Question 1

An attractive niche is characterized as having a distinct set of needs.

Accepted Answer

An attractive niche should have a clearly defined set of needs that are not currently being met by existing products or services. This makes it easier to target and serve the needs of the niche market.

Question 2

Research shows that men and women shop differently.Men often like to read product information; women may relate to a product on a more personal level.

Accepted Answer

This statement is supported by research that suggests that men and women have different shopping behaviors and preferences. Men tend to focus more on the functional aspects of a product, such as features and specifications, while women may consider the emotional and personal appeal of a product, such as how it fits their lifestyle or reflects their personality. However, these are generalizations and may not apply to all individuals.

Question 3

Henry Ford epitomized the market segmentation strategy when he offered the Model-T Ford in only one color.

Accepted Answer

Henry Ford's strategy with the Model-T was not market segmentation but rather mass production and standardization, offering the car in only one color to reduce costs and increase efficiency.

Question 4

Research has shown that income is a highly accurate predictor of the "best" customers for a given product.

Accepted Answer

Income alone is not a highly accurate predictor of the "best" customers for a given product, as other factors such as preferences, needs, lifestyle, and values also play significant roles in determining customer behavior and product suitability.

Question 5

Local marketing reflects a growing trend called macromarketing.

Accepted Answer

Local marketing focuses on tailoring products and marketing strategies to suit local tastes and preferences, whereas macromarketing looks at marketing strategies and their impact on society and the economy at large, reflecting broader trends and issues.

Question 6

A company is customerized when it is able to respond to individual customers by customizing its products,services,and messages on a one-to-one basis.

Accepted Answer

A company that is customerized tailors its offerings and communication to serve each customer as an individual.

Question 7

A marketer glances at this month's market-preference pattern diagram and notices that all of the customers are grouped in the middle of the diagram; therefore,customers are exhibiting clustered preferences.

Accepted Answer

The answer of A marketer glances at this month's market-preference...

Question 8

With respect to market offerings,if a marketer emphasizes a naked solution,he or she is emphasizing the product and service elements that all segment members value.

Accepted Answer

When a marketer emphasizes a naked solution, they are focusing on the basic product or service elements that are universally valued by all segment members, rather than additional features or benefits that may only be valued by certain segments.

Question 9

The ultimate level of segmentation leads to "segments of one," "customized marketing," or "one-to-one marketing."

Accepted Answer

The ultimate level of segmentation is one-to-one marketing, also known as segments of one or customized marketing, where products or services are tailored to the needs and preferences of individual customers.

Question 10

A market segment consists of a group of consumers who share a similar set of needs and wants.

Accepted Answer

This statement is true. Market segmentation involves dividing a larger market into smaller groups based on similarities in consumer needs and characteristics. These smaller groups are called market segments.

Question 11

Effective target marketing requires that marketers use market segmentation,market targeting,and market positioning to achieve success in the marketplace.

Accepted Answer

Effective target marketing involves dividing the market into smaller segments, selecting the most suitable segments as target markets, and positioning the product or service in a way that appeals to those segments. Therefore, market segmentation, targeting, and positioning are crucial to successful target marketing.

Question 12

Average U.S.household income has risen in the past 30 years,with growth highest for the top 20% of households.

Accepted Answer

According to data from the U.S. Census Bureau, the average U.S. household income has indeed risen in the past 30 years, but growth has been highest for the top 20% of households while income for the bottom 80% of households has remained relatively stagnant.

Question 13

Markets are almost always homogeneous.

Accepted Answer

Markets can be heterogeneous, meaning they consist of different segments or groups of consumers with varying needs, preferences, and behaviors. These segments may require different marketing strategies and offerings to effectively target and reach them.

Question 14

Members of the same generational cohort share the same major cultural,political,and economic experiences and have similar outlooks and values.

Accepted Answer

Members of the same generational cohort often experience major events and shifts in society at the same time, which can shape their overall outlook and values in similar ways. Examples of these experiences include growing up during a major war or economic recession, witnessing significant advancements in technology, and participating in social and political movements. However, it's important to note that not all individuals within a generational cohort will have identical backgrounds or beliefs, as factors like race, gender, and socioeconomic status can also play a role in shaping one's worldview.

Question 15

A local service company has decided to segment its market based on occupation; therefore,it has chosen a form of demographic segmentation for its approach.

Accepted Answer

Demographic segmentation divides the market based on identifiable characteristics, such as age, gender, income, education, occupation, etc. Therefore, a local service company that segments its market based on occupation is using demographic segmentation.

Question 16

Customer cloning is the practice of identifying the key characteristics of a market segment and then identifying multiple geographic areas where the majority of the population possesses those characteristics.

Accepted Answer

The answer of Customer cloning is the practice of identifying...

Question 17

Illustrations of personality segmentation would include culture-oriented,sports-centered,or outdoor-oriented subsegments.

Accepted Answer

The answer of Illustrations of personality segmentation would include culture-oriented,sports-centered,or...

Question 18

Life stage defines a person's age.

Accepted Answer

The answer of Life stage defines a person's age....

Question 19

Demographic variables are extremely popular because they are often associated with consumer needs and wants and they are easy to measure.

Accepted Answer

Demographic variables such as age, gender, income, education level, and occupation are commonly used in market research because they can provide valuable insights into consumer behavior and preferences. Additionally, these variables are relatively easy to measure through surveys or census data.

Question 20

In order to maintain acceptable levels of sales and profits,marketers target only middle- and high-income groups of consumers.

Accepted Answer

Marketers target a wide range of income groups, including low-income consumers, to maximize market reach and profitability.

Quiz 8: Identifying Market Segments and Targets