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Business True or False Set I and II Assignment

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Question;True or False Set I1) Mass marketing involves identifying market segments, selecting one or more of them, and developing products and marketing programs tailored to each.()Page Ref:2032) The customer-driven marketing strategy involves four steps: market segmentation, market targeting, positioning, and differentiation.()Page Ref:1923) Geographic segmentation divides the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.()Page Ref: 1934) Gender segmentation has long been used in clothing, cosmetics, toiletries, and magazines.()Page Ref: 1955) Psychographic segmentation divides buyers into different segments based on social class, lifestyle, or personality characteristics. ()Page Ref: 1966) Demographic segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses concerning a product. ()Page Ref: 1987) Benefit segmentation requires finding the major benefits people look for in a product class, the kinds of people who look for each benefit, and the major brands that deliver each benefit.()Page Ref: 1988) When segmenting by user status, markets are segmented into light, medium, and heavy product users.()Page Ref: 1999) When segmenting by usage rate, markets can be segmented into nonusers, ex-users, potential users, first-time users, and regular users of a product.()Page Ref: 19910) Marketers usually limit their segmentation analysis to only one major variable.()Page Ref: 20011) Intermarket segmentation refers to forming segments of consumers who have different needs and buying behaviors in a given geographical region.()Page Ref: 20112) In evaluating different market segments, a firm should look at three factors: segment size and growth, segment structural attractiveness, and company objectives and resources.()Page Ref: 203-20413) The relative power of buyers affects segment attractiveness.()Page Ref: 20314) A target market consists of a set of buyers who share common needs or characteristics that the company decides to serve.()Page Ref: 20315) Using an undifferentiated marketing strategy, a firm decides to target several market segments and designs separate offers for each.()Page Ref: 20316) Using a segmented marketing strategy, a firm might decide to ignore market segment differences and target the whole market with one offer.()Page Ref: 20317) When using a niche marketing strategy, a firm goes after a large share of one or a few smaller segments. ()Page Ref: 20418) Niche marketing involves tailoring brands and promotions to the needs and wants of local customer groups?cities, neighborhoods, and even specific stores.()Page Ref: 20819) Individual marketing is also known as one-to-one marketing, mass customization, and markets-of-one marketing.()Page Ref: 20820) Product differentiation refers to the way a product is defined by consumers on important attributes?the place the product occupies in consumers' minds relative to competing products.()Page Ref: 19221) A product position is the way a product is defined by consumers on important attributes.()Page Ref: 21022) To the extent that a company can differentiate and position itself as providing superior customer value, it gains competitive advantage.()Page Ref: 21123) Firms that practice product differentiation gain competitive advantage through the way they design their channel's coverage, expertise, and performance.()Page Ref: 21224) Less-for-much-less positioning involves meeting consumers' lower performance or quality requirements at a much lower price.()Page Ref: 21525) Kia Motors offers a new car model with the same features as other cars in the same segment. However, Kia'sTrue or False Set II1) A service refers to an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything.()Page Ref: 2262) Unsought products are products that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort.()Page Ref: 2293) Shopping products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style. ()Page Ref: 2294) The augmented product is the actual product plus the various services and benefits offered with it, such as a warranty, free delivery, installation, and maintenance.()Page Ref: 2285) Style is a larger concept than design. Design simply describes the appearance of a product.()Page Ref: 2326) Branding decisions include selecting a brand name and developing a brand strategy.()Page Ref: 2337) For many companies, the package itself has become an important promotional medium.()Page Ref: 233-2348) Labels range from simple tags attached to products to complex graphics that are part of the packaging.()Page Ref: 234-2359) A product line consists of unrelated products that are sold to diverse customer groups.()Page Ref: 23610) Product line filling is overdone if it results in cannibalization and customer confusion.()Page Ref: 23611) A company cannot stretch its product line downward. Answer: ()Page Ref: 23612) Product mix width refers to the total number of items a company carries within its product lines.()Page Ref: 23713) Sometimes, companies stretch upward to add prestige to their current products.()Page Ref: 23614) A company's product mix has four important dimensions: width, length, depth, and consistency. ()Page Ref: 23715) Service inseparability means that the quality of services depends on who provides them, as well as when, where, and how they are provided.()Page Ref: 23816) In a service business, the customer and the front-line service employee interact to co-create the service.()Page Ref: 23917) Within a given hotel reputed for its superior service, one registration-desk employee may be cheerful and efficient, whereas another may be irritable and slow. This exemplifies service variability.()Page Ref: 23818) Service companies can differentiate their service delivery by having more able and reliable customer-contact people.()Page Ref: 24219) Product quality is harder to define and judge than service quality.()Page Ref: 24220) Good service recovery can turn angry customers into loyal ones.()Page Ref: 24221) Attributes are the least desirable level for brand positioning because competitors can easily copy attributes.()Page Ref: 24522) The strongest brands do not engage customers on a deep, emotional level.()Page Ref: 24523) Co-branding occurs when retailers and wholesalers create their own store brands.()Page Ref: 25024) Line extension refers to extending an existing brand name to new product categories.()Page Ref: 25025) Multi-branding offers a way to establish different features that appeal to different customer segments, lock up more reseller shelf space, and capture a larger market share.()Page Ref: 252

 

Paper#53606 | Written in 18-Jul-2015

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