Question 1

Explain the steps that marketers can follow to derive a perceptual map.

Accepted Answer

To derive a perceptual map,marketers follow six steps. 1.Determine consumers' perceptions and evaluations of the product or service in relation to competitors': Marketers determine their brand's position by asking consumers a series of questions about their and competitors' products. 2.Identify the market's ideal points and size: On a perceptual map,marketers can represent the size of current and potential markets. 3.Identify competitors' positions: When the firm understands how its customers view its brand relative to competitors',it must study how those same competitors position themselves. 4.Determine consumer preferences: The firm knows what the consumer thinks of the products or services in the marketplace and their positions relative to one another.Now it must find out what the consumer really wants-that is,determine the ideal product or service that appeals to each market. 5.Select the position: A company could develop a new product to meet the needs of the market.Alternatively,it could adjust or reposition its marketing approach.Finally,it could hope that consumers will be attracted to the product they currently produce because it is closer to their ideal product than anything else on the market. 6.Monitor the positioning strategy: Markets are not stagnant.Consumers' tastes shift,and competitors react to those shifts.Attempting to maintain the same position year after year can spell disaster for any company.Thus,firms must always view the first three steps of the positioning process as ongoing,with adjustments made in step 4 as necessary.

Question 2

Which of the following is an advantage of using the undifferentiated targeting strategy?

Accepted Answer

A)  It helps firms to obtain a bigger share of the market and increase the market for their products overall. 
B)  It appeals to more customer segments. 
C)  It helps to diversify the business,thereby lowering the company's overall risk. 
D)  It is much easier to plan promotional strategies for different products being offered to different segments of the market. 
E)  It does away with the need to develop separate strategies for different groups. 
A)  It helps firms to obtain a bigger share of the market and increase the market for their products overall. 
B)  It appeals to more customer segments. 
C)  It helps to diversify the business,thereby lowering the company's overall risk. 
D)  It is much easier to plan promotional strategies for different products being offered to different segments of the market. 
E)  It does away with the need to develop separate strategies for different groups. E

Question 3

You are planning to launch a new reality TV show.What would be your target market? Would you go for undifferentiated,differentiated,or concentrated segmentation? How would you position your TV show? Develop a positioning statement for it.

Accepted Answer

Student answers will vary.They will choose from one of the following: • Undifferentiated segmentation strategy,or mass marketing: When everyone might be considered a potential user of its product,a firm uses an undifferentiated segmentation strategy. • Differentiated segmentation strategy: Firms using a differentiated segmentation strategy target several market segments with a different offering for each. • Concentrated (niche)segmentation strategy: When an organization selects a single,primary target market and focuses all its energies on providing a product to fit that market's needs,it is using a concentrated or niche segmentation strategy. Positioning is the mental picture or perception-the thoughts,feelings,and impressions-that people have about a company,its products,and brands relative to competing products,brands,or companies.Positioning strategies are realized by communicating particular messages (i.e.,the positioning statement)in persuasive communications through different media.It expresses how a company wants to be perceived by consumers.

Question 4

Value is a popular positioning method that focuses on those attributes that are most important to the target market.

Accepted Answer

A) True 
 B)False

Question 5

The marketing strategy of selecting a single,primary target market and focusing all energies on providing a product to fit that market's needs is called a(n):

Accepted Answer

A)  perceptual mapping strategy. 
B)  behavioural mapping strategy. 
C)  brand repositioning strategy. 
D)  undifferentiated targeting strategy. 
E)  concentrated targeting strategy. 
A)  perceptual mapping strategy. 
B)  behavioural mapping strategy. 
C)  brand repositioning strategy. 
D)  undifferentiated targeting strategy. 
E)  concentrated targeting strategy.

Question 6

VALS™ enables firms to identify target segments and their underlying motivations.

Accepted Answer

A) True 
 B)False

Question 7

People who are primarily motivated by ideals look for products and services that demonstrate success to their peers.
People who are primarily motivated by ideals are guided by knowledge and principles,whereas those who are motivated by achievement look for products and services that demonstrate success to their peers.

Accepted Answer

A) True 
 B)False

Question 8

A chainsaw company markets its products only in areas with forests.In this case,the segmentation approach used by the company is:

Accepted Answer

A)  geographic segmentation. 
B)  benefit segmentation. 
C)  demographic segmentation. 
D)  behavioural segmentation. 
E)  psychographic segmentation. 
A)  geographic segmentation. 
B)  benefit segmentation. 
C)  demographic segmentation. 
D)  behavioural segmentation. 
E)  psychographic segmentation.

Question 9

The last step in developing a market segmentation strategy is:

Accepted Answer

A)  segmenting. 
B)  positioning. 
C)  strategizing. 
D)  targeting. 
E)  analyzing. 
A)  segmenting. 
B)  positioning. 
C)  strategizing. 
D)  targeting. 
E)  analyzing.

Question 10

Cecilia grew up in a poor neighbourhood,so her main concerns are security and safety.She believes in conserving every penny and diligently collects coupons and discount vouchers.She does not indulge in luxuries and is a cautious consumer.Cecilia is uncomfortable with new technologies and is loyal to her favourite brands.Under the VALS™ classification,Cecilia would be a(n):

Accepted Answer

A)  survivor. 
B)  believer. 
C)  thinker. 
D)  striver. 
E)  experiencer. 
A)  survivor. 
B)  believer. 
C)  thinker. 
D)  striver. 
E)  experiencer.

Question 11

A strategy through which a firm targets several market segments with a varied offering for each is called a(n):

Accepted Answer

A)  differentiated targeting strategy. 
B)  specialized targeting strategy. 
C)  generalized targeting strategy. 
D)  undifferentiated targeting strategy. 
E)  concentrated targeting strategy. 
A)  differentiated targeting strategy. 
B)  specialized targeting strategy. 
C)  generalized targeting strategy. 
D)  undifferentiated targeting strategy. 
E)  concentrated targeting strategy.

Question 12

Rick,a neighbourhood tailor,makes clothes according to the requirements of each of his individual customers.This is an example of:

Accepted Answer

A)  brand repositioning. 
B)  undifferentiated positioning. 
C)  perceptual mapping. 
D)  mass marketing. 
E)  micromarketing. 
A)  brand repositioning. 
B)  undifferentiated positioning. 
C)  perceptual mapping. 
D)  mass marketing. 
E)  micromarketing.

Question 13

The car was initially targeted at customers in the high-income bracket.This kind of segmentation is called:

Accepted Answer

A)  geographic segmentation. 
B)  behavioural segmentation. 
C)  demographic segmentation. 
D)  loyalty segmentation. 
E)  psychographic segmentation. 
A)  geographic segmentation. 
B)  behavioural segmentation. 
C)  demographic segmentation. 
D)  loyalty segmentation. 
E)  psychographic segmentation.

Question 14

Mancer is a company that sells clothes.It has three different retail store formats to serve the varied needs of diverse fashion segments.In this case,which targeting strategy is the company using?

Accepted Answer

A)  Differentiated 
B)  Homogeneous 
C)  Generalized 
D)  Undifferentiated 
E)  Specialized 
A)  Differentiated 
B)  Homogeneous 
C)  Generalized 
D)  Undifferentiated 
E)  Specialized

Question 15

Explain the criteria that marketers use to determine whether a segment is worth pursuing.

Accepted Answer

Marketers need the segment they target t

Question 16

An up-and-coming businessman buys a certain brand of apparel.This brand is associated with the image of an individual who values exclusivity and style,which is the kind of person the businessman would like to be.In the context of psychographic segmentation,the brand is appealing to the businessman's:

Accepted Answer

A)  self-concept. 
B)  ideal point. 
C)  positioning statement. 
D)  perceptual map. 
E)  self-morals. 
A)  self-concept. 
B)  ideal point. 
C)  positioning statement. 
D)  perceptual map. 
E)  self-morals.

Question 17

Market positioning involves a process of defining the marketing mix variables.

Accepted Answer

A) True 
 B)False

Question 18

A company that sells shoes has a website with a make-your-own-shoe feature.It makes a vast number of styles in every major performance category available to the customer for personalization.This is an example of:

Accepted Answer

A)  mass customization. 
B)  brand repositioning. 
C)  perceptual mapping. 
D)  undifferentiated positioning. 
E)  brand extension. 
A)  mass customization. 
B)  brand repositioning. 
C)  perceptual mapping. 
D)  undifferentiated positioning. 
E)  brand extension.

Question 19

Explain psychographic segmentation.

Accepted Answer

Psychographic segmentation delves into h

Question 20

Olympic Athletic Wear segments its markets according to the advantages that different consumers seek from its products.It has products for consumers who seek style,and it has products for others who seek performance.This is an example of:

Accepted Answer

A)  geographic segmentation. 
B)  benefit segmentation. 
C)  demographic segmentation. 
D)  occasion segmentation. 
E)  loyalty segmentation. 
A)  geographic segmentation. 
B)  benefit segmentation. 
C)  demographic segmentation. 
D)  occasion segmentation. 
E)  loyalty segmentation.

Explain the steps that marketers can follow to derive a perceptual map.

Which of the following is an advantage of using the undifferentiated targeting strategy?

You are planning to launch a new reality TV show.What would be your target market? Would you go for undifferentiated,differentiated,or concentrated segmentation? How would you position your TV show? Develop a positioning statement for it.

Value is a popular positioning method that focuses on those attributes that are most important to the target market.

The marketing strategy of selecting a single,primary target market and focusing all energies on providing a product to fit that market's needs is called a(n):

VALS™ enables firms to identify target segments and their underlying motivations.

A chainsaw company markets its products only in areas with forests.In this case,the segmentation approach used by the company is:

The last step in developing a market segmentation strategy is:

A strategy through which a firm targets several market segments with a varied offering for each is called a(n):

Rick,a neighbourhood tailor,makes clothes according to the requirements of each of his individual customers.This is an example of:

The car was initially targeted at customers in the high-income bracket.This kind of segmentation is called:

Mancer is a company that sells clothes.It has three different retail store formats to serve the varied needs of diverse fashion segments.In this case,which targeting strategy is the company using?

Explain the criteria that marketers use to determine whether a segment is worth pursuing.

Market positioning involves a process of defining the marketing mix variables.

A company that sells shoes has a website with a make-your-own-shoe feature.It makes a vast number of styles in every major performance category available to the customer for personalization.This is an example of:

Explain psychographic segmentation.

Olympic Athletic Wear segments its markets according to the advantages that different consumers seek from its products.It has products for consumers who seek style,and it has products for others who seek performance.This is an example of:

Overview of Marketing

Developing Marketing Strategies and a Marketing Plan

Marketing Ethics

Analyzing the Market Environment

Consumer Behavior

Global Marketing

Segmentation, Targeting, and Positioning

Marketing Research

Product, Branding, and Packaging Decisions

Developing New Products

Services: The Intangible Product

Pricing Concepts for Establishing Value

Strategic Pricing Methods

Supply Chain and Channel Management

Retailing and Multichannel Marketing

Integrated Marketing Communications

Advertising, Public Relations, and Sales Promotions

Filters

Exam 6: Business-To-Business Marketing

Explain the steps that marketers can follow to derive a perceptual map.

Which of the following is an advantage of using the undifferentiated targeting strategy?

You are planning to launch a new reality TV show.What would be your target market? Would you go for undifferentiated,differentiated,or concentrated segmentation? How would you position your TV show? Develop a positioning statement for it.

Value is a popular positioning method that focuses on those attributes that are most important to the target market.

The marketing strategy of selecting a single,primary target market and focusing all energies on providing a product to fit that market's needs is called a(n):

VALS™ enables firms to identify target segments and their underlying motivations.

A chainsaw company markets its products only in areas with forests.In this case,the segmentation approach used by the company is:

The last step in developing a market segmentation strategy is:

A strategy through which a firm targets several market segments with a varied offering for each is called a(n):

Rick,a neighbourhood tailor,makes clothes according to the requirements of each of his individual customers.This is an example of:

The car was initially targeted at customers in the high-income bracket.This kind of segmentation is called:

Mancer is a company that sells clothes.It has three different retail store formats to serve the varied needs of diverse fashion segments.In this case,which targeting strategy is the company using?

Explain the criteria that marketers use to determine whether a segment is worth pursuing.

Market positioning involves a process of defining the marketing mix variables.

A company that sells shoes has a website with a make-your-own-shoe feature.It makes a vast number of styles in every major performance category available to the customer for personalization.This is an example of:

Explain psychographic segmentation.

Olympic Athletic Wear segments its markets according to the advantages that different consumers seek from its products.It has products for consumers who seek style,and it has products for others who seek performance.This is an example of:

Overview of Marketing

Developing Marketing Strategies and a Marketing Plan

Marketing Ethics

Analyzing the Market Environment

Consumer Behavior

Global Marketing

Segmentation, Targeting, and Positioning

Marketing Research

Product, Branding, and Packaging Decisions

Developing New Products

Services: The Intangible Product

Pricing Concepts for Establishing Value

Strategic Pricing Methods

Supply Chain and Channel Management

Retailing and Multichannel Marketing

Integrated Marketing Communications

Advertising, Public Relations, and Sales Promotions

Filters