Question 1

A market-product grid is a framework to relate

Accepted Answer

A)  total estimated expenses for each product sold to each market segment.
B)  total anticipated revenue for each product-market segment combination.
C)  total anticipated profit for each product sold to each market segment.
D)  the market segments of potential buyers to relative market share compared to the largest competitor.
E)  the market segments of potential buyers to products offered or potential marketing actions by an organization.F) B) and D)
G) D) and E)

Question 2

The Nielsen PRIZM lifestyle segmentation is based on the belief that "birds of a feather flock together." This type of consumer segmentation is referred to as

Accepted Answer

A)  situational segmentation.
B)  socioeconomic segmentation.
C)  geographic segmentation.
D)  psychographic segmentation.
E)  behavioral segmentation.F) D) and E)
G) A) and B)

Question 3

A graph displaying consumers' perceptions of product attributes in two dimensions is referred to as a

Accepted Answer

A)  perceptual map.
B)  perception matrix.
C)  growth-share matrix.
D)  market-product grid.
E)  product differentiation chart.F) A) and E)
G) B) and D)

Question 4

It is not recommended that a firm select a target segment that

Accepted Answer

A)  would require entry in a global marketplace.
B)  requires more than one marketing action.
C)  has few competitors that target this same segment.
D)  is incompatible with its company's goals or objectives.
E)  has a growth potential that would require increasing the current workforceF) A) and E)
G) All of the above

Question 5

Organizational synergy is the increased customer value achieved through

Accepted Answer

A)  performing organizational functions more efficiently.
B)  more discounts or larger rebates at the point of sale.
C)  involvement of the ultimate consumer in product design.
D)  an increase in the knowledge of competitors.
E)  shared ownership of the organization through publicly traded stock.F) A) and D)
G) B) and E)

Question 6

Criteria for forming segments involve both similarities and differences. In terms of the needs of buyers, the similarities must be __________ a segment, and the differences must be __________ segments.

Accepted Answer

A)  between; among
B)  throughout; absent in
C)  within; among
D)  absent in; throughout
E)  among; acrossF) A) and E)
G) A) and B)

Question 7

The axes on a perceptual map are

Accepted Answer

A)  sales and profitability.
B)  two product attributes, ranging from high to low on that attribute.
C)  market share and market growth rate.
D)  product variety and profitability.
E)  customer perceptions of the firm's product versus the brand of the firm's principal competitor.F) A) and D)
G) A) and C)

Question 8

Variables that are based on some objective physical (gender, ethnicity) , measurable (age, income) , or other classification attribute (occupation)  of prospective customers are used in which segmentation base?

Accepted Answer

A)  personality
B)  usage
C)  needs
D)  demographic
E)  behavioralF) B) and C)
G) B) and E)

Question 9

Four general categories used to segment consumer markets are geographic segmentation, demographic segmentation, __________, and behavioral segmentation.

Accepted Answer

A)  supplier segmentation
B)  demand segmentation
C)  regional segmentation
D)  psychographic segmentation
E)  product segmentationF) B) and C)
G) C) and E)

Question 10

-In Figure 8-1 above, C represents which stage of the market segmentation process?

Accepted Answer

A)  link needs to actions
B)  identify market needs
C)  establish a marketing protocol
D)  execute marketing program actions
E)  segment and select the target marketsF) A) and B)
G) A) and E)

Question 11

A marketing manager should develop segments for a market that meet five principal criteria. List these important factors in forming market segments.

Accepted Answer

The five criteria are: (1) simplicity an...

Question 12

Building open and honest relationships with communication is an example of Zappos' __________.

Accepted Answer

A)  profile for its target market
B)  best practices being adapted from its new owner, Amazon.com
C)  ten core values for Zappos' culture
D)  qualities required of Zappos' suppliers
E)  qualities required of Zappos' retailersF) C) and E)
G) A) and E)

Question 13

Samsung sells a variety of TVs, from simple and small ones to large smart TVs with Internet connectivity and 3D technology. Customers prefer different features, so Samsung uses which type of segmentation variable based on their viewing preferences?

Accepted Answer

A)  demographic segmentation
B)  psychographic segmentation
C)  behavioral segmentation
D)  geographic segmentation
E)  socioeconomic segmentationF) None of the above
G) A) and E)

Question 14

The phrase "relatively homogeneous collections of prospective buyers" is most descriptive of

Accepted Answer

A)  demographic clusters.
B)  organizational buyers.
C)  ultimate consumers.
D)  market segments.
E)  qualified prospects.F) C) and D)
G) A) and B)

Question 15

When expenses are greater than the potential increased sales from market segmentation, a firm should

Accepted Answer

A)  not consider market segmentation at this time.
B)  combine departments within the company to make the process more streamlined.
C)  reduce production costs or increase prices to facilitate the segmentation process.
D)  seek alternate channels of distribution, including Internet sales.
E)  discontinue manufacturing any products that are not in the mature stage of their product life cycleF) None of the above
G) B) and E)

Question 16

Variables such as location, the North American Industry Classification System (NAICS)  code, and number of employees are all examples of ways to

Accepted Answer

A)  differentiate products.
B)  forecast sales to a consumer market.
C)  segment an organizational market.
D)  promote NAFTA.
E)  segment a consumer market.F) C) and D)
G) B) and C)

Question 17

One approach to positioning a new product in a market is __________ positioning, which involves competing directly with competitors on similar product attributes in the same target market.

Accepted Answer

A)  perceptual
B)  head-to-head
C)  psychological
D)  differentiation
E)  marketF) B) and C)
G) B) and D)

Question 18

The first step in segmenting and targeting markets that links customer needs to marketing actions is to

Accepted Answer

A)  group potential buyers into segments.
B)  group products to be sold into categories.
C)  develop a market-product grid and estimate size of the overall market.
D)  select target markets.
E)  take marketing actions to reach target markets.F) B) and D)
G) B) and C)

Question 19

All of the following are criterion used for selecting target market segments EXCEPT:

Accepted Answer

A)  compatibility with the organization's objectives and resources.
B)  market size.
C)  simplicity and cost of assigning potential buyers to segments.
D)  competitive position.
E)  cost of reaching the segment.F) A) and D)
G) A) and B)

Question 20

Grouping potential buyers into meaningful segments involves meeting some specific criteria that answer the following question:

Accepted Answer

A)  "Is this product useful on a global scale?"
B)  "Is it possible to reposition this product?"
C)  "Is there too much competition for this product?"
D)  "Is the market loyal to the product?"
E)  "Would segmentation be worth doing and is it possible?"F) B) and E)
G) None of the above

Exam 8: Market Segmentation, Targeting, and Positioning

Variables that are based on some objective physical (gender, ethnicity) , measurable (age, income) , or other classification attribute (occupation) of prospective customers are used in which segmentation base?

Correct AnswerverifiedShow Answer

Criteria for forming segments involve both similarities and differences. In terms of the needs of buyers, the similarities must be __________ a segment, and the differences must be __________ segments.

Correct AnswerverifiedShow Answer

All of the following are criterion used for selecting target market segments EXCEPT:

Correct AnswerverifiedShow Answer

Samsung sells a variety of TVs, from simple and small ones to large smart TVs with Internet connectivity and 3D technology. Customers prefer different features, so Samsung uses which type of segmentation variable based on their viewing preferences?

Correct AnswerverifiedShow Answer

Grouping potential buyers into meaningful segments involves meeting some specific criteria that answer the following question:

Correct AnswerverifiedShow Answer

Organizational synergy is the increased customer value achieved through

Correct AnswerverifiedShow Answer

The phrase "relatively homogeneous collections of prospective buyers" is most descriptive of

Correct AnswerverifiedShow Answer

The Nielsen PRIZM lifestyle segmentation is based on the belief that "birds of a feather flock together." This type of consumer segmentation is referred to as

Correct AnswerverifiedShow Answer

The axes on a perceptual map are

Correct AnswerverifiedShow Answer

A market-product grid is a framework to relate

Correct AnswerverifiedShow Answer

A graph displaying consumers' perceptions of product attributes in two dimensions is referred to as a

Correct AnswerverifiedShow Answer

Four general categories used to segment consumer markets are geographic segmentation, demographic segmentation, __________, and behavioral segmentation.

Correct AnswerverifiedShow Answer

A marketing manager should develop segments for a market that meet five principal criteria. List these important factors in forming market segments.

Correct AnswerverifiedThe five criteria are: (1) simplicity an...View AnswerShow Answer

The first step in segmenting and targeting markets that links customer needs to marketing actions is to

Correct AnswerverifiedShow Answer

Building open and honest relationships with communication is an example of Zappos' __________.

Correct AnswerverifiedShow Answer

One approach to positioning a new product in a market is __________ positioning, which involves competing directly with competitors on similar product attributes in the same target market.

Correct AnswerverifiedShow Answer

It is not recommended that a firm select a target segment that

Correct AnswerverifiedShow Answer

Variables such as location, the North American Industry Classification System (NAICS) code, and number of employees are all examples of ways to

Correct AnswerverifiedShow Answer

When expenses are greater than the potential increased sales from market segmentation, a firm should

Correct AnswerverifiedShow Answer

-In Figure 8-1 above, C represents which stage of the market segmentation process?

Correct AnswerverifiedShow Answer

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Criteria for forming segments involve both similarities and differences. In terms of the needs of buyers, the similarities must be a segment, and the differences must be segments.

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The five criteria are: (1) simplicity an...
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