Question 1

When the size and purchasing power of a target segment can be determined, it possesses the requirement of having ________.
A)Market potential
B)accessibility
C)Substantial money
D)differentiability
E)profitability

Accepted Answer

The requirement described in the question is market potential, which is the ability of a target segment to generate demand for a product or service based on its size and purchasing power. Options B, C, D, and E are not correct because they do not describe this requirement. Accessibility refers to how easy it is to reach a target segment, substantial money does not necessarily relate to market potential, differentiability refers to how a product or service is different from competitors, and profitability refers to the potential for profit from the target segment, which is related to but not the same as market potential.

Question 2

Using a ________ targeting strategy, a company develops one or more products for each of several customer groups with different product needs.
A)fragmented
B)homogeneous
C)custom
D)differentiated
E)mass customization

Accepted Answer

This is the definition of a differentiated targeting strategy, where a company develops multiple products to meet the needs of different customer groups. A fragmented targeting strategy involves targeting small, niche markets with specialized products, a homogeneous targeting strategy involves targeting a larger market with a single product, a custom targeting strategy involves creating individualized products for each customer, and mass customization involves using technology to offer customized products on a larger scale.

Question 3

Once a(n)________ is set, the next step in positioning is for marketers to finalize the marketing mix.
A)segmentation variable
B)positioning strategy
C)demographic strategy
D)customer relationship management system
E)concentrated target

Accepted Answer

Once a positioning strategy is set, the marketer can proceed towards finalizing the marketing mix, which includes product, price, promotion, and place decisions. Therefore, B is the best choice.

Question 4

Using ________, a company modifies a basic good or service to meet the needs of a specific individual customer.
A)undifferentiated targeting
B)positioning
C)custom marketing
D)Custom marketing strategy
E)differentiated targeting

Accepted Answer

The answer of Using ________, a company modifies a basic...

Question 5

Mass marketers such as Walmart often ignore market segment differences and target the whole market with one offer.What is this approach to targeting?
A)undifferentiated targeting
B)differentiated targeting
C)target marketing
D)concentrated targeting
E)mass customization

Accepted Answer

This approach is known as undifferentiated targeting or mass marketing, where a company assumes that all customers have similar needs and wants, therefore offering the same product or service to everyone.

Question 6

When a firm offers one or more products to a single segment, it is using a ________ strategy.
A)fragmented
B)homogeneous
C)custom marketing
D)mass customization
E)concentrated targeting

Accepted Answer

When a firm offers one or more products to a single segment, it is using a concentrated targeting strategy. This strategy focuses all the company's efforts on serving the needs of a single segment, which allows the company to develop a deep understanding of the segment's preferences and tailor its products and marketing accordingly. This can be a very effective strategy when the segment is large enough to be profitable and is not well-served by competitors.

Question 7

________ means developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition.
A)Concentrated targeting
B)Positioning
C)Benefit segmentation
D)Mass customization
E)Customerization

Accepted Answer

Positioning is the process of creating a unique image and identity in the minds of the target market to differentiate a company's product or service from its competitors. It involves identifying key attributes and benefits that customers associate with a particular brand and then promoting those specific qualities.

Question 8

A product's position is based on important attributes as perceived by ________.
A)suppliers
B)competitors
C)market conditions
D)target consumers
E)resellers

Accepted Answer

A product's position is based on important attributes as perceived by target consumers. The attributes that are important to consumers will shape their perception of the product and how it compares to other products on the market. This perception will ultimately determine the product's position in the market.

Question 9

A(n)________ is a distinct image that captures the character and benefits of a good or service.
A)perceptual map
B)target market
C)brand personality
D)segment profile
E)trade promotion

Accepted Answer

A brand personality is a distinct image that captures the character and benefits of a good or service. It represents the emotional and human characteristics of the brand, reflecting the attitudes and values that consumers associate with it. A perceptual map is a visual tool that shows how consumers perceive different brands based on certain attributes, and a segment profile outlines the characteristics of a particular market segment. Target market refers to a specific group of consumers that a product or service is intended for, and trade promotion involves activities such as discounts, promotions, and incentives that are aimed at encouraging retailers to stock and promote a particular product.

Question 10

A perceptual map is used to ________.
A)compare and contrast consumer psychographic segments
B)create consumer cross-tabulations for marketing research
C)locate consumers within a primary metropolitan statistical area (PMSA)
D)determine how consumers position products in relation to one another
E)identify the critical stage of the targeting process for the marketer

Accepted Answer

A perceptual map is a visual representation of how consumers perceive different products or brands in relation to each other. It is commonly used in marketing research to determine how consumers position products based on various attributes such as price, quality, and convenience. This information can help marketers identify opportunities to differentiate their products and develop effective positioning strategies.

Question 11

To evaluate the different target segments your company is considering, you would look at all of the following factors EXCEPT which one?
A)segment size
B)segment growth
C)segment reachability
D)company culture
E)company resources

Accepted Answer

Company culture is not a relevant factor in evaluating target segments. The other factors (segment size, segment growth, segment reachability, and company resources) are all important considerations in determining which target segments to pursue.

Question 12

Innovation, unique product features, and Quality are all examples of ________.
A)brand personalities
B)brand positions
C)perceptual maps
D)Product leadership strategy
E)customer touchpoints

Accepted Answer

Innovation, unique product features, and quality are all key elements of a product leadership strategy, which emphasizes developing innovative and high-quality products to establish the brand as a leader in its industry. Brand personality refers to the set of characteristics that a brand is associated with, while brand positioning refers to how the brand is perceived in relation to its competitors. Perceptual maps are visual representations of how consumers perceive different brands in a particular market. Customer touchpoints refer to the various points of interaction between a brand and its customers.

Question 13

A(n)________ would probably include customer demographics, location, lifestyle information, and a description of how frequently the customer buys the product.
A)geocode
B)NAICS classification
C)segment profile
D)internal market audit
E)customer guide

Accepted Answer

A segment profile includes all the mentioned information, such as customer demographics, location, lifestyle information, and the frequency of purchases. A geocode is a geographic code used for identifying a location, an NAICS classification identifies the industry in which a business operates, an internal market audit evaluates a company's internal marketing strategies, and a customer guide provides information on how to use a product or service. None of these options include all the information mentioned in the question.

Question 14

Which of the listed choices is NOT a positioning task?
A)identifying a set of possible competitive advantages
B)surveying frequent uses of the product
C)analyzing competitors' positions
D)finalizing the marketing mix
E)evaluating responses to the marketing mix

Accepted Answer

The answer of Which of the listed choices is NOT...

Question 15

A viable target market should ________.
A)have needs that can adequately be served by the marketer
B)not be reachable by other organizations
C)have the same needs as similar-sized groups
D)be the most profitable possible target market
E)be the largest possible market

Accepted Answer

A viable target market should have needs that the marketer can adequately serve. If the marketer cannot meet the needs of the target market, it will be difficult to satisfy them, resulting in dissatisfaction and decreased sales. Accessibility of the market is also important but not the only factor to consider. Profitability should not be the only factor to consider, as targeting the most profitable market may not be sustainable in the long run. Size of the market is also not the only determinant of viability as smaller markets can also be profitable. Therefore, the best choice is A.

Question 16

An industrial manufacturer that works with one or a few large clients and develops products that only these clients will use is most likely to implement a(n)________ strategy.
A)undifferentiated targeting
B)homogeneous
C)custom marketing
D)bottom-of-pyramid
E)differentiated targeting

Accepted Answer

A custom marketing strategy allows an industrial manufacturer to tailor their products specifically to the needs and preferences of their large clients, who are the only ones using the products. This approach helps to build strong relationships with these clients and can lead to long-term business partnerships.

Question 17

Which of the following is the narrowest strategy?
A)undifferentiated targeting
B)custom marketing
C)differentiated targeting
D)concentrated targeting
E)mass marketing

Accepted Answer

The answer of Which of the following is the narrowest...

Question 18

The first step in developing a positioning strategy is to ________.
A)set the marketing communications budget
B)identify segmentation variables
C)Determine the strategic orientation
D)describe a product with a competitive advantage
E)create target markets

Accepted Answer

Determine the strategic orientation is the first step in developing a positioning strategy.

Question 19

A company that uses a(n)________ targeting strategy is appealing to a broad spectrum of people.
A)fragmented
B)undifferentiated
C)concentrated
D)differentiated
E)customized

Accepted Answer

Undifferentiated targeting strategy, also known as mass marketing, involves appealing to a broad spectrum of people with the same marketing mix. This means the company does not differentiate between different market segments and instead targets everyone with the same product, message, and price.

Question 20

Which of the following best explains why a company would adopt an undifferentiated targeting strategy when there is so much evidence of the benefits of a differentiated strategy?
A)to more efficiently focus on its CRM strategy
B)to remove the need for disintermediation
C)to move a product to the next stage of its product life cycle
D)to take advantage of economies of scale
E)to reach the underserved "bottom-of-pyramid" consumers

Accepted Answer

Adopting an undifferentiated targeting strategy allows a company to take advantage of economies of scale, which can lead to lower costs per unit and higher profits. This approach involves targeting the entire market with a single product or marketing mix, rather than segmenting the market and developing tailored strategies for each segment. While there are benefits to a differentiated strategy, such as increased customer retention and brand loyalty, adopting an undifferentiated strategy may be more cost-effective for some companies.

Quiz 6: Sharpen the Focus: Target Marketing Strategies and Customer Relationship

When the size and purchasing power of a target segment can be determined, it possesses the requirement of having ________.

Using a ________ targeting strategy, a company develops one or more products for each of several customer groups with different product needs.

Once a(n) ________ is set, the next step in positioning is for marketers to finalize the marketing mix.

Using ________, a company modifies a basic good or service to meet the needs of a specific individual customer.

Mass marketers such as Walmart often ignore market segment differences and target the whole market with one offer.What is this approach to targeting?

When a firm offers one or more products to a single segment, it is using a ________ strategy.

________ means developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition.

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

A(n) ________ is a distinct image that captures the character and benefits of a good or service.

A perceptual map is used to ________.

To evaluate the different target segments your company is considering, you would look at all of the following factors EXCEPT which one?

Innovation, unique product features, and Quality are all examples of ________.

A(n) ________ would probably include customer demographics, location, lifestyle information, and a description of how frequently the customer buys the product.

Which of the listed choices is NOT a positioning task?

A viable target market should ________.

An industrial manufacturer that works with one or a few large clients and develops products that only these clients will use is most likely to implement a(n) ________ strategy.

Which of the following is the narrowest strategy?

The first step in developing a positioning strategy is to ________.

A company that uses a(n) ________ targeting strategy is appealing to a broad spectrum of people.

Which of the following best explains why a company would adopt an undifferentiated targeting strategy when there is so much evidence of the benefits of a differentiated strategy?