Question 1

One of the most successful and well-known tools of __________ segmentation is VALS^™ developed by Strategic Business Insights. A) psychographic B) geographic C) demographic D) geoclustering E) emotional

Accepted Answer

VALS™ (Values, Attitudes, and Lifestyles) is a psychographic segmentation tool that categorizes consumers based on their psychological traits.

Question 2

Each of the following statements describes a unique characteristic of the business buying process EXCEPT:
A) Business buyers have an easier time identifying their needs as compared to consumers.
B) Business buyers must be keenly aware of both hard and soft costs.
C) Groups of people, rather than individuals, often make purchase decisions.
D) Business buyers are less likely to be dependent upon each other.
E) Business buying is sometimes based on reciprocity where each firm buys products from the other.

Accepted Answer

Business buyers often operate in networks or supply chains where dependencies between buyers and suppliers are common, making interdependence rather than independence a characteristic feature of business buying.

Question 3

What must a firm have to use selective targeting successfully? ​
A) ​The ability to develop multiple marketing programs to serve all customers simulataneously
B) ​Expertise of a product category to leverage across many different market segments
C) ​Capabilities that are intrinsically tied to the needs of a specific target market
D) ​Multiple capabilities in many different product categories
E) ​Intimate knowledge and expertise in one market that allows it to offer customized marketing programs

Accepted Answer

The answer of What must a firm have to use...

Question 4

Which of the following IS NOT a typical basis used to segment business markets?
A) type of organization
B) organizational characteristics
C) benefits sought
D) organizational culture
E) relationship intensity

Accepted Answer

Organizational culture is not typically a basis used to segment business markets. Market segmentation in business markets is usually based on factors like type of organization, organizational characteristics, benefits sought, and relationship intensity, which are more objective and quantifiable. Organizational culture, being more about internal values and practices, is less commonly used for segmentation purposes.

Question 5

Only the largest firms can execute __________, which involves the development of multiple marketing programs to serve all customer segments simultaneously.
A) single segment targeting
B) market specialization
C) selective targeting
D) product specialization
E) mass market targeting

Accepted Answer

Mass market targeting involves the development of multiple marketing programs to serve all customer segments simultaneously, which typically requires the extensive resources and capabilities of the largest firms.

Question 6

The consumer buying process begins when:
A) marketing research discovers a new, untapped market segment.
B) consumers recognize that they have unsatisfied needs.
C) merchants offer goods and services for sale.
D) a manufacturer develops a new product.
E) consumers begin to seek information about an upcoming purchase.

Accepted Answer

The consumer buying process starts with the recognition of a need or problem by the consumer. This is when they realize they have an unsatisfied need that prompts them to look for a solution, leading to the subsequent steps in the buying process.

Question 7

Although the stages of the consumer buying process are typically discussed in a linear fashion, consumers do not always follow the stages in sequence. Explain why this often occurs.

Accepted Answer

The answer of Although the stages of the consumer buying...

Question 8

Which of the following IS NOT an example of mass customization?
A) A college creates a custom degree program to match your unique needs.
B) A customer orders a custom teddy bear from Build-A-BearWorkshop.com.
C) Dell offers fully customized computers based on your needed configuration.
D) A bank employee logs into the e-procurement system to browse a fully customized catalog of office supplies.
E) You order a customized vase of flowers from 1-800-Flowers.com.

Accepted Answer

The answer of Which of the following IS NOT an...

Question 9

Nielsen's PRIZM segmentation system is a useful ___________ tool.
A) ​geoclustering
B) ​business segmentation
C) ​mass marketing
D) ​psychographic segmentation
E) ​behavioral segmentation

Accepted Answer

Nielsen's PRIZM segmentation system is primarily a geoclustering tool, which classifies neighborhoods into segments based on demographic and geographic data.

Question 10

The basic assumption of __________ is that all customers in the market have similar needs and wants that can be reasonably satisfied with a single marketing program.
A) holistic marketing
B) mass marketing
C) market concentration
D) focused marketing
E) single segment marketing

Accepted Answer

Mass marketing assumes that all customers in the market have similar needs and wants, which can be met with a single marketing strategy. This approach contrasts with targeted or segmented marketing strategies that cater to specific groups within the market.

Question 11

__________ segmentation is the most powerful form of segmentation in consumer markets because it uses actual product usage to make distinctions among market segments.
A) Demographic
B) Behavioral
C) Psychographic
D) Lifestyle
E) Geographic

Accepted Answer

Behavioral segmentation is the most powerful form of segmentation in consumer markets because it categorizes consumers based on their actual behavior towards products, including usage rate, brand loyalty, benefits sought, and occasion of product use, providing direct insight into their purchasing patterns.

Question 12

A market segment meets all criteria for viability. However, what else is necessary for a firm to successfully pursue that segment?
A) The segment should allow for little competition.
B) The segment should be inexpensive to reach.
C) The segment should have synergy with the firm's mission.
D) The segment is easy to reach with traditional forms of communication.
E) The segment's members cannot overlap into other segments.

Accepted Answer

A segment must align with the firm's mission and overall strategy to ensure that pursuing it makes sense within the context of the firm's goals and capabilities. This synergy is crucial for long-term success.

Question 13

If a researcher were to ask consumers to quickly name the top 3 brands of computers they might consider purchasing, the most common brands in the __________ would most likely be Dell, Apple, and HP.
A) brand set
B) purchase set
C) evoked set
D) target group
E) shopping list

Accepted Answer

The evoked set refers to the group of brands that a consumer can recall from memory when considering a purchase decision in a particular product category. Dell, Apple, and HP are well-known computer brands likely to be top-of-mind for many consumers.

Question 14

Explain the five different target marketing strategies and give examples of firms that use each one. Also, discuss how firms might approach the targeting of noncustomers

Accepted Answer

The answer of Explain the five different target marketing strategies...

Question 15

Identify and explain the five stages of the consumer buying process. Give examples of marketing activities designed to influence each stage.

Accepted Answer

The answer of Identify and explain the five stages of...

Question 16

With respect to the consumer buying process, __________ is perhaps the most important factor that affects the time, effort, and expense dedicated to the search for information.
A) the degree of risk
B) the consumer's expertise
C) the consumer's brand loyalty
D) the degree of competition
E) the extent of product differentiation

Accepted Answer

The degree of risk involved in a purchase significantly influences the amount of time, effort, and resources a consumer is willing to invest in searching for information. Higher perceived risk leads to more extensive information search activities.

Question 17

Identify and discuss the various traditional market segmentation strategies. Include in your answer a discussion of the relative advantages and disadvantages of each strategy.

Accepted Answer

The answer of Identify and discuss the various traditional market...

Question 18

Describe how the business buying process differs from the consumer buying process. Include an explanation of the unique characteristics of business markets.

Accepted Answer

The answer of Describe how the business buying process differs...

Question 19

What is the key to using behavioral segmentation successfully in consumer markets?
A) The firm must clearly link behavioral characteristics with risk profiles.
B) The firm must clearly link behavioral characteristics to demographic characteristics.
C) The firm must determine whether consumers see their behaviors as being distinct from other behavioral segments.
D) The firm must clearly link behavioral information with geography.
E) The firm must clearly understand the basic needs and benefits sought by different consumer groups.

Accepted Answer

The key to using behavioral segmentation successfully is for the firm to clearly understand the basic needs and benefits sought by different consumer groups. This approach allows the firm to tailor its products, services, and marketing efforts to meet the specific needs of each segment effectively.

Question 20

What type of segmentation divides consumer markets into segments using individual factors such as gender, age, income, and education?
A) psychographic segmentation
B) demographic segmentation
C) benefit segmentation
D) behavioral segmentation
E) lifestyle segmentation

Accepted Answer

Demographic segmentation categorizes consumers based on statistical characteristics such as gender, age, income, and education, making it the correct answer.

Quiz 5: Customers, Segmentation, and Target Marketing

One of the most successful and well-known tools of __________ segmentation is VALS™ developed by Strategic Business Insights.

Each of the following statements describes a unique characteristic of the business buying process EXCEPT:

What must a firm have to use selective targeting successfully? ​

Which of the following IS NOT a typical basis used to segment business markets?

Only the largest firms can execute __________, which involves the development of multiple marketing programs to serve all customer segments simultaneously.

The consumer buying process begins when:

Although the stages of the consumer buying process are typically discussed in a linear fashion, consumers do not always follow the stages in sequence. Explain why this often occurs.

Which of the following IS NOT an example of mass customization?

Nielsen's PRIZM segmentation system is a useful ___________ tool.

The basic assumption of __________ is that all customers in the market have similar needs and wants that can be reasonably satisfied with a single marketing program.

__________ segmentation is the most powerful form of segmentation in consumer markets because it uses actual product usage to make distinctions among market segments.

A market segment meets all criteria for viability. However, what else is necessary for a firm to successfully pursue that segment?

If a researcher were to ask consumers to quickly name the top 3 brands of computers they might consider purchasing, the most common brands in the __________ would most likely be Dell, Apple, and HP.

Explain the five different target marketing strategies and give examples of firms that use each one. Also, discuss how firms might approach the targeting of noncustomers

Identify and explain the five stages of the consumer buying process. Give examples of marketing activities designed to influence each stage.

With respect to the consumer buying process, __________ is perhaps the most important factor that affects the time, effort, and expense dedicated to the search for information.

Identify and discuss the various traditional market segmentation strategies. Include in your answer a discussion of the relative advantages and disadvantages of each strategy.

Describe how the business buying process differs from the consumer buying process. Include an explanation of the unique characteristics of business markets.

What is the key to using behavioral segmentation successfully in consumer markets?

What type of segmentation divides consumer markets into segments using individual factors such as gender, age, income, and education?

One of the most successful and well-known tools of __________ segmentation is VALS^™ developed by Strategic Business Insights.

What must a firm have to use selective targeting successfully?