shape customer needs and market demand include how the product is used,when it is used,and how much it is used.

Correct AnswerverifiedShow Answer

Which of the following is true about customer relationship marketing?

Correct AnswerverifiedShow Answer

Which of the following is true about database marketing?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Business sophistication,growth orientation,innovativeness,technology,and decision making are all examples of firm demographic forces that can have a profound impact on consumer needs.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The ultimate goal of a customer relationship management is to build one-on-one customized relationships between a business and individual customers.

Correct AnswerverifiedShow Answer

When pursuing a large-segment strategy,a business presents a generic value proposition built around the core customer need and the business's generic positioning strategy to the entire market.

Correct AnswerverifiedShow Answer

Compare and contrast the three types of customer relationship marketing strategies.

Correct AnswerverifiedThe three types of customer relationship...View AnswerShow Answer

When differences in customer needs are small or demographics are not distinctive,a business may elect to use a ________ strategy.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The three types of customer relationship...
View Answer

Correct Answer
verified