Question 1

Marketers adopt different strategies in order to promote their products in the market. But what is a market? Select the best definition of market from the choices below:

Accepted Answer

A market is best defined as people and organizations with the purchasing power, authority, and willingness to buy goods and services, as this encompasses the essential elements of demand necessary for transactions to occur.

Question 2

Marketers must consider the advantages and disadvantages of each marketing strategy as they choose which one is the best fit for their firm. You have chosen to market your company's product using a differentiated marketing strategy. What disadvantage will you face?

Accepted Answer

Differentiated marketing strategy involves targeting several market segments and designing separate offers for each. This approach increases marketing costs due to the need for multiple advertising campaigns, research, and product variations tailored to each segment.

Question 3

Describe how psychographic segmentation is a good supplement to segmentation by demographic or geographic variables.

Accepted Answer

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Question 4

In your regular goods and services consumption activities, you purchase products from the wholesaler for resale and for use in your store's daily operations. You also purchase products that you will feature in the gift baskets you make. On the basis of this information, which of the following best describes the market component you are part of?

Accepted Answer

The activities described involve purchasing products for resale and for use in business operations, which aligns with the business market component.

Question 5

You have just completed an extensive marketing research project designed to determine the potential of a new service your company is considering launching. Using surveys, polling, face-to-face interviews, and mail-in questionnaires, you have determined that the consumers who are most inclined to use this new service live in densely populated urban areas within certain zip codes. What approach to market segmentation should you use?

Accepted Answer

The correct approach is to use geographic variables to segment the market, as the research identified that consumers most inclined to use the new service live in densely populated urban areas within certain zip codes, which are geographic characteristics.

Question 6

Developing a relevant user profile is the first step in the market segmentation process. How are segment profiles used to identify the typical customer in each segment?​

Accepted Answer

Segment profiles are designed to highlight the common characteristics or similarities within a market segment, making it easier to tailor marketing strategies to that group's specific needs or preferences. At the same time, these profiles help in identifying how one segment differs from another, which is crucial for differentiating marketing approaches and product offerings between segments.

Question 7

There are a number of strategies that you can use to position your company's technology product in the mind of the consumer. You decide to focus your advertising campaign on the perception that your product is the best compared to others in the marketplace. Which of the common categories for product positioning are you using to develop your marketing campaign?

Accepted Answer

Focusing on the perception that your product is the best compared to others in the marketplace falls under the category of competitive positioning. This strategy involves comparing your product's features, benefits, and value against those of your competitors to establish superiority in the minds of consumers.

Question 8

What is family lifecycle? Why do marketers segment their markets by family lifecycle stages?

Accepted Answer

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Question 9

What is the use of psychographic segmentation to marketers?

Accepted Answer

The answer of What is the use of psychographic segmentation...

Question 10

Describe the three basic strategies for reaching target markets.

Accepted Answer

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Question 11

What is psychographic segmentation? What is the most common method for developing psychographic profiles of a population?

Accepted Answer

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Question 12

​Market segmentation has interested you ever since your first marketing course, and you want to work for the type of organization that uses this technique. This means you should avoid pursuing a job with:

Accepted Answer

Market segmentation is a strategy used by all types of organizations, including retail, wholesale, not-for-profit, and manufacturing, to identify and target specific groups of consumers or clients based on various characteristics. This approach helps organizations tailor their products, services, and marketing efforts to meet the specific needs and preferences of different segments, thereby improving efficiency and effectiveness in reaching their target audience.

Question 13

Psychographic segmentation is not an exact science. While it helps to paint an overall picture of the psychological motivations of consumers, those motivations are influenced by countless variables, such as family, occupation, and culture. Select the statement below that gives an accurate description of the effective use of psychographic segmenting.​

Accepted Answer

Psychographic segmentation is effective when it aligns a company's products with the consumer segments most likely to use them, by understanding their psychological attributes and motivations.

Question 14

Market segmentation plays a very important role in developing a marketing strategy. Select the best definition of market segmentation from the choices below.

Accepted Answer

Market segmentation involves dividing the total available market into smaller, similar groups to tailor marketing strategies effectively for each segment.

Question 15

Describe the three approaches to product-related segmentation.

Accepted Answer

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Question 16

You have just been promoted to vice president of marketing for your firm. Unlike your predecessor, you believe the firm can increase its sales in a market by focusing on more than one segment of the market. You recognize that doing this means your firm will incur higher production costs. Based on this information, which of the following targeting strategies are you advocating?

Accepted Answer

A differentiated targeting strategy involves targeting several market segments and designing separate offers for each, which aligns with the approach of focusing on more than one segment and accepting higher production costs.

Question 17

Define market segmentation. Discuss its role in developing an effective marketing strategy.

Accepted Answer

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Question 18

The Bates Lighting Company has two divisions, business and consumer products. Because of poor profits, it may downsize the consumer division. This could mean loss of jobs for people involved with the marketing of:

Accepted Answer

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Question 19

A television commercial shows several enthusiastic teens smiling widely and speaking in turn directly to the camera. Using the featured skincare product has changed their lives! It costs more than what you find in the corner drugstore, but it is worth every penny! After weeks of trying one product after another, embarrassed by acne breakouts and shy about socializing with others, now they have clear faces with a healthy-looking glow! What form of product-related segmentation has driven the development of this marketing campaign?

Accepted Answer

The commercial focuses on the benefits that consumers seek from the skincare product, such as clear skin and improved social confidence, which is an example of segmenting by benefits sought.

Question 20

What is geographic segmentation? How is it useful for marketers?

Accepted Answer

The answer of What is geographic segmentation? How is it...

Quiz 9: Market Segmentation, Targeting, and Positioning