Question 1

Peace Cut,Inc.manufactures "one size fits all" unisex pajamas.This is a typically an example of _____ marketing strategy.

Accepted Answer

Peace Cut, Inc. manufactures "one size fits all" unisex pajamas, which means they are targeting a broad market and do not differentiate their products based on specific customer segments. Therefore, it is an example of an undifferentiated marketing strategy.

Question 2

Which of the following best exemplifies personality segmentation?

Accepted Answer

Personality segmentation aims at segmenting customers based on their personality traits, lifestyle, and interests. Shoe Soul, Inc. segments its shoes based on customers' interest, hence option C best exemplifies personality segmentation. Adventure shoes cater to customers who prioritize outdoor activities such as hiking, climbing and camping. Limited edition shoes cater to customers who are interested in owning unique and exclusive shoes. Couture shoes cater to customers who value high-end fashion and design. Option A segments customers based on their willingness to pay, option B on the geographical location, and option D on age ranges, these are not personality traits, interests, or lifestyle.

Question 3

Danielle,a graduate in fashion technology,always found it tough to find clothes for her as she belonged to the category of plus-size.Hence,she launched her clothing brand Taurus Trends that catered to the needs of plus-size and extremely tall women.In catering to the clothing needs of plus-size women,Danielle has typically adopted a(n)_____ marketing strategy.

Accepted Answer

Danielle has specifically targeted a niche market of plus-size and tall women. This is an example of a concentrated marketing strategy, where a company focuses on a specific segment of the market.

Question 4

Danielle,a graduate in fashion technology,always found it tough to find clothes for her as she belonged to the category of plus-size.Hence,she launched her clothing brand Taurus Trends that catered to the needs of plus-size and extremely tall women.In developing a marketing plan,Danielle should typically begin by defining the _____.

Accepted Answer

Danielle should begin by defining her target market, which in this case is plus-size and extremely tall women. This will help her focus her marketing efforts on this specific group of consumers and tailor her product offerings to meet their needs. The other options, such as the current situation, 4 Ps, and marketing strategy, can come after the target market has been identified.

Question 5

Munch More's potato wafers are available in two different variants-the fried variant and the baked variant.With the deep-fried wafers the firm aims to target customers for whom taste matters the most,and with the baked version it caters to the needs of those customers who are health-conscious.Munch More is typically following a(n)_____ marketing strategy.

Accepted Answer

Munch More is using a differentiated marketing strategy by offering two different variants to target two different segments of customers - those who prioritize taste and those who prioritize health.

Question 6

E and C Inc.produces two categories of woolen clothes under the brand names "extreme" and "cool." The brand "extreme" is sold in areas that have harsh winters,and the brand "cool" is sold in areas that have warm summers.This is a typical example of _____ segmentation.

Accepted Answer

The segmentation is based on geographic factors such as climate and weather patterns in different regions.

Question 7

Which of the following is the first step of a business's marketing plan?

Accepted Answer

The answer of Which of the following is the first...

Question 8

In a(n)_____ marketing strategy,a marketer selects two or more distinct groups of consumers and designs specific marketing mixes to meet their needs.

Accepted Answer

In a differentiated marketing strategy, a marketer selects two or more distinct groups of consumers and designs specific marketing mixes to meet their needs. This is also known as a segmented marketing strategy where the target market is broken down into different segments based on their needs and preferences. This approach allows the marketer to tailor their marketing efforts to meet the specific needs of each segment, leading to better customer satisfaction and higher sales.

Question 9

_____ segmentation typically divides customers into groups based on what advantages they seek when making product or service decisions.

Accepted Answer

Benefit segmentation categorizes customers based on the benefits they seek from a product or service. This can include things like cost savings, convenience, quality, or luxury. Geographic segmentation is based on location, demographic segmentation is based on characteristics like age or income, and ethnographic segmentation is based on cultural factors.

Question 10

United One Bank has designed various loan schemes tailored according to the needs of students,differently abled,single parent,and retirees.The bank has typically adopted a(n)_____ marketing strategy.

Accepted Answer

The bank has adopted a differentiated marketing strategy. This is because the bank has designed loan schemes for specific groups of people based on their needs and characteristics. The loan schemes are tailored to cater to the unique requirements of these groups, rather than having a one-size-fits-all approach. By adopting a differentiated marketing strategy, the bank is aiming to meet the diverse needs of its target audience and gain a competitive advantage in the market.

Question 11

While most cosmetic brands sell their products in specialty stores or departmental stores,Snowbird Inc.is the only cosmetic brand that uses direct marketing as a means to reach its customers.However,it prices its products close to that of its competitors.Hence,the company has carved a differential advantage typically in terms of its _____ strategy.

Accepted Answer

Snowbird Inc. has differentiated itself through its distribution strategy, which involves using direct marketing to reach customers instead of selling in specialty stores or departmental stores like its competitors. This differentiation is related to the "place" element of the marketing mix. The pricing strategy is mentioned in the question but is not the main aspect of differentiation for Snowbird Inc. The people and product elements are not mentioned in the question, so they are not relevant to this particular scenario.

Question 12

In a(n)_____ marketing strategy,a marketer selects one specific group of consumers and designs a marketing mix specifically for that group.

Accepted Answer

A concentrated marketing strategy focuses on one specific group of consumers, sometimes called a niche market, and creates a specialized marketing mix to meet the needs of that group. This approach often results in stronger brand loyalty and better communication with the target audience. The other options (A, C, and D) do not involve targeting a specific group in the same way.

Question 13

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

Accepted Answer

Market segmentation is the process of dividing the market into smaller groups with similar needs or characteristics. This is an important step in developing a targeted marketing strategy to effectively reach and serve specific segments of the market. Product differentiation refers to the process of creating unique features or benefits that distinguish a product from its competitors. Market degradation and benchmarking are not related to market segmentation.

Question 14

The Kent Automobile Company segments its cars as sports cars,safety cars,capacity cars,and premium cars based on the gains or the utility consumers seek.Which of the following segmentation types has the Kent Automobile Company adopted?

Accepted Answer

The Kent Automobile Company has adopted benefit segmentation where they divide their cars based on the benefits that consumers are seeking from the car. The benefits include sports cars, safety cars, capacity cars, and premium cars. It is not psychographic segmentation, which is dividing consumers based on their personality or lifestyle characteristics, nor is it geographic segmentation, which is dividing consumers based on their location. It is also not ethnographic segmentation, which is dividing consumers based on cultural or social factors.

Question 15

Drugs sold under the Myko Pharmaceuticals brand comes in two different quality standards.The high quality and high-priced drugs are exported to countries that have high per capita income,whereas the low-priced drugs are sold in countries that have low per capita income.This is an example of _____ segmentation.

Accepted Answer

This is an example of demographic segmentation because it involves dividing the market based on economic factors, specifically the per capita income of different countries.

Question 16

Dividing the market by categories such as age,income,education level,ethnicity,or sex is termed as _____ segmentation.

Accepted Answer

Demographic segmentation divides the market based on characteristics such as age, income, education level, ethnicity, and sex. Geographic segmentation divides the market by location, while psychographic segmentation considers lifestyle and personality traits. There is no term as "trench segmentation".

Question 17

If a firm is able to create a premium image in its customer's mind by offering a custom product or extra service,it should typically claim _____ as its pricing strategy and use it as a differential advantage.

Accepted Answer

Prestige pricing involves setting a high price for a product or service to create a premium image in the customer's mind. This strategy can be effective when a firm offers custom products or extra services that justify the higher price tag. By using prestige pricing as a differential advantage, the firm can attract customers who are willing to pay a premium for quality or exclusivity.

Question 18

While the competitors of Premium Airlines cater to both the business and economy class customers along with the executive class customers,the company aims at focusing all its service efforts on customers who prefer to travel in style and comfort.Hence,the firm's airplanes only have executive seats.This is an example of a(n)_____ marketing strategy.

Accepted Answer

Premium Airlines is using a concentrated marketing strategy by focusing solely on customers who prefer to travel in style and comfort (i.e. executive seats). This is different from differentiated marketing strategy where a company caters to multiple target markets with different products/services, or undifferentiated/mass marketing strategy where a company offers the same product/service to all customers without any segmentation.

Question 19

Maya runs a home-based apparel business called Round Polka catering only to the needs of pregnant women.Identify the type of marketing strategy involved.

Accepted Answer

Maya's business targets a specific group of customers, pregnant women, with specialized products. This is an example of a concentrated strategy, which focuses on serving the needs of a narrow market segment.

Question 20

A(n)_____ marketing strategy assumes that all consumers have virtually identical needs and can be reached by the same marketing mix.

Accepted Answer

An undifferentiated marketing strategy assumes that all consumers have virtually identical needs and can be reached by the same marketing mix, regardless of demographic or behavioral differences among them. This approach is sometimes called mass marketing, and it involves developing a single product, promotion, and distribution strategy to target an entire market segment. It is most appropriate when the market is relatively homogenous, or when the company has limited resources and cannot afford to develop multiple marketing mixes for different groups of customers.

Quiz 12: Marketing Plans: Saying How Youll Get Salespart Four: Cash, Accounting, and Finance in the Small Business