Question 1

Cannibalization occurs when the sales of an existing product remain the same despite the introduction of a new product.

Accepted Answer

A) True 
 B)False

Question 2

A concentrated targeting strategy differs from an undifferentiated targeting strategy in that a concentrated targeting strategy:

Accepted Answer

A)  ​results in cannibalization of products
B)  involves selecting a market niche for targeting its marketing efforts
C)  views the market as one big market with no individual segments
D)  ​uses a common marketing mix for the entire marketE) A) and B)
F) A) and C)

Question 3

The customer relationship management technique that focuses on thanking customers for their business to a company exemplifies the trend of _____.

Accepted Answer

A)  ​time savings
B)  personalization
C)  technology
D)  ​loyaltyE) None of the above
F) A) and D)

Question 4

How do marketers use customer relationship management (CRM)as a targeting tool?

Accepted Answer

Answers will vary.Customer relationship ...

Question 5

The purpose of market segmentation is to

Accepted Answer

A)  ​change consumer attitudes and beliefs toward a product
B)  divide a market into submarkets of equal size and equal number of customers​
C)  group a large number of markets together, enabling a company to serve them simultaneously
D)  enable a marketer to tailor marketing mixes to meet the needs of one or more specific segments​E) C) and D)
F) All of the above

Question 6

The editorial board of Gamers' Page,a magazine that primarily caters to people who are enthusiastic about sports and gaming,targets people who enjoy games.This type of market segmentation used by the editorial board of Gamers' Page is an example of _____.

Accepted Answer

A)  ​usage-rate segmentation
B)  geographic segmentation
C)  psychographic segmentation
D)  ​benefit segmentationE) C) and D)
F) A) and B)

Question 7

_____ is a means of displaying or graphing,in two or more dimensions,the location of products,brands,or groups of products in customers' minds.

Accepted Answer

A)  ​Market segmentation
B)  Product differentiation
C)  Perceptual mapping
D)  ​Product tracingE) C) and D)
F) All of the above

Question 8

In the context of a buying process,which of the following statements is true of satisficers

Accepted Answer

A)  ​They select the best supplier who satisfies their product and delivery requirements
B)  They study numerous proposals carefully before selecting one.
C)  They contact familiar suppliers and place orders with the first one that fulfills their requirements​
D)  ​They contact new and unfamiliar suppliers when they need to purchase a productE) A) and B)
F) B) and D)

Question 9

When making a purchase,satisficers consider numerous suppliers,solicit bids,and study all proposals carefully before selecting one.

Accepted Answer

A) True 
 B)False

Question 10

In the context of purchasing profiles,_____ are business customers who consider numerous suppliers,solicit bids,and study all proposals carefully before selecting one.

Accepted Answer

A)  laggards​
B)  innovators
C)  optimize
D)  ​satisficersE) All of the above
F) A) and D)

Question 11

In the context of strategies for selecting target markets,which of the following is a disadvantage of an undifferentiated targeting strategy?

Accepted Answer

A)  ​It is difficult to tailor marketing mixes to the preferences of individual market segments
B)  It often results in sterile, unimaginative product offerings that have little appeal to anyone
C)  It results in cannibalization of products
D)  ​It increases production and marketing costs of a firmE) All of the above
F) A) and B)

Question 12

Which of the following is a reason why consumer goods companies take a regional approach to marketing?

Accepted Answer

A)  ​Companies have the opportunity to take more time to react to competition
B)  Consumer markets lack intense competition
C)  Baby boomers and seniors can be easily attracted using this approach
D)  ​Baby boomers and seniors can be easily attracted using this approachE) None of the above
F) A) and B)

Question 13

Describe the product differentiation strategy used by marketers to distinguish their products from competitors.

Accepted Answer

Answers will vary.The positioning strate...

Question 14

Wesley Electronics Inc.is a company that manufactures electronic gadgets.The marketing managers of the company spend a great deal of money on advertising in order to create awareness of the company's products among potential customers.They employ various methods of advertising,such as print,broadcast,and online advertising.According to the steps of market segmentation,Wesley Electronics Inc.is most likely:

Accepted Answer

A)  ​selecting a market or product category for study
B)  designing and implementing marketing mixes
C)  profiling and analyzing market segments
D)  ​selecting segmentation descriptors for a marketE) None of the above
F) B) and C)

Question 15

_____ refers to segmenting markets by region of a country or the world,market size,market density,or climate.

Accepted Answer

A)  ​Geographic segmentation
B)  Benefit segmentation
C)  Demographic segmentation​
D)  ​Usage-rate segmentationE) A) and C)
F) A) and B)

Question 16

Explain the steps followed in segmenting a market

Accepted Answer

Answers will vary.The purpose of market ...

Question 17

Terra Corp.produces a wide range of furniture,such as cabinets,book cases,and wardrobes.It divides its consumer market into several groups of people who have similar interests in wooden furniture.In this case,dividing its consumer market:

Accepted Answer

A)  enables Terra Corp. to meet the markets' need with a single marketing mix. ​
B)  enables Terra Corp. to define customer needs and wants precisely
C)  eliminates the need for defining marketing objectives​
D)  ​eliminates the need for defining marketing objectivesE) A) and B)
F) A) and C)

Question 18

Which of the following is a criterion for successful market segmentation?

Accepted Answer

A)  ​The market segment must comprise people with different product needs
B)  The market segment must comprise people of different characteristics
C)  The market segment must be large enough to warrant developing and maintaining a special marketing mix.​
D)  ​The market segment must be divided according to the North American Industry Classification SystemE) C) and D)
F) A) and C)

Question 19

Market segmentation helps decision makers to more accurately define marketing objectives and better allocate resources.

Accepted Answer

A) True 
 B)False

Question 20

Single-variable segmentation is clearly more precise than multiple-variable segmentation

Accepted Answer

A) True 
 B)False

Exam 8: Segmenting and Targeting Markets

Correct Answer
verified

Which of the following is a criterion for successful market segmentation?

Correct Answer
verified

Explain the steps followed in segmenting a market

Correct Answer
verified
Answers will vary.The purpose of market ...
View Answer

Which of the following is a reason why consumer goods companies take a regional approach to marketing?

Correct Answer
verified

Terra Corp.produces a wide range of furniture,such as cabinets,book cases,and wardrobes.It divides its consumer market into several groups of people who have similar interests in wooden furniture.In this case,dividing its consumer market:

Correct Answer
verified

Single-variable segmentation is clearly more precise than multiple-variable segmentation

Correct Answer
verified

When making a purchase,satisficers consider numerous suppliers,solicit bids,and study all proposals carefully before selecting one.

Correct Answer
verified

The customer relationship management technique that focuses on thanking customers for their business to a company exemplifies the trend of _____.

Correct Answer
verified

A concentrated targeting strategy differs from an undifferentiated targeting strategy in that a concentrated targeting strategy:

Correct Answer
verified

In the context of a buying process,which of the following statements is true of satisficers

Correct Answer
verified

Cannibalization occurs when the sales of an existing product remain the same despite the introduction of a new product.

Correct Answer
verified

_____ is a means of displaying or graphing,in two or more dimensions,the location of products,brands,or groups of products in customers' minds.

Correct Answer
verified

_____ refers to segmenting markets by region of a country or the world,market size,market density,or climate.

Correct Answer
verified

In the context of purchasing profiles,_____ are business customers who consider numerous suppliers,solicit bids,and study all proposals carefully before selecting one.

Correct Answer
verified

The purpose of market segmentation is to

Correct Answer
verified

How do marketers use customer relationship management (CRM)as a targeting tool?

Correct Answer
verified
Answers will vary.Customer relationship ...
View Answer

In the context of strategies for selecting target markets,which of the following is a disadvantage of an undifferentiated targeting strategy?

Correct Answer
verified

The editorial board of Gamers' Page,a magazine that primarily caters to people who are enthusiastic about sports and gaming,targets people who enjoy games.This type of market segmentation used by the editorial board of Gamers' Page is an example of _____.

Correct Answer
verified

Market segmentation helps decision makers to more accurately define marketing objectives and better allocate resources.

Correct Answer
verified

Describe the product differentiation strategy used by marketers to distinguish their products from competitors.

Correct Answer
verified
Answers will vary.The positioning strate...
View Answer

Exam 8: Segmenting and Targeting Markets

Correct AnswerverifiedShow Answer

Which of the following is a criterion for successful market segmentation?

Correct AnswerverifiedShow Answer

Explain the steps followed in segmenting a market

Correct AnswerverifiedAnswers will vary.The purpose of market ...View AnswerShow Answer

Which of the following is a reason why consumer goods companies take a regional approach to marketing?

Correct AnswerverifiedShow Answer

Terra Corp.produces a wide range of furniture,such as cabinets,book cases,and wardrobes.It divides its consumer market into several groups of people who have similar interests in wooden furniture.In this case,dividing its consumer market:

Correct AnswerverifiedShow Answer

Single-variable segmentation is clearly more precise than multiple-variable segmentation

Correct AnswerverifiedShow Answer

When making a purchase,satisficers consider numerous suppliers,solicit bids,and study all proposals carefully before selecting one.

Correct AnswerverifiedShow Answer

The customer relationship management technique that focuses on thanking customers for their business to a company exemplifies the trend of _____.

Correct AnswerverifiedShow Answer

A concentrated targeting strategy differs from an undifferentiated targeting strategy in that a concentrated targeting strategy:

Correct AnswerverifiedShow Answer

In the context of a buying process,which of the following statements is true of satisficers

Correct AnswerverifiedShow Answer

Cannibalization occurs when the sales of an existing product remain the same despite the introduction of a new product.

Correct AnswerverifiedShow Answer

_____ is a means of displaying or graphing,in two or more dimensions,the location of products,brands,or groups of products in customers' minds.

Correct AnswerverifiedShow Answer

_____ refers to segmenting markets by region of a country or the world,market size,market density,or climate.

Correct AnswerverifiedShow Answer

In the context of purchasing profiles,_____ are business customers who consider numerous suppliers,solicit bids,and study all proposals carefully before selecting one.

Correct AnswerverifiedShow Answer

The purpose of market segmentation is to

Correct AnswerverifiedShow Answer

How do marketers use customer relationship management (CRM)as a targeting tool?

Correct AnswerverifiedAnswers will vary.Customer relationship ...View AnswerShow Answer

In the context of strategies for selecting target markets,which of the following is a disadvantage of an undifferentiated targeting strategy?

Correct AnswerverifiedShow Answer

The editorial board of Gamers' Page,a magazine that primarily caters to people who are enthusiastic about sports and gaming,targets people who enjoy games.This type of market segmentation used by the editorial board of Gamers' Page is an example of _____.

Correct AnswerverifiedShow Answer

Market segmentation helps decision makers to more accurately define marketing objectives and better allocate resources.

Correct AnswerverifiedShow Answer

Describe the product differentiation strategy used by marketers to distinguish their products from competitors.

Correct AnswerverifiedAnswers will vary.The positioning strate...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Answers will vary.The purpose of market ...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified
Answers will vary.Customer relationship ...
View Answer

Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
verified
Answers will vary.The positioning strate...
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