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Question;81. Research;has shown that income is a highly accurate predictor of the ?best? customers;for a given product.;82. If;you went to college in the late 1960s, you are most;likely to be in a cohort shaped by the Viet Nam War.;83. The largest American generation;of the twentieth century (78 million people) is considered to be the GI;Generation that fought in World War;II.;84. A sixty;year-old man is coping with his advancing hair loss, therefore, he is dealing;with what is called physiographics.;85. Psychographics;is the science of using psychology;and demographics to better;understand consumers.;86.;Generation Xis considered to be a hot market;because of their size, consumer savvy, and their ability to be ?wired-in? to;contemporary trends.;87. Forty-seven percent of 21-year-olds own a;mobile phone.;88. In the VALS segmentation system, Thinkers are characterized as being;successful, sophisticated, active, ?take-charge? people with high self-esteem.;89. According to the VALS segmentation system, the Strivers are at bottom of the typology;with the lowest resources and lowest with respect to innovation.;90. When Mobil;Oil Company researched its market;based on benefit expectations, it found that the largest segment (Price Shoppers) with a 27 percent share wanted fast fuel, branded;products, and convenience.;91. An organization that could;benefit from using User Status as a means for segmenting its market would be a;local blood bank.;92. Marketers would rather attract;one heavy user than several light users.;93. With respect to loyalty status, if;a consumer is loyal to two or three brands, he or she is called shifting loyal.;94. The most important variable in segmenting a business market is;demographics.;95. Typical categories that would;appear under the heading of situational factor segmentation variables in the;business marketplace would be urgency, specific application, and size of order.;96. The last step in the seven-step marketing;segmentation process would be to develop a marketing-mix strategy;reflective of segment positioning strategies.;97. To be;useful, market segments must have as one of their characteristics the ability;to be measured.;98. As a pattern;found in target market selection, market;specialization means that the company;offers one product to as many markets as possible.;99. If a;marketer is blocked from entering a market, the strategy of megamarketing can;be used to assist in breaking into that market.;100. Market;partitioning is process of focusing on a desired position in the;marketplace and then accumulating the resources to protect and defend that;position.;Essay;101.;Market segments can be defined;in many different ways. One way to carve up a market is to identify preference segments. List and briefly;characterize three preference segments cited in the text.;102.;Columbia University?s Bernd Schmitt;believes that marketers can provide experiences for customers through a set of;experience providers. List and briefly discuss the seven experience providers;recommended by Schmitt.;103. A new;trend in marketing is toward customerization. Describe what customerization is;and how marketers are using it.;104. There are several major segmentation;variables that might be used by a marketer to address a consumer market. If the;marketer were to use social class, psychographic;lifestyle, and readiness stage to segment its market, identify possible;segmentation subcategories under each of the three. For example, if we were to segment based on usage rate;subcategories would be light user, medium user, and heavy user.;105. Briefly;profile the American generations labeled as Baby boomers, Generation X;Generation Y, and Millennials.;106. Marketing to Generation Y is a challenge;because of their size and characteristics. Because they are often turned off by;overt branding practices and a ?hard sell,? marketers have tried many different;approaches to reach and persuade Gen Y. The text mentions seven methods for;accomplishing this task. List and;briefly discuss four of those methods..;107. The;VALS segmentation system has evolved into an 8-part typology. List and briefly;describe any four categories of that 8-part typology.;108. If a;marketer were to segment a business market on the basis of demographics, what three subcategory segmentation;variables would probably be used to assist with this form of segmentation? What;questions would be asked in each of the three categories to advance the;segmentation effort?;109. To be;useful, market segments must rate favorably on five key criteria. What are;those criteria?;110.;The text describes five possible patterns for target market selection.;Describe the pattern called selective;specialization.;APPLICATION;QUESTIONS;Multiple;Choice;111. According;one expert from J. Walter Thompson?s;Mature Marketing Group, ?everyone over 45 is lumped;into a category called old.? However;the expert points out that this strategy is faulty. Seniors, particularly boomers-turned-seniors, often make buying;decisions based on ________.;a.;price, not quality;b.lifestyle, not age;c.;age perception;d.;what their children buy;e.;dreams, not realities;112. When;Coca-Cola sold only one kind of Coke in a 6.5-ounce bottle, it was practicing;what is called ________.;a.;primary marketing;b. micromarketing;c.;macromarketing;d.;segmented marketing;e.;mass marketing;113. The marketer ________ the segments, the;marketer?s task is to identify the segments and decide which one(s) to target.;a.;plans;b.;creates;c.;does not create;d.;rarely controls;e.;controls;114. Anderson;and Narus have urged marketers to present flexible market offerings to all;members of a segment. A flexible market offering consists of two parts. Which;of those parts contains the product and service elements that all segment;members? value?;a.;Naked solution;b.;Discretionary solution;c.;Maximum solution;d.;Pseudo solution;e.;Virtual solution;115. Enterprise Rent-A-Car has challenged Hertz?s supremacy in the;rental car market by tailoring its marketing program to a relatively neglected;target market. Which of the following would be the most;accurate description of that market?;a. The singles market.;b. The soccer mom;market.;c. The business traveler market.;d. The low-budget;insurance-replacement market.;e. The vacationer market.;116. The recipe for Internet;niching success is to ________.;a.;find a need and fill it;b.;choose a hard-to-find product;that customers do not need to see and touch;c.;choose a low-budget product;that is heavily demanded by Gen Y;d.;choose an exclusive product;sold primarily to seniors;e.;find a product that has some;attraction to a health-conscious market;117. One marketing commentator said, ?The idea is not to sell;something, but to demonstrate how a;brand can enrich a customer?s life.?;Which of the following forms of marketing was the commentator;describing?;a. Experiential marketing;b. Niche marketing;c. Benefit marketing;d. Viral marketing;e. Virtual marketing;118. If you were a marketing;manager that was considering implementing;the concept of customer experience management (CEM), you would follow all of;the following steps EXCEPT ________.;a. analyzing the experiential world of the customer;b. building the experiential platform;c. designing the segmentation;portfolio;d. structuring the customer interface;e. engaging in continuous innovation;119. Home furnishing retailer;Bed Bath & Beyond?s ability to cater to local tastes has fueled its;phenomenal growth. Bed Bath & Beyond?s managers pick ________ of their own;merchandise, and this local focus has helped the chain evolve from one that;began selling little more than bed;linens to the ?beyond? part?products ranging from picture frames and pot;holders to imported olive oil and;designer door mats.;a. 40 percent;b. 50 percent;c. 25 percent;d. 70 percent;e. 90 percent;120. If a marketing researcher;saw such names (categories) Blue Blood;Estates, Winner?s Circle, Hometown Retired, or Shotguns and Pickupswhen doing segmentation research, the;marketing researcher would most;likely be dealing with ________ clusters.;a.PRIZM;b.geodemographic;c.psychographic;d. demographic;e.VALS

 

Paper#47201 | Written in 18-Jul-2015

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