Question 1

Sturdy International lets customers choose their own specifications for the helmets that they require.That includes the weight, designs, material, and size of the helmet.This is an example of:

Accepted Answer

This is an example of micro marketing, where the company tailors its products to suit the individual needs and preferences of its customers.

Question 2

Telaware promoted itself as a single-stop office supply superstore where people could buy everything for their offices under one roof.Telaware soon found that the marketplace was crowded with retailers offering the same.Therefore, it decided to change the way it projected itself.It now differentiates itself from one-stop shopping retailers by promising customers an easier shopping experience.This is an example of:

Accepted Answer

Telaware's decision to change how it projects itself to differentiate from competitors is an example of brand repositioning, where a company changes its brand's status in the marketplace to reflect changes in consumer preferences or competitive pressures.

Question 3

Which of the following holds true for the term positioning?

Accepted Answer

The answer of Which of the following holds true for...

Question 4

A graph shows consumer perceptions of various automobiles on the two dimensions of sportiness/conservative and classy/affordable.This sample of consumers felt Porsche was the sportiest and classiest of the cars in the study.They felt Plymouth was the most practical and conservative.Porsche is the ideal product when it came to classiness and sportiness, which is represented on the graph as a(n):

Accepted Answer

The ideal point on a perceptual map represents the position of a product that perfectly matches consumer preferences on the given dimensions, in this case, classiness and sportiness for Porsche.

Question 5

Stella makes a living by knitting sweaters for customers.She interviews each customer to understand his or her specific needs and then designs the sweater accordingly.Each sweater is unique.This is an example of:

Accepted Answer

This is an example of micro marketing because Stella customizes each sweater to meet the specific needs of individual customers, focusing on a niche market rather than a broad audience.

Question 6

An upscale restaurant that previously flourished on expense account dinners and corporate events has also started stressing value as a sales tool.This is an example of:

Accepted Answer

Brand repositioning involves changing the target market's perception of a brand, often to adapt to market changes or new strategies, such as emphasizing value in addition to luxury.

Question 7

Which of the following determines consumers' preference for a company's products or brands?

Accepted Answer

Positioning determines how a company's products or brands are perceived in the minds of consumers, influencing their preferences.

Question 8

Which of the following holds true for the term brand repositioning?

Accepted Answer

Brand repositioning involves changing a brand's focus to target new markets or to change the brand's image in the minds of consumers.

Question 9

A graph shows consumer perceptions of various automobiles on the two dimensions of sportiness/conservative and classy/affordable.The graph would be called a:

Accepted Answer

A graph that shows consumer perceptions of various products on two or more dimensions is called a perceptual map. It helps marketers understand how consumers perceive their brand relative to competing brands and identify potential gaps in the market that they can exploit. The other options (brand map, positioning map, marketing map, and conceptual map) are not commonly used terms in marketing to refer to this type of graph.

Question 10

A company launches a new bike in the market.Although it maintains the same quality as other bikes in the market, it offers a much lower price.This is an example of:

Accepted Answer

Positioning refers to the strategy of placing a product in a certain way in the market to differentiate it from competitors. Offering a lower price for the same quality is a way to position the product as a cost-effective option.

Question 11

Which of the following holds true for the term perceptual maps?

Accepted Answer

Perceptual maps are visual representations that show how consumers perceive the positioning of products or brands in relation to each other, typically in two or more dimensions.

Question 12

A company primarily marketing cartoon strips to children created the concept of "forgotten joy" through advertisements to attract the adult segment.This is an example of:

Accepted Answer

Brand repositioning involves changing the target market or the way a brand is perceived, such as shifting focus from children to adults by introducing a new concept like "forgotten joy."

Question 13

A company sells baseball bats.It has a website where customers can log in and choose from out of 50 variations with regard to the weight, length, thickness, and design of the bat.The customers get a bat based on their own specifications.This is an example of:

Accepted Answer

Mass customization refers to the process of delivering market goods and services that are modified to satisfy a specific customer's needs, which is what the company is doing by allowing customers to choose from various specifications for their baseball bats.

Question 14

A company sells used cars.It established itself in the market as a competitor of low-price car manufacturers.It was able to establish itself in the mind of the consumer as a low-cost, high- quality used cars alternative to low-cost, low-quality new cars.This is an example of:

Accepted Answer

Positioning refers to the strategy of establishing a brand or product in the consumer's mind relative to competitors, which is what the company achieved by being seen as a low-cost, high-quality alternative.

Question 15

Avis is a car rental company.It promotes itself with the punchline "Avis is only No.2 in rent-a- cars, so why go with us? We try harder." When Avis tries to create an image in the mind of the customer that it tries harder than the No.1 rental company to fulfil the demands of customers, it is using:

Accepted Answer

Positioning refers to the strategy of creating a specific image or perception of a brand in the minds of consumers. Avis is positioning itself as a company that tries harder to meet customer needs, distinguishing itself from the No.1 rental company.

Question 16

"Value" as a positioning strategy refers to the:

Accepted Answer

Value as a positioning strategy focuses on the relationship between the price of a product and its quality, emphasizing the perceived worth or benefit to the consumer.

Question 17

Which of the following holds true for the term mass customization?

Accepted Answer

Mass customization refers to the practice of interacting on a one-to-one basis with many people to create custom-made products or services, combining the personalization of custom products with the efficiencies of mass production.

Question 18

"Symbolism" as a positioning strategy refers to the:

Accepted Answer

Symbolism as a positioning strategy focuses on the psychological meaning and emotional associations that consumers attach to a brand, rather than just its functional attributes or competitive positioning.

Question 19

The place at which a particular market segment's model product would lie on a perceptual map is referred to as a(n):

Accepted Answer

The ideal point on a perceptual map represents the position where a specific market segment's preferred product attributes align, indicating the most desirable product configuration for that segment.

Question 20

John Deere manufactures seeding equipment that can be modified in about two million ways to provide a unique version to an individual customer.It fulfills individual customer expectations.This is an example of:

Accepted Answer

Mass customization refers to the process of delivering wide-market goods and services that are modified to satisfy a specific customer's needs. John Deere's ability to modify seeding equipment in numerous ways to meet individual customer expectations is an example of mass customization.

Quiz 7: Value Creation Developing New Products