Question 1

Though the use of mass marketing has been widespread in the past 100 years, for centuries consumers were served as individuals as businesses practiced individual marketing.

Accepted Answer

Before the rise of mass marketing in the past 100 years, businesses typically marketed to consumers on an individual basis, tailoring their approach to meet the needs and preferences of each customer.

Question 2

Most marketing targeted at children, minorities, or other special segments provides benefits to targeted consumers.

Accepted Answer

Marketing targeted at specific segments aims to provide benefits to these groups of consumers, such as addressing unique needs or interests, creating a sense of representation, and offering products or services that resonate with them.

Question 3

Why and how do businesses segment their markets?

Accepted Answer

The answer of Why and how do businesses segment their...

Question 4

At a recent marketing seminar, the featured speaker stated that a target market consists of a set of buyers who share common needs or characteristics that the company decides to serve. This is a correct definition.

Accepted Answer

The definition provided is accurate and reflects the common understanding of what a target market is in the field of marketing.

Question 5

Explain the four major steps in designing a customer-driven marketing strategy.

Accepted Answer

The answer of Explain the four major steps in designing...

Question 6

Because Cruise Ships International currently has limited financial and personnel resources, it should avoid concentrated or niche marketing until resources are again substantial.

Accepted Answer

Concentrated or niche marketing can be an effective strategy for companies with limited resources because it allows them to focus their efforts on a specific segment of the market where they can offer unique value or meet specific needs, potentially leading to a stronger market position without the need for extensive resources.

Question 7

Apple says it makes its newest iPad has superior design and usability. Apple is referring to differentiation.

Accepted Answer

Apple's claim of superior design and usability is a form of differentiation, as they are highlighting unique and advantageous features of their product compared to competitors.

Question 8

For market segments to be useful they must be measurable, accessible, substantial, differentiable, and actionable.

Accepted Answer

These are the five criteria for effective market segmentation.

Question 9

Mass marketing is becoming the marketing principle for the twenty-first century.

Accepted Answer

Mass marketing is no longer the marketing principle for the twenty-first century as consumers are increasingly looking for personalized and targeted marketing messages. Marketers are now adopting a more customer-centric approach and using data-driven strategies to deliver customized experiences to individual consumers. This shift towards personalized marketing is known as one-to-one marketing.

Question 10

Consumers position products in their minds in order to simplify the buying process.

Accepted Answer

Consumers use mental positioning to simplify their decision-making process by categorizing products according to their perceived benefits, attributes, and values. This allows them to easily compare and select the product that best meets their needs and preferences.

Question 11

Developing a stronger position within several segments creates more total sales than undifferentiated marketing across all segments.

Accepted Answer

By targeting specific segments and developing a stronger position within each, companies can more effectively meet the unique needs and preferences of those customers, resulting in increased sales overall. Undifferentiated marketing, or attempting to appeal to all customers with the same message, often leads to less effective marketing and lower sales.

Question 12

A product's position is the way the product is defined by the retailers who sell it to target markets. It is how it is defined on important attributes-the place the product occupies in the retailers' minds relative to competing products.

Accepted Answer

Product positioning is the way a product is defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products. It's about how the product is perceived by the target market, not just how retailers define it.

Question 13

Describe how marketers use multiple-segmenting bases to their advantage.

Accepted Answer

The answer of Describe how marketers use multiple-segmenting bases to...

Question 14

In evaluating different market segments, a firm must look at three factors: segment size and growth, segment structural attractiveness, and company objectives and resources.

Accepted Answer

These three factors are indeed important in evaluating different market segments for a company's marketing strategy.

Question 15

When a company chooses a target marketing strategy, its choices are influenced by factors related to company resources, the degree of product variability, and the product's life-cycle stage.

Accepted Answer

This statement is true. Company resources, the degree of product variability, and the product's life-cycle stage are important factors to consider when selecting a target marketing strategy.

Question 16

Niche marketing offers smaller companies an opportunity to compete by focusing their limited resources on serving niches that may be unimportant to or overlooked by larger companies.

Accepted Answer

Niche marketing allows smaller companies to focus on serving a particular segment of the market that may be disregarded by larger companies. This can give them a competitive advantage as they can tailor their products and services to the specific needs and preferences of that niche.

Question 17

When Kia offers a new model of car with the same features as a comparable Toyota or Ford and provides a longer warranty, Kia is following a more-for-less strategy.

Accepted Answer

The answer of When Kia offers a new model of...

Question 18

A brand's position is assessed relative to a competitor's positioning.

Accepted Answer

A brand's position is often evaluated in comparison to its competitors' positioning, in order to determine how it differentiates itself and stands out in the market.

Question 19

Explain the four major segmenting variables for consumer markets.

Accepted Answer

The answer of Explain the four major segmenting variables for...

Question 20

How might the marketing mix be different for a hotel targeting a business traveller versus family holiday travellers?

Accepted Answer

The answer of How might the marketing mix be different...

Quiz 7: Segmentation, Targeting, and Positioning