Deck 2: Market Segmentation

Question 1

A target market is a group of current and prospective customers with common needs and wants

Answer 1

True

Question 2

Behavioristic segmentation includes internal and external personal factors such as personality and lifestyle, motivation, and attitudes, interests, and opinions.

Answer 2

False

Question 3

Psychographic information is the most readily available information for marketers.

Answer 3

False

Question 4

Positioning entails physically and/or psychologically differentiating the firm's offering for each target market from those of competitors pursuing the same or similar segments.

Question 5

Market aggregation is a means of pursuing the entire market or the largest segment of the market with one marketing program.

Question 6

Value positioning differentiates a brand by suggesting it gives the consumer more for their money. Brands like Wal-Mart use this competitive differentiation, and high-end brands like Lexus use value positioning as well.

Question 7

Product class positioning is the staking out of a new and different brand position due to marketplace dynamics.

Question 8

Three dimensions of psychological brand positioning are by uses, target market users, and the competition.

Question 9

Benefit segmentation is considered the most direct and useful means of market segmentation.

Question 10

A heated pool is an example of a product benefit.

Question 11

The following are all marketplace requirements for effective market segmentation except __________.

A) Identifiability
B) Measurability
C) Responsiveness
D) Durability
E) Accessibility

Question 12

Three very general variables or predictors of consumer behavior are __________.

A) Demographics, psychographics, and behavior
B) Demographics, psychographics, and market factor sensitivity
C) Target marketing, market attractiveness, and brand positioning
D) Target marketing, market attractiveness, and behavioral marketing
E) Market factor sensitivity, buyer readiness state, and benefits sought

Question 13

What does Pareto's law say?

A) The most popular consumer products have multiple uses.
B) Half of a brand's customers account for the largest amount of a brand's overall sales volume.
C) Brand loyalists are the key to growing and establishing a brand against competitors.
D) As the Internet makes it easy and cheap to offer a vast array of content, consumers turn away from mass-market hit products they only sort of want.
E) The measure of market attractiveness is the most important element in market segmentation.

Question 14

Which variable for market segmentation is the most inexpensive and easiest to obtain via secondary data?

A) Behavioristic
B) Psychographics
C) Usage rates
D) Demographics
E) Social class

Question 15

Which target marketing strategy incorporates the idea of co-creation?

A) Individualized marketing
B) Direct marketing
C) Niche marketing
D) Differentiated marketing
E) Undifferentiated marketing

Question 16

Differentiating a brand by suggesting it gives consumers more for their money is __________.

A) Comparative advertising
B) Value positioning
C) Product class positioning
D) Advertising appeal
E) Repositioning

Question 17

In 1986, the release of Sega Genesis yielded the catchphrase: "Genesis does what Nintendon't." What is this an example of?

A) Comparative advertising
B) Perceptual value
C) Product category positioning
D) Physical positioning
E) Repositioning

Question 18

The four bases for psychological positioning are uses, target markets, competitors, and __________.

A) Customs
B) Behavioral standards
C) Technology
D) Prices
E) Substitutes

Question 19

Brand name awareness, perceived brand quality, brand associations, brand image, and brand loyalty all factor into the makeup of __________.

A) Brand repositioning
B) Selling premise
C) Brand equity
D) Psychological positioning
E) Benefit positioning

Question 20

Which is theoretically the most effective way to segment a market?

A) Demographic segmentation
B) Psychographic segmentation
C) Behavioristic segmentation
D) Benefit segmentation
E) Psychological segmentation

Question 21

What is product differentiation? Cite two of the three competitive advantages of product differentiation.

Question 22

List four of the seven marketplace prerequisites for effective market segmentation.

Question 23

Cite and briefly describe three of the eight behavioral bases. Provide examples if necessary.

Question 24

What are two market situations where undifferentiated marketing is typically useful?

Question 25

Which target marketing strategy is deemed "the ultimate market segmentation" strategy? Explain the strategy further.

Question 26

What is concentrated marketing? Cite one strength and one weakness of this particular target market strategy.

Question 27

What is the relationship between psychological value-added and brand positioning?

Question 28

Cite three marketplace dynamics that might necessitate the repositioning of a brand.

Question 29

You purchase a medium Dunkin Donuts coffee every morning before class. Please provide a competitive set for your morning coffee.

Question 30

Why can benefit segmentation be considered the most direct and useful means of market segmentation?