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Question;1.;Business buyers seek different bundles based on their stage in the;purchase decision process. ________ are customers who are starting their;purchasing relationship and they want easy-to-read manuals, hot lines, high;levels of training, and knowledgeable sales reps.;a. First-time prospects;b. Sophisticates;c. Global partners;d. Trend-setters;e. Novices;2. If your;marketing department established a priority in reaching solution-oriented;customers (e.g., those that want value through more;benefits and advice), ________ would be the best means for connecting with;these customers.;a. transaction selling;b. consultative selling;c. enterprise selling;d. dual selling;e. psychological selling;3. During;which step of the segmentation process would the marketer group customers into;segments based on similar needs and benefits sought by the customer in solving;a particular consumption;problem?;a. Step 2?segment identification;b. Step 3?segment attractiveness;c. Step 6?segment ?acid test?;d. Step 1?needs-based segmentation;e. Step 7?marketing-mix strategy;4. If an;organization?s marketing department wished to create ?segment storyboards? to;test the attractiveness of each segment?s positioning strategy, this action;would most likely occur in the;step of the segmentation process.;a. needs-based segmentation;b. segment identification;c. segment profitability;d. segment ?acid test?;e. marketing-mix strategy;5. To be;useful, market segments must rate favorably on five key criteria. In the;criterion, effective programs can be formulated for attracting and serving the;segments.;a. measurable;b. substantial;c. accessible;d. differentiable;e. actionable;6. In;evaluating different market segments, the firm must look at two factors: the;segment?s overall attractiveness and ________.;a. company?s;objectives and resources;b. the product to be sold;c. the purchasing process;d. competition?s;strategies;e. the global nature of the product;7. Volkswagen;concentrates on the small-car market and Porsche on the sports car market. These;would be examples of what is called ________.;a. single-segment concentration;b. selective specialization;c. product specialization;d. market specialization;e. full market coverage;8. All of;the following are benefits of following the ________ approach to target market;selection: a strong knowledge of the segment?s needs, a strong market presence;operating economies through specializing in production, distribution, and promotion.;a. single-segment concentration;b. selective specialization;c. product specialization;d. market specialization;e. full market coverage;9. When a;symphony orchestra targets people;who have broad cultural interests, rather than only those who regularly attend concerts, the orchestra is targeting what;are called ________.;a. market mavens;b. strategic segments;c. supersegments;d. occasion segments;e. psychodemographic;segments;10. Which of;the following best represents the chief advantage of pursuing a multisegment;strategy?;a. It makes the company almost;bullet proof to competitors?;actions.;b. It diversifies the firm?s risk.;c. It creates synergy between;markets.;d. It is a low cost strategy.;e. It treats all buyers the same and;therefore, lowers promotion costs.;11.;The chief disadvantage to a firm that decides to follow a product;specialization strategy in selecting target markets is that ________.;a.;no synergy exists;b.;logistics can become a;nightmare;c.;the product may be supplanted;by an entirely new technology;d.;competitors;can easily copy any new product introductions;e.;e-commerce becomes difficult;for the company;12.;With ________ as a target market strategy, the;firm concentrates on serving many needs of a particular customer group.;a.;single-segment concentration;b.;selective specialization;c.;product specialization;d.;market specialization;e.;full market coverage;13.;The two ways that large firms can cover a;whole market (e.g., full market coverage strategy) are through ________ and;differentiated marketing.;a.;undifferentiated;b.;logistical;c.;psychological;d.;niche;e.;macromarketing;14. In;marketing, the firm operates in several market segments and designs different;products for each segment.;a. segmented;b. undifferentiated;c. differentiated;d. geodemographic;e. niche;15.;The best way to manage multiple segments is to appoint ________ with;sufficient authority and responsibility for building the segment?s business.;a.;a product champion;b.;segment managers;c.;promotion;managers;d.;strategic managers;e.;mid-level managers;16. All of the following costs are;likely to be higher if a marketer pursues a differentiated marketing approach;EXCEPT ________.;a.;product modification;costs;b.;manufacturing costs;c.;administrative costs;d.;inventory costs;e.;pricing costs;17.;is the strategic coordination of economic, psychological, political, and public relations;skills, to gain the cooperation of a number of parties in order to enter or;operate in a given market.;a.;Metamarketing;b.;Macromarketing;c.;Micromarketing;d.;Megamarketing;e.;Modular marketing;18.;One way to discover new market segments is to investigate the hierarchy;of attributes consumers examine in choosing a brand if they use phased decision;strategies. This process is called ________.;a.;market partitioning;b.;market positioning;c.;market segmentation;d.;strategic marketing;e.;brand marketing;Answer: a;19.;Not all attempts to target;children, minorities, or other special segments draw criticism. Which of the;following is the best illustration of a company;(or industry) that seems to be marketing to the above in a correct and ethical;way?;a.;McDonald?s marketing to;inner-city youth.;b.;R. J. Reynolds marketing of the;Kool brand.;c.;Colgate-Palmolive?s Colgate Junior toothpaste.;d.;The cereal industry?s;approaches to children.;e.;G. Heileman Brewing?s approach;to Colt 45 malt liquor.;True/False;20.;Markets are almost always homogeneous.;21.;To compete more effectively, many companies are now embracing target marketing.;63. Effective;target marketing requires that marketers use market segmentation, market;targeting, and market positioning to achieve success in the marketplace.;64.;Henry Ford epitomized the market segmentation strategy when he offered;the Model-T Ford.;65.;A market segment consists of a group of consumers who share a similar set;of needs and wants.;66.;With respect to market offerings, if a marketer emphasizes;a naked solution, he or she is emphasizing the product and service elements that all;segment members value.;67.;A marketer glances at this month?s;market-preference pattern diagram and notices that all of the customers are;grouped in the middle of the diagram, therefore, customers are exhibiting clustered preferences.;68. An attractive niche is characterized as having a;distinct set of needs.;69.;Local marketing reflects a growing trend called macromarketing.;70.;Grassroots marketing done at the local level is associated with;experiential marketing where experiences are more;important than products or services.;71.;If you charge for the time customers spend with you, then and only then;are you in the servicebusiness.;72. When Nike and Gillette;advertise and associate their products with the Boston Marathon, the two companies are engaged in a form of experiential;marketing called co-branding.;73. The ultimate level of segmentation leads to ?segments;of one,? ?customized marketing,? or ?one-to-one marketing.?;74. Two broad groups of variables are used to segment consumer;markets: geographic and demographic;variables.;75. Typical groupings (segments) that;might be designated using the geographic method of segmentation might be;density, climate, or city/metro size.;76. Illustrations of personality segmentation would include;culture-oriented, sports-centered, or outdoor-oriented subsegments.;77. According to a new PRIZM cluster configuration, the Cosmopolitan;tends to locate in cities such as Las;Vegas, Miami;or Albuquerque.;78. A local service company;has decided to segment its market based on occupation, therefore, it has chosen;a form of demographic segmentation;for its approach.;79. Life stage defines a;person?s age.;80. Men and women have different;attitudinal and behavioral orientations caused mainly by their genetic makeup.


Paper#47200 | Written in 18-Jul-2015

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