Question 1

To be identified as a market segment,members of the group must

Accepted Answer

A)   be similar in terms of their consumption behavior.
B)   represent a large share of the entire market and have buying power.
C)   have diverse needs and have potential for future growth.
D)   have diverse needs and be willing and able to purchase the product.
E)   have the potential for future growth and increased profit or ROI.

Question 2

All of the following are criterion used for selecting target market segments except which?

Accepted Answer

A)   compatibility with the organization's objectives and resources
B)   market size
C)   simplicity and cost of assigning potential buyers to segments
D)   competitive position
E)   cost of reaching the segment

Question 3

All of the following are criteria used for forming market segments except which?

Accepted Answer

A)   difference of needs of buyers among segments
B)   potential for increased profit
C)   cost of reaching the segment
D)   potential of a marketing action to reach a segment
E)   simplicity and cost-effectiveness of assigning potential buyers to segments

Question 4

There are five key steps in segmenting and targeting markets,which link market needs of customers to the organization's marketing program.List these five key steps.

Accepted Answer

The five key steps in segmenting and tar...

Question 5

Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as

Accepted Answer

A)   consumer differentiation.
B)   psychographics.
C)   market segmentation.
D)   market delineation.
E)   aggregation marketing.

Question 6

Cannibalization would most likely occur if

Accepted Answer

A)   Dell adds high-end speaker systems to its line.
B)   General Mills launches Caramel Crunch Cheerios.
C)   General Motors markets a motorcycle similar to the Can-Am Spyder Roadster three-wheel bike.
D)   Pillsbury adds boxed sugar to its product mix.
E)   Procter & Gamble adds a new line of baby clothing to its Pampers stable of products.

Question 7

Which of the following is an example of a multiple products,multiple market segments strategy?

Accepted Answer

A)   College Football magazine selects different covers for essentially the same magazine in order to appeal to different geographic markets in the United States.
B)   A new movie used several different movie trailers. One set of previews showed the action scenes in order to attract one audience and the other set showed romantic scenes to attract another audience.
C)   Arm and Hammer Baking Soda can be used for baking and to remove odors from refrigerators and litter boxes.
D)   Betty Crocker carries one line of cake mixes for people with conventional ovens and another line of cake mixes for people with microwave ovens.
E)   Johnson's Baby Oil is advertised as a skin softener for babies and as a makeup remover for women.

Question 8

Wonk is a unique furniture company that design,builds,and retails in Brooklyn,NY.You can customize your design with creative input,including personalizing items with wood and lacquer options or environmentally conscious materials and finishes,though the options are not unlimited.Wonk relies on

Accepted Answer

A)   order customization.
B)   a one product, one market segment strategy.
C)   build-to-order manufacturing.
D)   specialty customization.
E)   mass customization.

Question 9

Grouping potential buyers into meaningful segments involves meeting some specific criteria that answer the following question:

Accepted Answer

A)   Is this product useful on a global scale?
B)   Is it possible to reposition this product?
C)   Is there too much competition for this product?
D)   Is the market loyal to the product?
E)   Would segmentation be worth doing and is it possible?

Question 10

What are the criteria used to select target markets?

Accepted Answer

There are two different kinds of criteri...

Question 11

The final step in segmenting and targeting markets that links customer needs to marketing actions is to

Accepted Answer

A)   take marketing actions to reach target markets.
B)   group potential buyers into segments.
C)   select target markets.
D)   group products to be sold into categories.
E)   develop a market-product grid and estimate size of the overall market.

Question 12

Small athletic shoe manufacturers such as Vans target niche markets and make shoes designed to satisfy the needs of different specific groups of customers.This strategy is an example of

Accepted Answer

A)   market segmentation.
B)   mass customization.
C)   customized manufacturing.
D)   single chain marketing.
E)   market specific selection.

Question 13

The annual Sporting News Baseball Yearbook uses 17 different covers featuring a baseball star from each of its regions in the United States,yet each regional issue has the same magazine content.The publisher is using which of the following segmentation strategies?

Accepted Answer

A)   multiple products with one segment
B)   one product with one channel of distribution
C)   one product with multiple market segments
D)   one product with changes based on customer behavior
E)   multiple products with multiple segments

Question 14

Name Maker is an online company that sells,among other items,high-end gift wrapping that can have custom slogans or names printed on it,such as the name of a person celebrating a birthday or a couple who is getting married.It is available for purchase for as little as per 12-foot roll.This is an example of

Accepted Answer

A)   family branding.
B)   mass customization.
C)   synergistic marketing.
D)   "Tiffany/Walmart" marketing.
E)   specialty customization.

Question 15

Selling a product to a different market segment usually requires a different marketing action that,in turn,means greater costs.If increased revenues don't offset extra costs of this action,a marketer should

Accepted Answer

A)   increase the advertising budget.
B)   prune the product offerings.
C)   family brand the products.
D)   combine segments.
E)   group products into categories.

Question 16

A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization is referred to as a

Accepted Answer

A)   needs table.
B)   cross-tabulation.
C)   market-product grid.
D)   growth-share matrix.
E)   product differentiation table.

Question 17

Which of the following competitors mentioned in the textbook should the owner of a Wendy's restaurant monitor closely due to its explosive growth in the number of current and proposed locations-one that is or may soon be near this Wendy's?

Accepted Answer

A)   Burger King
B)   In-N-Out Burger
C)   McDonald's
D)   Five Guys
E)   Smashburger

Question 18

The 80/20 rule suggests that

Accepted Answer

A)   80 percent of a firm's inventory should be readily available while 20 percent should be reserved for emergency demand.
B)   80 percent of a firm's first-time users will become brand loyal while 20 percent will use the product only once and then abandon it.
C)   80 percent of a firm's sales are obtained from 20 percent of its customers.
D)   80 percent of a firm's marketing program expenses are tax deductible while 20 percent are not.
E)   80 percent of a firm's products will be sold to ultimate consumers while 20 percent to organizational buyers.

Question 19

College dorm residents frequently want to keep and prepare their own food and snacks to save money or have a late-night snack.However,their dorm rooms are often woefully short of space.MicroFridge marketers understand this and offer a combination microwave,refrigerator,and freezer targeted to these students.MicroFridge is most likely using which basis of segmentation?

Accepted Answer

A)   sociocultural segmentation
B)   psychographic segmentation
C)   geographic segmentation
D)   behavioral segmentation
E)   socioeconomic segmentation

Question 20

Which of the following is a criterion used in forming market segments?

Accepted Answer

A)   similarity of segments to competitors' segments
B)   differences between potential suppliers or distributors
C)   differences of needs of buyers within a segment
D)   market size of the segment
E)   potential of a marketing action to reach a segment

Exam 8: Market Segmentation, targeting, and Positioning

Correct Answer
verified

Grouping potential buyers into meaningful segments involves meeting some specific criteria that answer the following question:

Correct Answer
verified

Wonk is a unique furniture company that design,builds,and retails in Brooklyn,NY.You can customize your design with creative input,including personalizing items with wood and lacquer options or environmentally conscious materials and finishes,though the options are not unlimited.Wonk relies on

Correct Answer
verified

The 80/20 rule suggests that

Correct Answer
verified

Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as

Correct Answer
verified

There are five key steps in segmenting and targeting markets,which link market needs of customers to the organization's marketing program.List these five key steps.

Correct Answer
verified
The five key steps in segmenting and tar...
View Answer

Cannibalization would most likely occur if

Correct Answer
verified

To be identified as a market segment,members of the group must

Correct Answer
verified

Selling a product to a different market segment usually requires a different marketing action that,in turn,means greater costs.If increased revenues don't offset extra costs of this action,a marketer should

Correct Answer
verified

All of the following are criteria used for forming market segments except which?

Correct Answer
verified

The final step in segmenting and targeting markets that links customer needs to marketing actions is to

Correct Answer
verified

Which of the following competitors mentioned in the textbook should the owner of a Wendy's restaurant monitor closely due to its explosive growth in the number of current and proposed locations-one that is or may soon be near this Wendy's?

Correct Answer
verified

Which of the following is a criterion used in forming market segments?

Correct Answer
verified

Which of the following is an example of a multiple products,multiple market segments strategy?

Correct Answer
verified

What are the criteria used to select target markets?

Correct Answer
verified
There are two different kinds of criteri...
View Answer

Small athletic shoe manufacturers such as Vans target niche markets and make shoes designed to satisfy the needs of different specific groups of customers.This strategy is an example of

Correct Answer
verified

The annual Sporting News Baseball Yearbook uses 17 different covers featuring a baseball star from each of its regions in the United States,yet each regional issue has the same magazine content.The publisher is using which of the following segmentation strategies?

Correct Answer
verified

A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization is referred to as a

Correct Answer
verified

Correct Answer
verified

All of the following are criterion used for selecting target market segments except which?

Correct Answer
verified

Exam 8: Market Segmentation, targeting, and Positioning

Correct AnswerverifiedShow Answer

Grouping potential buyers into meaningful segments involves meeting some specific criteria that answer the following question:

Correct AnswerverifiedShow Answer

Wonk is a unique furniture company that design,builds,and retails in Brooklyn,NY.You can customize your design with creative input,including personalizing items with wood and lacquer options or environmentally conscious materials and finishes,though the options are not unlimited.Wonk relies on

Correct AnswerverifiedShow Answer

The 80/20 rule suggests that

Correct AnswerverifiedShow Answer

Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as

Correct AnswerverifiedShow Answer

There are five key steps in segmenting and targeting markets,which link market needs of customers to the organization's marketing program.List these five key steps.

Correct AnswerverifiedThe five key steps in segmenting and tar...View AnswerShow Answer

Cannibalization would most likely occur if

Correct AnswerverifiedShow Answer

To be identified as a market segment,members of the group must

Correct AnswerverifiedShow Answer

Selling a product to a different market segment usually requires a different marketing action that,in turn,means greater costs.If increased revenues don't offset extra costs of this action,a marketer should

Correct AnswerverifiedShow Answer

All of the following are criteria used for forming market segments except which?

Correct AnswerverifiedShow Answer

The final step in segmenting and targeting markets that links customer needs to marketing actions is to

Correct AnswerverifiedShow Answer

Which of the following competitors mentioned in the textbook should the owner of a Wendy's restaurant monitor closely due to its explosive growth in the number of current and proposed locations-one that is or may soon be near this Wendy's?

Correct AnswerverifiedShow Answer

Which of the following is a criterion used in forming market segments?

Correct AnswerverifiedShow Answer

Which of the following is an example of a multiple products,multiple market segments strategy?

Correct AnswerverifiedShow Answer

What are the criteria used to select target markets?

Correct AnswerverifiedThere are two different kinds of criteri...View AnswerShow Answer

Small athletic shoe manufacturers such as Vans target niche markets and make shoes designed to satisfy the needs of different specific groups of customers.This strategy is an example of

Correct AnswerverifiedShow Answer

The annual Sporting News Baseball Yearbook uses 17 different covers featuring a baseball star from each of its regions in the United States,yet each regional issue has the same magazine content.The publisher is using which of the following segmentation strategies?

Correct AnswerverifiedShow Answer

A framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization is referred to as a

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

All of the following are criterion used for selecting target market segments except which?

Correct AnswerverifiedShow Answer

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The five key steps in segmenting and tar...
View Answer

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Correct Answer
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There are two different kinds of criteri...
View Answer

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