Question 1

A _____ is the population segment or segments that are likely to buy your product or service.

Accepted Answer

A target market is the specific group of consumers to whom a company wants to sell its products or services. It is often based on demographics, psychographics, and behaviors of the consumers who are most likely to purchase the product. Trade area refers to the geographic area from which a business draws most of its customers, while a test market refers to a limited geographic area where a company introduces its new product to test its performance. National market, on the other hand, refers to the entire country where a company can sell its products or services.

Question 2

Which of these tools is useful in conducting a situation analysis?

Accepted Answer

SWOT analysis is specifically designed to assess the internal and external factors affecting a situation, making it a key tool for situation analysis.

Question 3

Maya runs a business of home-based new born baby wear through the Internet called "First Memories".She targets her business at all first time mothers around the globe.Identify the type of marketing strategy involved.

Accepted Answer

Concentrated strategy, also known as niche marketing, involves targeting a very specific and well-defined segment of the market. In this case, Maya is targeting first time mothers who are looking for new born baby wear. This strategy is often used by small businesses with limited resources who want to establish themselves in a specific market segment rather than trying to appeal to a broader audience.

Question 4

A(n)_____ strategy is useful when there is really no difference in the reasons why consumers buy your products.

Accepted Answer

An undifferentiated strategy is useful when there is really no difference in the reasons why consumers buy your products. This strategy involves targeting the entire market with a single product or service, without any modifications or differentiation based on specific segments or demographics. It assumes that all consumers share similar needs and preferences and that one product or marketing mix will appeal to all.

Question 5

A(n)_____ strategy is used when there is more than one market segment likely to need a product or service.

Accepted Answer

A differentiated strategy is used when there are multiple market segments with different needs and preferences that can be targeted with a unique marketing mix. This strategy allows a company to differentiate themselves from competitors and tailor their offerings to specific groups, increasing the chances of success in each market. The other options, undifferentiated and concentrated strategies, are used when there is only one primary target market. Cost-leadership is a pricing approach and not a market segmentation strategy.

Question 6

An automobile company has different categories of cars for different types of customers.The have segmented it as: speed cars,safety cars,capacity cars etc.Customers can choose their cars accordingly.Which of the following best explains this type of segmentation?

Accepted Answer

This type of segmentation is known as benefit segmentation, where customers are segmented based on the benefits they seek from the product or service. In this case, the automobile company is segmenting its customers based on the benefits they seek from a car, such as speed, safety, capacity, etc.

Question 7

In situation analysis,you need to consider those who provide the same product or service,otherwise known as

Accepted Answer

Direct competition refers to businesses or entities that offer the same or very similar products or services as your own, making them a primary focus in situation analysis.

Question 8

When you divide the market you serve based on regions,such as,Northeast,Southeast,and Midwest,it is called

Accepted Answer

Geographic segmentation divides the market based on geographic regions, such as countries, states, cities, or neighborhoods. Therefore, dividing the market based on regions such as Northeast, Southeast, and Midwest is an example of geographic segmentation. Personality segmentation divides the market based on personality traits or characteristics, benefit segmentation divides the market based on product benefits or features, and demographic segmentation divides the market based on demographic characteristics like age, gender, income, etc.

Question 9

When you divide your total market based on age and income,it is called

Accepted Answer

Dividing the total market based on age and income is an example of demographic segmentation. Demographic segmentation is a common method used in marketing to divide a market into segments based on variables such as age, gender, income, education, occupation, and more. By dividing a market into segments based on demographics, marketers can tailor their messages and products to specific groups and create more effective marketing campaigns. Personality segmentation divides the market based on traits such as values, lifestyles, and attitudes. Benefit segmentation divides the market based on the benefits that customers are seeking, while geographic segmentation divides the market based on geography or location.

Question 10

Which of these represent the first step of a marketing plan?

Accepted Answer

The answer of Which of these represent the first step...

Question 11

Which of the following is also known as competitive advantage?

Accepted Answer

Differential advantage is another term for competitive advantage. It refers to a unique feature or attribute of a company's product or service that sets it apart from competitors and gives it an edge in the market. Marketing strategy, sales forecasting, and marketing research are all important components of achieving competitive advantage, but they are not synonymous with the term itself.

Question 12

Snackos is a company that manufactures snacks.They advertise their products with the catch phrase "Snackos,snacks with nutritious value and more for your money".What kind of strategy are they following?

Accepted Answer

The catch phrase suggests that Snackos is offering snacks with both nutritious value and value for money, indicating that they are following a differentiated strategy. They are positioning themselves as a brand that offers healthier options without compromising on affordability.

Question 13

The process of dividing the market into groups that have somewhat homogeneous needs for a product or service is called

Accepted Answer

The process of dividing the market into groups that have somewhat homogeneous needs for a product or service is known as market segmentation. It is a crucial step in the marketing process, as it helps identify and understand customer needs and preferences, which in turn helps in targeting the right customer segments and developing effective marketing strategies.

Question 14

Which of the following strategy is ideal while selling bottled water in a beach on a hot summer day?

Accepted Answer

Undifferentiated strategy is ideal as it targets the entire market with a single offer, which is effective for a product like bottled water that has a universal appeal on a hot summer day at the beach.

Question 15

A marketing plan examines all of these areas EXCEPT

Accepted Answer

A marketing plan focuses on creating effective marketing strategies to meet business objectives. While employee issues related to product creation may be important, they are not directly related to marketing plans.

Question 16

Generally marketers choose one of these targeting strategies EXCEPT

Accepted Answer

Cost-leadership is not a targeting strategy, it is a competitive strategy focused on achieving the lowest production and distribution costs in order to offer lower prices to customers. The other choices listed are all common targeting strategies used by marketers.

Question 17

Which of these is the final step of a marketing plan?

Accepted Answer

The final step of a marketing plan is addressing the 4 P's (product, price, place, and promotion).

Question 18

A(n)_____ strategy is used when a firm chooses one particular segment on which to focus all its efforts.

Accepted Answer

A concentrated strategy, also known as a niche strategy, involves targeting a specific, well-defined segment of the market with a unique set of products, services, or marketing efforts. This approach allows the firm to focus its resources on serving the needs of that particular segment and differentiate itself from competitors that serve a broader market. It can be an effective way for smaller firms with limited resources to compete with larger firms or for new firms to gain a foothold in a crowded market.

Question 19

The characteristic that separates one company from another in product,price,promotion and/or distribution,is referred to as

Accepted Answer

Differential advantage is the unique feature or quality that distinguishes a company's product, price, promotion or distribution from its competitors. It is what makes the company stand out and gives it an edge in the market. Sales forecasting is a process of predicting future sales based on past sales data and market trends. Marketing research is the process of gathering data and analyzing it to make informed marketing decisions. Ethnographic research is a type of research that involves observing and studying human behavior in social settings. However, none of these options specifically refer to the characteristic that sets a company apart from its competitors. Thus, the best answer is A, differential advantage.

Question 20

The key component in your situation analysis is to consider your

Accepted Answer

The key component in a situation analysis is to consider your competitors. Understanding the strengths and weaknesses of your competitors is crucial to developing a successful marketing strategy. This includes identifying their products, pricing, promotional tactics, distribution channels, and target audience. By analyzing your competitors, you can identify opportunities and threats that may impact your business and adjust your strategy accordingly. While employees, suppliers, and distributors are important considerations, they are not the key component in a situation analysis.

Quiz 12: Marketing Plans: Saying How Youll Get Sales