Question 1

Targeting more than one segment with a single marketing mix is known as .

Accepted Answer

Straddling refers to targeting more than one market segment with a single marketing mix, aiming to appeal to multiple groups simultaneously.

Question 2

In the market segmentation process,customer needs,wants,and demands are considered segment .

Accepted Answer

Customer needs, wants, and demands are the basis for segmenting a market.

Question 3

Firms can most likely identify competitive advantages with a framework based on their _.

Accepted Answer

The value chain is a framework that helps firms identify their competitive advantages by breaking down their activities into primary and support activities. Primary activities are those that are directly involved in the production and delivery of a product or service, while support activities are those that provide the infrastructure for the primary activities. By understanding the value chain, firms can identify which activities are most important to their customers and which activities they can improve to gain a competitive advantage.

Question 4

Matching a firm's competitive advantages with attractive market opportunities is best known as .

Accepted Answer

The answer of Matching a firm's competitive advantages with attractive...

Question 5

A product's position is based on important attributes as perceived by .

Accepted Answer

A product's position is based on important attributes as perceived by consumers, as they are the ones who determine the product's place in the market through their perceptions and preferences.

Question 6

Which of the following best describes a differentiated marketing strategy of product specialization?

Accepted Answer

A differentiated marketing strategy of product specialization involves offering one product to multiple market segments, tailoring marketing efforts to each segment's needs.

Question 7

A differentiated marketing strategy is typically linked to lower .

Accepted Answer

A differentiated marketing strategy targets multiple market segments with different offerings, which can lead to lower economies of scale because production and marketing efforts are spread across varied products rather than concentrated on a single product.

Question 8

All of the following are examples of segmentation bases EXCEPT _ .

Accepted Answer

The answer of All of the following are examples of...

Question 9

Each year,Honeywell asks every department manager to rate his or her department's strengths and weaknesses as well as those of the other departments with which the department interacts. Then each department manager is asked what he or she sees as the greatest threats and opportunities for the company. Honeywell is asking its department managers to engage in a(n).

Accepted Answer

Honeywell is asking its department managers to perform a SWOT analysis, which involves identifying strengths, weaknesses, opportunities, and threats.

Question 10

According to the text,which of the following best explains why the marketing mix receives different customer responses?

Accepted Answer

The marketing mix receives different customer responses primarily due to varying customer needs, as different customers have different preferences and requirements.

Question 11

What is the first step of strategy formulation?

Accepted Answer

Identifying competitive advantages is the first step of strategy formulation because it helps a company understand its strengths and weaknesses, and how it can position itself in the market to achieve its goals.

Question 12

A marketer who has decided to use the GE/McKinsey Portfolio Planning Grid will most likely assess segments based on and .

Accepted Answer

The GE/McKinsey Portfolio Planning Grid evaluates business segments based on two dimensions: segment attractiveness and the strength of the firm in that segment.

Question 13

What is the most likely result of straddling?

Accepted Answer

The answer of What is the most likely result of...

Question 14

The division of buyers into groups based on lifestyle or personality characteristics is segmentation.

Accepted Answer

Psychographic segmentation divides buyers into groups based on lifestyle or personality characteristics.

Question 15

In market segmentation,are any underlying motivations that drive consumer consumption,such as security or shelter.

Accepted Answer

Needs are the underlying motivations that drive consumer consumption.

Question 16

A marketer decides to serve several different needs of one segment with multiple products and marketing programs. Which type of differentiated marketing is most likely being used by the marketer?

Accepted Answer

Segment specialization involves serving several different needs of one segment with multiple products and marketing programs.

Question 17

The text describes how Lexus was able to successfully enter the luxury sedan market despite the dominance of BMW. Which of the following best explains how Lexus accomplished this task?

Accepted Answer

Lexus successfully entered the luxury sedan market by focusing on a market segment that valued reliability, which differentiated them from competitors like BMW.

Question 18

Which term refers to the outcome or consequence of purchasing a product?

Accepted Answer

Benefit refers to the outcome or consequence of purchasing a product.

Question 19

Which term refers to the loss of focus on the target segment in favor of other segments?

Accepted Answer

Target drift refers to the loss of focus on the target segment in favor of other segments.

Question 20

Which type of market coverage strategy requires a firm to have the most detailed understanding of its target market?

Accepted Answer

Niche marketing requires a firm to have a detailed understanding of a specific segment of the market to effectively cater to its unique needs and preferences.

Quiz 4: Strategy Formation