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Exam 9: Market Segmentation, Targeting, and Positioning

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Question 21

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June knows that the students who patronize her campus ice-cream shop are looking to socialize as much as to consume a treat. In her advertising, she shows images of customers enjoying each other's company. June is segmenting based on:

A) Usage
B) Loyalty
C) 80/20 principle
D) Benefits sought
E) Pareto's Law

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Question 22

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Product positioning is about creating a mental image or perception of a brand, especially vis-à-vis competitive brands. How do you think of Ford and Chevrolet compared to Jaguar or Aston Martin? Or Walmart compared to Neiman Marcus? Or Rice Krispies compared to Shredded Wheat? These brands all have a certain space in your mind on different attributes. To help capture and illustrate this, marketers often use a:

A) product use or application.
B) competitive.
C) value.
D) product specific.

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Question 23

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Define market segmentation. Discuss its role in developing an effective marketing strategy.

Typically, a single marketing mix strategy attracts all sectors of a market.

A company that chooses to focus its efforts on satisfying only one market segment for profit is using a(n) _____ strategy.

If a company markets its breakfast cereal to children, it is using _____ segmentation to segment its markets.

Dividing an overall market into homogeneous groups based on gender and age would constitute demographic segmentation.

Placing a product at a certain point or location within a market in the minds of prospective buyers is known as market mapping.

Jacob is the facility manager for a senior living facility and is responsible for maintaining the facility and ensuring that it looks its best. He likes to repaint all surfaces in the facility every two years and has an exclusive contract with Sherwin Williams who supplies the paint and materials. The paint and materials that Jacob purchases from Sherwin Williams to be utilized in the senior living facility would be classified as _____ products.

Frequent flyer programs are often used by airlines to encourage consumers to make repeat purchases since members can earn free trips based on their accumulated points are an example of _____.

The Fortune at the Bottom of the Pyramid is a book presenting an interesting argument - that emerging economies have 4 billion residents that struggle to live on a very minimal income, but even making a tiny profit off of sales of this volume can be a financial windfall. With a market of this size, there is certainly vast potential. However, the cost structure, product mix, and distribution system of U.S. firms has not proven to be well suited to provide the low cost goods and services this market needs. Overall, The Fortune at the Bottom of the Pyramid has not worked out for U.S. companies because of which of the key criteria for successful market segmentation? This segment is not:

Companies want to learn about consumer psychographic characteristics as these often relate directly to purchase activity. However, unlike demographic characteristics that are often observable or available through sources such as the census, psychographic information is more difficult to obtain. The most common method of gathering psychographic information is through:

What is geographic segmentation? How is it useful for marketers?

​Master Cookie Bakers sells customized cookies to restaurants and standardized cookies to individual buyers. The firm is using:

The "empty nest" stage in the family lifecycle includes:

Marketers obviously want to have products available where customers live. Hence, retail store site selection is critical for bricks and mortar retailers. Further, consumers in urban areas, suburban areas, and rural areas often have different wants and needs. Retailers not only calculate how far apart stores need to be but also what merchandise is carried by different stores based on geographic areas. These retailers are making decisions based on what element of geographic segmentation?

When firms identify the factors that affect consumers' purchase decisions and develop strategies and tactics to appeal to specific types or groups of customers, they are practicing market _________.

Lands End makes a variety of products at different price points, but one thing that remains consistent - the guarantee. In fact, the company clearly states "Guaranteed. Period^®. We want nothing less than your absolute satisfaction. If you're not satisfied with any item, simply return it to us at any time for an exchange or refund of its purchase price." Lands End feels its guarantee is the best in the business. This guarantee is part of Lands End ______ positioning strategy.¶

The most common method of market segmentation is:

The perception and environment of gyms has evolved over the past few decades. While some male-focused boxing and weight lifting gyms still exist, most workout facilities today are much broader in focus and include dressing rooms, equipment, and classes for both men and women. One organization, though has carved out a niche for itself by focusing on women. Curves specializes in serving the female market. It spears Curves' primary segmentation approach is based on: