Question 1

To succeed in today's competitive marketplace, companies must be product-centered.

Accepted Answer

To succeed in today's competitive marketplace, companies must be customer-centered, not product-centered. They must focus on understanding and meeting the needs and desires of their customers in order to differentiate themselves from competitors and build customer loyalty.

Question 2

A market segment consists of consumers who respond in different ways to a given set of marketing efforts.

Accepted Answer

The answer of A market segment consists of consumers who...

Question 3

Which of the following is true with regard to a market segment?

Accepted Answer

A market segment is a group of consumers who respond in a similar way to a given set of marketing efforts. This allows businesses to tailor their marketing efforts to better meet the needs and preferences of each segment, increasing the effectiveness of their marketing and ultimately increasing sales. Option A is incorrect because market segments typically consist of consumers with similar needs and preferences. Option C is incorrect because many markets have multiple segments. Option D is incorrect because dividing the market into segments can actually increase the efficiency of the selling process. Option E is incorrect because dividing the market into segments can actually clarify composite demand by showing how demand varies among different groups of consumers.

Question 4

________ refers to activities that communicate the merits of the product and persuade target customers to buy it.

Accepted Answer

Promotion refers to activities such as advertising, personal selling, sales promotion, public relations, and direct marketing that communicate the features and benefits of the product to the target customers and persuade them to make a purchase.

Question 5

Crocus, a gift store, specializes in serving customer segments that major competitors overlook and ignore. Which of the following best describes Crocus?

Accepted Answer

Crocus is a market nicher, which means it focuses on a narrow and specific customer segment that other competitors ignore.

Question 6

Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves market segmentation, ________, differentiation, and positioning.

Accepted Answer

The sentence mentions the process involving market segmentation, which is followed by market targeting. Therefore, the correct choice is (A) market targeting, as it follows logically from the previous sentence. Marketing implementation, supply-chain analysis, price discrimination, and market diversification are not mentioned as part of the process in the sentence.

Question 7

Effective positioning begins with ________.

Accepted Answer

Effective positioning begins with differentiation, which is how a company distinguishes its product or service from those of its competitors. This differentiation can be based on factors such as quality, price, features, design, or customer service. Once a company has successfully differentiated its offering, it can then segment its target audience, determine an appropriate price point, and develop a promotional strategy to reach its intended market. Diversification refers to expanding a company's product offerings into new markets or industries, and pricing and promotion are secondary considerations that come after differentiation and segmentation have been established.

Question 8

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

Accepted Answer

Positioning refers to the strategy of creating an image, identity, or perception of a product in the minds of consumers that sets it apart from competing products and meets their needs and wants. Segmenting refers to dividing the market into smaller groups, diversifying refers to expanding into new markets or products, prospecting refers to identifying potential customers, and satisficing refers to settling for a product that meets minimum requirements rather than seeking the best possible option.

Question 9

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as ________.

Accepted Answer

This process is known as market targeting. Market segmentation is the initial process of dividing the market into smaller groups, diversification refers to entering new markets, prospecting is the act of identifying potential customers, and downsizing refers to reducing the scale of operations.

Question 10

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs is known as market diversification.

Accepted Answer

The correct term for dividing a market into distinct groups is market segmentation. Market diversification is the process of expanding a company's products or services into new markets or industries.

Question 11

In the marketing mix, place includes ________.

Accepted Answer

Place refers to the distribution channels and logistics involved in getting the product to the customer. Therefore, the best choice is A, logistics. The other options are not part of the place element of the marketing mix.

Question 12

Paul Robinson has identified a group of potential customers who seem to respond in a similar way to a series of magazine and radio advertisements for his company's product. Paul has identified a ________.

Accepted Answer

Paul Robinson has identified a group of potential customers who respond similarly to his company's marketing efforts. This group of customers is a market segment, which is a subgroup of a larger market that has common characteristics and needs. The identification of market segments is useful for targeting specific groups of customers with tailored marketing messages and products.

Question 13

The process of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers is known as ________.

Accepted Answer

The process described in the question is known as positioning. Market segmentation is dividing a market into subgroups of consumers with distinct needs or characteristics. Differentiation is creating a unique and distinguishable product or brand from competitors. Target marketing is selecting and prioritizing specific market segments to focus on. Market targeting is choosing which specific segments to serve with a product or service.

Question 14

Which of the following Ps in the marketing mix describes the goods-and-services combination the company offers to the target market?

Accepted Answer

The marketing mix 4Ps consists of product, price, promotion, and place. Among them, product is the one that describes the goods-and-services combination the company offers to the target market. The product includes physical goods, services, packaging, branding, warranties, and other related features that influence customer satisfaction and decision-making. Therefore, the correct option is C- product.

Question 15

Which of the following refers to the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors?

Accepted Answer

Market segmentation refers to the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors. Market diversification refers to expanding into new markets or products. Downsizing refers to reducing the size or operations of a business. Customer relationship management refers to managing and analyzing customer interactions and data. Prospecting refers to identifying potential customers for a business.

Question 16

In the context of a company's marketing mix, ________ includes company activities that make the product available to target consumers.

Accepted Answer

Place refers to the distribution channels and operations that a company uses to make the product available to target consumers. It involves decisions such as selecting the appropriate sales outlets, managing inventory levels, and designing an efficient supply chain.

Question 17

Alpha Motors offers "Green automobiles for a greener world." This refers to the ________ of Alpha automobiles.

Accepted Answer

The statement "green automobiles for a greener world" refers to the position of Alpha Motors in the market as a provider of environmentally friendly cars.

Question 18

Rob has been asked by his manager to identify a group of potential customers who would respond in a similar way to a given set of marketing efforts. In this instance, Rob has been asked to identify a ________.

Accepted Answer

Rob has been asked to identify a group of potential customers who would respond in a similar way to a given set of marketing efforts, which means he is being asked to segment the market based on similar patterns of behavior or characteristics. Therefore, the correct answer is market segment. The other options (new product, marketing intermediary, brand, and product line) do not accurately align with the task Rob has been asked to complete.

Question 19

Arrow is "a different kind of company, manufacturing a different kind of a car"; the RoadPro is "like nothing else." Statements such as these reflect a firm's ________.

Accepted Answer

These statements reflect a firm's positioning, which is the way the company wants its customers to perceive its product or brand in relation to competitors in the market.

Question 20

In the marketing mix, design, packaging, services, and variety can be categorized under ________.

Accepted Answer

Design, packaging, services, and variety all pertain to the product itself, so they fall under the category of product in the marketing mix.

Quiz 2: Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships