Question 1

What are the four criteria that are necessary to define a market?

Accepted Answer

A market h

Question 2

Market segmentation:

Accepted Answer

A)  is a scientific technique for selecting ways to attract specific population samples 
B)  is rarely done by consumer products companies 
C)  only needs to be done once for each product 
D)  should be redone periodically 
E)  should be done every time a product enters a new stage of its life cycle 
A)  is a scientific technique for selecting ways to attract specific population samples 
B)  is rarely done by consumer products companies 
C)  only needs to be done once for each product 
D)  should be redone periodically 
E)  should be done every time a product enters a new stage of its life cycle

Question 3

Clorox targets individuals who buy lots of cleaning products (heavy users).Some of these users are mainly interested in cleaning bathrooms,while others are more concerned with kitchen cleanliness.Clorox doesn't approach these two groups differently but addresses both types of people as heavy users.This is an example of how companies use benefit segmentation.

Accepted Answer

A) True 
 B)False

Question 4

SCENARIOS
Turkey Hunting Equipment
Around the beginning of fall each year,about 2.7 million turkey hunters all over the United States start looking at catalogs for the perfect item to guarantee that this year they will kill a wild turkey,the most elusive game bird on the North American continent.The devoted turkey stalker can stock up on everything from camouflaged turkey hunting socks,turkey license plate holders,vests with huge pockets for toting dead birds,and hunting videos to turkey decoys,turkey earrings,and turkey callers.Neil Cost is considered the best manufacturer of turkey callers in the world.That is his only product,and each is highly prized by turkey hunters.It is not unusual for a turkey hunter to pay $5,000 for one of Cost's callers.
-Refer to Turkey Hunting Equipment.Given that the wild turkey hunters number approximately 2.7 million,it meets the segmentation criterion of:

Accepted Answer

A)  substantiality 
B)  accessibility 
C)  reliability 
D)  responsiveness 
E)  functionality 
A)  substantiality 
B)  accessibility 
C)  reliability 
D)  responsiveness 
E)  functionality

Question 5

DCS Corporation is a company that makes barbecue grills.It has expanded into high-priced,multi-purpose grills for people who want to be able to cook all their food outside.Facing little competition,DCS designed an excellent line of specialty grills,had good distribution,used effective promotion with this market,and within four years had a respectable market share.Yet financial losses every year have caused DCS to decide to drop this line.The reason could be that this market segment,relative to the resources devoted to it,lacked:

Accepted Answer

A)  reliability 
B)  identifiability and measurability 
C)  substantiality 
D)  accessibility 
E)  causality 
A)  reliability 
B)  identifiability and measurability 
C)  substantiality 
D)  accessibility 
E)  causality

Question 6

Llewelyn Trucking Company finds that the most difficult firms to provide service for are the _____.This group considers numerous,even unfamiliar suppliers,solicits bids,and carefully analyzes options; therefore,it requires a higher level of customer service and follow-up on quotations.

Accepted Answer

A)  actualizers 
B)  strivers 
C)  satisficers 
D)  optimizers 
E)  early adopters 
A)  actualizers 
B)  strivers 
C)  satisficers 
D)  optimizers 
E)  early adopters

Question 7

The New York Life Insurance Company has developed a Web site for Chinese Americans.The site is written in both Mandarin and Cantonese languages and reflects the Chinese culture with its use of the traditional colors of red and gold.According to the text,why would New York Life have developed a site specifically targeted to Chinese Americans instead of the Asian American market?

Accepted Answer

A)  The Asian American market is homogeneous. 
B)  All Asian Americans have the same cultural traditions. 
C)  Asian Americans comprise the largest minority in the United States. 
D)  New York Life has targeted one of the Asian American submarkets. 
E)  While Asian Americans have substantial buying power,average household income is substandard. 
A)  The Asian American market is homogeneous. 
B)  All Asian Americans have the same cultural traditions. 
C)  Asian Americans comprise the largest minority in the United States. 
D)  New York Life has targeted one of the Asian American submarkets. 
E)  While Asian Americans have substantial buying power,average household income is substandard.

Question 8

Market segmentation helps businesses to:

Accepted Answer

A)  define customer needs and wants more precisely 
B)  more accurately define business objectives 
C)  more efficiently allocate resources 
D)  better evaluate their performances 
E)  do all of the above 
A)  define customer needs and wants more precisely 
B)  more accurately define business objectives 
C)  more efficiently allocate resources 
D)  better evaluate their performances 
E)  do all of the above

Question 9

You are an advertising manager for a company that sells health and fitness equipment to upscale professionals between the ages of 25 and 45.Your firm advertises during drive time on easy listening radio stations and on A&E and the Discovery channels.You are most likely to segment this market on the basis of:

Accepted Answer

A)  region 
B)  usage 
C)  stage of family life cycle 
D)  lifestyle 
E)  gender 
A)  region 
B)  usage 
C)  stage of family life cycle 
D)  lifestyle 
E)  gender

Question 10

Market segmentation can assist marketers to do all of the following EXCEPT:

Accepted Answer

A)  develop more precise definitions of customer needs and wants 
B)  identify which variable base should be used for segmenting 
C)  identify when and how customer needs are changing 
D)  identify where new opportunities are emerging 
E)  evaluate where and why demand is falling 
A)  develop more precise definitions of customer needs and wants 
B)  identify which variable base should be used for segmenting 
C)  identify when and how customer needs are changing 
D)  identify where new opportunities are emerging 
E)  evaluate where and why demand is falling

Question 11

The business market consists of four broad segments.They are producers,resellers,governments,and regions.

Accepted Answer

A) True 
 B)False

Question 12

Allyson has a small business that creates personalized gift baskets and is now in the process of identifying groups of buyers that have relatively similar product needs.She is engaged in the process of market segmentation.

Accepted Answer

A) True 
 B)False

Question 13

SCENARIOS
Turkey Hunting Equipment
Around the beginning of fall each year,about 2.7 million turkey hunters all over the United States start looking at catalogs for the perfect item to guarantee that this year they will kill a wild turkey,the most elusive game bird on the North American continent.The devoted turkey stalker can stock up on everything from camouflaged turkey hunting socks,turkey license plate holders,vests with huge pockets for toting dead birds,and hunting videos to turkey decoys,turkey earrings,and turkey callers.Neil Cost is considered the best manufacturer of turkey callers in the world.That is his only product,and each is highly prized by turkey hunters.It is not unusual for a turkey hunter to pay $5,000 for one of Cost's callers.
-Refer to Wrestling Merchandise.Prior to the 1990s,professional wrestling tried to compete as a legitimate sport just like football and baseball.Now it uses the term "sports entertainment" when talking about what it is marketing to its fans.This is an example of the implementation of a _____ strategy.

Accepted Answer

A)  multisegment 
B)  product differentiation 
C)  undifferentiated marketing 
D)  target market 
E)  repositioning 
A)  multisegment 
B)  product differentiation 
C)  undifferentiated marketing 
D)  target market 
E)  repositioning

Question 14

A market segment is deemed to have substantiality if it contains a large numbers of potential customers.

Accepted Answer

A) True 
 B)False

Question 15

SCENARIOS
Turkey Hunting Equipment
Around the beginning of fall each year,about 2.7 million turkey hunters all over the United States start looking at catalogs for the perfect item to guarantee that this year they will kill a wild turkey,the most elusive game bird on the North American continent.The devoted turkey stalker can stock up on everything from camouflaged turkey hunting socks,turkey license plate holders,vests with huge pockets for toting dead birds,and hunting videos to turkey decoys,turkey earrings,and turkey callers.Neil Cost is considered the best manufacturer of turkey callers in the world.That is his only product,and each is highly prized by turkey hunters.It is not unusual for a turkey hunter to pay $5,000 for one of Cost's callers.
-Refer to Better World Travelers Club.BWTC's donation to organizations that seek to reduce the use of fossil fuel is a strategy for:

Accepted Answer

A)  mass marketing 
B)  reengineering 
C)  repositioning 
D)  multisegmentation 
E)  product differentiation 
A)  mass marketing 
B)  reengineering 
C)  repositioning 
D)  multisegmentation 
E)  product differentiation

Question 16

E & V Bridal Studios is a wedding consulting business designed to appeal to East Asians.At one time it used the same marketing mix for all of its customers,but it has discovered that it needs a different marketing mix to appeal to its ethnic customers.For example,Chinese brides want elaborate red gowns,and Vietnamese brides wear a brocaded gown with long sleeves and a Mandarin collar.E&V Bridal Studios uses a procedure called _____ to divide its large market.

Accepted Answer

A)  micromarketing 
B)  positioning 
C)  market segmentation 
D)  cannibalization 
E)  perceptual mapping 
A)  micromarketing 
B)  positioning 
C)  market segmentation 
D)  cannibalization 
E)  perceptual mapping

Question 17

In a study by General Motors,consumer perceptions of the five GM automobile divisions (Buick,Cadillac,Chevrolet,Oldsmobile,and Pontiac)were plotted on a _____ to show the locations of products in the minds of present or potential customers.

Accepted Answer

A)  perceptual map 
B)  product differentiation graph 
C)  product locator 
D)  target market chart 
E)  predictive model 
A)  perceptual map 
B)  product differentiation graph 
C)  product locator 
D)  target market chart 
E)  predictive model

Question 18

Firms can be categorized by the type of purchasing strategy used._____ consider numerous,even unfamiliar suppliers and solicit and analyze options.

Accepted Answer

A)  Satisficers 
B)  Strivers 
C)  Optimizers 
D)  Actualizers 
E)  Innovators 
A)  Satisficers 
B)  Strivers 
C)  Optimizers 
D)  Actualizers 
E)  Innovators

Question 19

Women have been treated as second-class citizens by the sporting goods industry,but in 2002,sporting goods manufacturers and retailers began aggressively pursuing this market.Nike opened two women-only boutiques called Nike Goddess to test how receptive women are to its new merchandising concepts.Which type of demographic segmentation is the sporting goods industry using?

Accepted Answer

A)  lifestyle 
B)  usage rate 
C)  benefit 
D)  age 
E)  gender 
A)  lifestyle 
B)  usage rate 
C)  benefit 
D)  age 
E)  gender

Question 20

One of the forces influencing the growth of one-to-one marketing is more demanding and time-poor consumers.

Accepted Answer

A) True 
 B)False

What are the four criteria that are necessary to define a market?

Market segmentation:

Llewelyn Trucking Company finds that the most difficult firms to provide service for are the _____.This group considers numerous,even unfamiliar suppliers,solicits bids,and carefully analyzes options; therefore,it requires a higher level of customer service and follow-up on quotations.

Market segmentation helps businesses to:

Market segmentation can assist marketers to do all of the following EXCEPT:

The business market consists of four broad segments.They are producers,resellers,governments,and regions.

Allyson has a small business that creates personalized gift baskets and is now in the process of identifying groups of buyers that have relatively similar product needs.She is engaged in the process of market segmentation.

A market segment is deemed to have substantiality if it contains a large numbers of potential customers.

In a study by General Motors,consumer perceptions of the five GM automobile divisions (Buick,Cadillac,Chevrolet,Oldsmobile,and Pontiac)were plotted on a _____ to show the locations of products in the minds of present or potential customers.

Firms can be categorized by the type of purchasing strategy used._____ consider numerous,even unfamiliar suppliers and solicit and analyze options.

One of the forces influencing the growth of one-to-one marketing is more demanding and time-poor consumers.

An Overview of Marketing

Strategic Planning for Competitive Advantag

Social Responsibility, ethics, and the Marketing Environment

Developing a Global Vision27

Consumer Decision Making

Business Marketing

Decision Support Systems and Marketing Research

Product Concepts

Developing and Managing Products

Services and Nonprofit Organization Marketing

Marketing Channels and Supply Chain Management

Retailing

Integrated Marketing Communications

Advertising and Public Relations

Sales Promotion and Personal Selling

Pricing Concepts

Setting the Right Price

Internet Marketing

Customer Relationship Management

Filters

Exam 7: Segmenting and Targeting Markets

What are the four criteria that are necessary to define a market?

Market segmentation:

Llewelyn Trucking Company finds that the most difficult firms to provide service for are the _____.This group considers numerous,even unfamiliar suppliers,solicits bids,and carefully analyzes options; therefore,it requires a higher level of customer service and follow-up on quotations.

Market segmentation helps businesses to:

Market segmentation can assist marketers to do all of the following EXCEPT:

The business market consists of four broad segments.They are producers,resellers,governments,and regions.

Allyson has a small business that creates personalized gift baskets and is now in the process of identifying groups of buyers that have relatively similar product needs.She is engaged in the process of market segmentation.

A market segment is deemed to have substantiality if it contains a large numbers of potential customers.

In a study by General Motors,consumer perceptions of the five GM automobile divisions (Buick,Cadillac,Chevrolet,Oldsmobile,and Pontiac)were plotted on a _____ to show the locations of products in the minds of present or potential customers.

Firms can be categorized by the type of purchasing strategy used._____ consider numerous,even unfamiliar suppliers and solicit and analyze options.

One of the forces influencing the growth of one-to-one marketing is more demanding and time-poor consumers.

An Overview of Marketing

Strategic Planning for Competitive Advantag

Social Responsibility, ethics, and the Marketing Environment

Developing a Global Vision27

Consumer Decision Making

Business Marketing

Decision Support Systems and Marketing Research

Product Concepts

Developing and Managing Products

Services and Nonprofit Organization Marketing

Marketing Channels and Supply Chain Management

Retailing

Integrated Marketing Communications

Advertising and Public Relations

Sales Promotion and Personal Selling

Pricing Concepts

Setting the Right Price

Internet Marketing

Customer Relationship Management

Filters