Question 1

Explain the 80/20 rule.

Accepted Answer

Usage rate is sometimes referred to in t...

Question 2

Hallmark places its scrapbook materials, photo albums, and related supplies into one product group because

Accepted Answer

A)   it was easier to forecast future sales since there were fewer market-product combinations.
B)   customers could buy in quantity and take advantage of quantity discounts.
C)   their suppliers provided free displays and shelving to highlight Hallmark's products.
D)   it helped buyers relate to the products and make decisions in a more meaningful way.
E)   it allowed customers to compare price and quality with competitors who displayed their products in a similar manner.F) A) and C)
G) All of the above

Question 3

Retail store type and usage rate are both variables used to employ ________ segmentation.

Accepted Answer

A)   geographic
B)   demographic
C)   loyalty
D)   psychographic
E)   behavioralF) A) and C)
G) All of the above

Question 4

Customer lifetime ________ represents the financial worth of a customer to a company over the course of their relationship.

Accepted Answer

A)   revenue
B)   usage
C)   profitability
D)   value
E)   exchangeF) A) and D)
G) D) and E)

Question 5

Which of these is collected from consumers to develop a product's perceptual map?

Accepted Answer

A)   consumer judgments about the important attributes for a product or brand class
B)   a listing of all prospective brands and products
C)   managerial judgments about how consumers perceive products
D)   rank order of the ratings of an existing brand's preference relative to its competitors
E)   detailed explanations of why consumers make the choices they doF) B) and D)
G) A) and E)

Question 6

Personality and lifestyle are both variables used to employ ________ segmentation.

Accepted Answer

A)   geographic
B)   behavioral
C)   attitudinal
D)   psychographic
E)   demographicF) C) and D)
G) A) and E)

Question 7

Hotel programs that encourage passengers to repeatedly stay at their collections of properties focus on usage rate and employ ________ strategy.

Accepted Answer

A)   a rate of recurrence
B)   a product utilization
C)   an incidence
D)   a frequency marketing
E)   a consumption indexF) A) and B)
G) A) and C)

Question 8

Grouping potential buyers into meaningful segments involves meeting some specific criteria that answer which of these?

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) C) and E)
G) B) and D)

Question 9

Define mass customization and build-to-order.

Accepted Answer

Mass customization involves tailoring go...

Question 10

Segmentation based on what product features are important to different customers is a form of

Accepted Answer

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

Question 11

Product repositioning is

Accepted Answer

A)   the place a product offering occupies in consumers' minds on important attributes.
B)   using a market-product grid to place products in their appropriate places on that grid to identify potential untapped markets.
C)   changing the place an offering occupies in a consumer's mind relative to competitive products.
D)   the practice of selling a firm's least successful product line and redirecting that revenue into a totally new product.
E)   the competitive advantage of one product over another.F) B) and C)
G) B) and E)

Question 12

A basic test of the usefulness of the market segmentation process is whether it leads to tangible marketing actions that can

Accepted Answer

A)   increase sales and profitability.
B)   stand up to legal scrutiny.
C)   be socially responsible.
D)   create sustainable demand.
E)   produce product differentiation.F) B) and E)
G) A) and B)

Question 13

Jordan Lewis owns a company that makes Triangle BBQ Sauce. She wants to target local people who like the special blend of flavors found only in North Carolina barbecue sauce. In developing a marketing strategy to sell the sauce, Lewis decided to join Goodness Grows in North Carolina, a specialty food association that advertises local products and distributes them to local supermarkets and gourmet shops. Lewis has just

Accepted Answer

A)   formed a market segment using critical product features.
B)   formed products to be sold into groups.
C)   developed a market-product grid and estimating size of markets.
D)   taken a marketing action to reach a target market segment.
E)   formed prospective buyers into segments.F) A) and B)
G) A) and C)

Question 14

Why would an organization produce a single product or service and then attempt to sell it to two or more market segments?

Accepted Answer

An organization would produce a single p...

Question 15

The axes on a perceptual map are

Accepted Answer

A)   sales and profitability.
B)   two important 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 B)
G) All of the above

Question 16

ExxonMobil targets consumers that fill up their gas tanks more than once a week with its Chase Visa fuel card. Here, ExxonMobil is using which segmentation variable?

Accepted Answer

A)   needs
B)   lifestyle
C)   behavioral
D)   psychographic
E)   demographicF) A) and B)
G) A) and C)

Question 17

Building open and honest relationships with communication is an example of one of Zappos's

Accepted Answer

A)   target markets.
B)   best practices being adapted from its new owner, Amazon.com.
C)   ten core values.
D)   supplier requirements.
E)   long-term goals.F) C) and D)
G) A) and B)

Question 18

Wendy's should consider the competitive potential of not only Burger King and McDonald's, but also "fast-casual" establishments and even

Accepted Answer

A)   meals at golf and country clubs.
B)   dormitory meal plans at surrounding colleges and universities.
C)   items for sale at gas stations, coffee shops, and convenience stores.
D)   local farmer's markets that sell produce.
E)   nearly every food item sold at local grocery stores.F) A) and B)
G) D) and E)

Question 19

Google's Pixel 4 smartphone has advanced motion sensors that allow a user to skip songs, snooze alarms and silence phone calls by waving rather than touching. This sets the smartphone apart from its competitors and is part of Google's ________ strategy.

Accepted Answer

A)   product segmentation
B)   market expansion
C)   product differentiation
D)   usage segmentation
E)   psychographic segmentationF) All of the above
G) D) and E)

Question 20

Figure 9-9
-Figure 9-9 above is a depiction of a ________ for beverages in the minds of adults.

Accepted Answer

A)   hierarchy of needs
B)   perceptual map
C)   marketing matrix
D)   growth-share matrix
E)   acuity matrixF) B) and D)
G) A) and E)

Exam 9: Market Segmentation, Targeting, and Positioning

ExxonMobil targets consumers that fill up their gas tanks more than once a week with its Chase Visa fuel card. Here, ExxonMobil is using which segmentation variable?

Correct Answer
verified

Which of these is collected from consumers to develop a product's perceptual map?

Correct Answer
verified

Hotel programs that encourage passengers to repeatedly stay at their collections of properties focus on usage rate and employ ________ strategy.

Correct Answer
verified

Google's Pixel 4 smartphone has advanced motion sensors that allow a user to skip songs, snooze alarms and silence phone calls by waving rather than touching. This sets the smartphone apart from its competitors and is part of Google's ________ strategy.

Correct Answer
verified

Why would an organization produce a single product or service and then attempt to sell it to two or more market segments?

Correct Answer
verified
An organization would produce a single p...
View Answer

Explain the 80/20 rule.

Correct Answer
verified
Usage rate is sometimes referred to in t...
View Answer

The axes on a perceptual map are

Correct Answer
verified

Retail store type and usage rate are both variables used to employ ________ segmentation.

Correct Answer
verified

Building open and honest relationships with communication is an example of one of Zappos's

Correct Answer
verified

Define mass customization and build-to-order.

Correct Answer
verified
Mass customization involves tailoring go...
View Answer

Correct Answer
verified

A basic test of the usefulness of the market segmentation process is whether it leads to tangible marketing actions that can

Correct Answer
verified

Personality and lifestyle are both variables used to employ ________ segmentation.

Correct Answer
verified

Segmentation based on what product features are important to different customers is a form of

Correct Answer
verified

Hallmark places its scrapbook materials, photo albums, and related supplies into one product group because

Correct Answer
verified

Wendy's should consider the competitive potential of not only Burger King and McDonald's, but also "fast-casual" establishments and even

Correct Answer
verified

Figure 9-9 -Figure 9-9 above is a depiction of a ________ for beverages in the minds of adults.

Correct Answer
verified

Product repositioning is

Correct Answer
verified

Customer lifetime ________ represents the financial worth of a customer to a company over the course of their relationship.

Correct Answer
verified

Grouping potential buyers into meaningful segments involves meeting some specific criteria that answer which of these?

Correct Answer
verified

Exam 9: Market Segmentation, Targeting, and Positioning

ExxonMobil targets consumers that fill up their gas tanks more than once a week with its Chase Visa fuel card. Here, ExxonMobil is using which segmentation variable?

Correct AnswerverifiedShow Answer

Which of these is collected from consumers to develop a product's perceptual map?

Correct AnswerverifiedShow Answer

Hotel programs that encourage passengers to repeatedly stay at their collections of properties focus on usage rate and employ ________ strategy.

Correct AnswerverifiedShow Answer

Google's Pixel 4 smartphone has advanced motion sensors that allow a user to skip songs, snooze alarms and silence phone calls by waving rather than touching. This sets the smartphone apart from its competitors and is part of Google's ________ strategy.

Correct AnswerverifiedShow Answer

Why would an organization produce a single product or service and then attempt to sell it to two or more market segments?

Correct AnswerverifiedAn organization would produce a single p...View AnswerShow Answer

Explain the 80/20 rule.

Correct AnswerverifiedUsage rate is sometimes referred to in t...View AnswerShow Answer

The axes on a perceptual map are

Correct AnswerverifiedShow Answer

Retail store type and usage rate are both variables used to employ ________ segmentation.

Correct AnswerverifiedShow Answer

Building open and honest relationships with communication is an example of one of Zappos's

Correct AnswerverifiedShow Answer

Define mass customization and build-to-order.

Correct AnswerverifiedMass customization involves tailoring go...View AnswerShow Answer

Correct AnswerverifiedShow Answer

A basic test of the usefulness of the market segmentation process is whether it leads to tangible marketing actions that can

Correct AnswerverifiedShow Answer

Personality and lifestyle are both variables used to employ ________ segmentation.

Correct AnswerverifiedShow Answer

Segmentation based on what product features are important to different customers is a form of

Correct AnswerverifiedShow Answer

Hallmark places its scrapbook materials, photo albums, and related supplies into one product group because

Correct AnswerverifiedShow Answer

Wendy's should consider the competitive potential of not only Burger King and McDonald's, but also "fast-casual" establishments and even

Correct AnswerverifiedShow Answer

Figure 9-9 -Figure 9-9 above is a depiction of a ________ for beverages in the minds of adults.

Correct AnswerverifiedShow Answer

Product repositioning is

Correct AnswerverifiedShow Answer

Customer lifetime ________ represents the financial worth of a customer to a company over the course of their relationship.

Correct AnswerverifiedShow Answer

Grouping potential buyers into meaningful segments involves meeting some specific criteria that answer which of these?

Correct AnswerverifiedShow 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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An organization would produce a single p...
View Answer

Correct Answer
verified
Usage rate is sometimes referred to in t...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Mass customization involves tailoring go...
View Answer

Correct Answer
verified

Correct Answer
verified

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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