Question 1

After establishing the market segments and product groupings on a market-product grid,the next step is to
A)fill in the appropriate cells with precise statistical data from primary and/or secondary sources.
B)estimate,with intelligent "guesstimates" as necessary,the market size for each cell using a simple scale from zero to three (3 is the largest market).
C)total the vertical columns to identify the greatest marketing synergies and efficiencies.
D)total the horizontal rows to identify greatest operations/production synergies and efficiencies.
E)identify a marketing action for every product-market combination in the grid.

Accepted Answer

After establishing the market segments and product groupings on a market-product grid, the next step is to estimate the market size for each cell, often using a simple scale to prioritize and focus on the most promising opportunities.

Question 2

One advantage of a market-product grid is that it can be used to
A)make cost-cutting decisions under conditions of uncertainty.
B)screen many new product ideas in order to select the one with the best long-run market potential.
C)determine which target market segments to select and which product groupings to offer.
D)select representative samples of consumers for marketing research studies.
E)relate the product life cycle to consumer demand.

Accepted Answer

The market-product grid helps determine which target market segments to select and which product groupings to offer. It allows companies to identify potential gaps in the market and tailor their products to meet the needs of specific customer segments. This allows for more effective marketing efforts and can lead to increased sales and profitability.

Question 3

Determining the size of specific markets within a market-product grid is helpful in determining which target market segments to select and
A)how to implement the 80-20 rule.
B)which products to group into meaningful categories.
C)how to implement a harvesting strategy.
D)which product groupings to offer.
E)which products to reposition.

Accepted Answer

The answer of Determining the size of specific markets within...

Question 4

Which of the following is a criterion used for selecting a target segment?
A)potential for increased profit
B)similarity of needs of potential buyers within a segment
C)cost of reaching the segment
D)difference of needs of buyers among segments
E)potential of a marketing action to reach a segment

Accepted Answer

The answer of Which of the following is a criterion...

Question 5

Figure 9-9 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus.The strategy most likely to exploit marketing synergies and efficiencies would be to target
A)lunch customers.
B)between-meal snack customers.
C)dinner customers.
D)after-dinner snack customers.
E)apartment customers.

Accepted Answer

The answer of Figure 9-9 above shows the market-product grid...

Question 6

Figure 9-9 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus.Marketing synergies and efficiencies run __________ because a single kind of marketing action can reach customers that buy different product groupings.
A)horizontally across the rows
B)vertically down the column
C)between full meals and snacks
D)diagonally from top-left to bottom-right of a market-product grid
E)both horizontally and vertically depending upon the marketing action developed

Accepted Answer

Marketing synergies and efficiencies run horizontally across the rows because a single marketing action can reach customers who buy different product groupings within the same category (e.g. burgers, chicken, salads) but may not be effective for customers who buy from different categories (e.g. full meals vs. snacks).

Question 7

Five general criteria are often used to select target segments.They include: (1)the size of the market; (2)expected growth of the market; (3)competitive position of the firm with respect to the market; (4)cost of reaching the segment;and __________.
A)compatibility with the organization's objectives and resources
B)potential of a marketing action to reach a segment
C)competitive position
D)difference of needs of buyers among segments
E)potential for increased profit

Accepted Answer

The other options are either already mentioned as criteria or are not directly related to the selection of target segments. The compatibility of a target segment with the organization's objectives and resources is an important factor to consider as it ensures that the selected segment aligns with the company's goals and capabilities.

Question 8

Which of the following is a criterion used for selecting a target market?
A)similarity of needs of potential buyers within a segment
B)difference of needs of sellers between segments
C)feasibility of a marketing action to reach a segment
D)market size
E)simplicity and cost of assigning potential buyers to segments

Accepted Answer

The answer of Which of the following is a criterion...

Question 9

Figure 9-9 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus.Operations and production synergies and efficiencies run __________.
A)horizontally across the rows
B)vertically down the columns
C)between full meals and snacks
D)diagonally from top-left to bottom-right of a market-product grid
E)both horizontally and vertically depending upon the marketing action

Accepted Answer

Operations and production synergies and efficiencies run vertically down the columns of a market-product grid. This means that a Wendy's restaurant can streamline their processes and optimize their production by focusing on the products within each column, such as burgers or salads. The market segment (in this case, university students) is the same across the rows, but the products within each column have different production requirements and therefore need to be optimized separately.

Question 10

A market-product grid is a framework to relate the __________ to products offered or potential marketing actions by an organization.
A)market segments of potential buyers
B)marketing objectives of potential products
C)total anticipated revenue
D)total anticipated profit
E)market share of the closest competitor

Accepted Answer

A market-product grid is used to relate the market segments of potential buyers to the products offered or potential marketing actions by an organization. It helps companies identify which products or services will be most attractive to each market segment and allocate resources and investments accordingly.

Question 11

Each cell of the complete market-product grid shows the __________.
A)relative market share
B)estimated market size
C)investment required to reach the market
D)market growth rate
E)estimated profit

Accepted Answer

Each cell of the complete market-product grid shows the estimated market size of a particular product in a particular market.

Question 12

Which of the following is a criterion used for selecting a target segment?
A)potential for increased profit
B)competitive position
C)similarity of needs of potential buyers within a segment
D)difference of needs of buyers among segments
E)potential of a marketing action to reach a segment

Accepted Answer

The answer of Which of the following is a criterion...

Question 13

Figure 9-9 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus.Marketing synergies and efficiencies run horizontally because
A)the first potential growth opportunity would be the breakfast market.
B)there are multiple markets and actions that can be simultaneously addressed.
C)a single kind of marketing action can reach customers that buy different product groupings.
D)the product offerings are virtually the same and the marketing action can be as simple as offering current customers coupons.
E)the columns correspond to sales synergies and efficiencies.

Accepted Answer

A single kind of marketing action can reach customers that buy different product groupings, which is why marketing synergies and efficiencies run horizontally.

Question 14

All of the following are criterion used for selecting target market segments EXCEPT:
A)compatibility with the organization's objectives and resources.
B)market size.
C)simplicity and cost of assigning potential buyers to segments.
D)competitive position.
E)cost of reaching the segment.

Accepted Answer

Simplicity and cost of assigning potential buyers to segments is not a criterion for selecting target market segments; it is more related to the process of segmenting the market rather than selecting which segments to target.

Question 15

Figure 9-9 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus.Assume a large market (shown by a "3")is three times the size of a small market (shown by a "1").Similarly,assume a medium market (shown by a "2")is twice the size of a small market.The meal occasion (product grouping)that comprises the LARGEST product grouping is
A)breakfast.
B)lunch.
C)between-meal snack.
D)dinner.
E)after-dinner snack.

Accepted Answer

The largest product grouping is lunch, as it covers all three market sizes (3+2+1=6) whereas dinner only covers 3+1=4, breakfast covers 2+1=3, between-meal snack covers only 1 and after-dinner snack has no markets.

Question 16

Figure 9-9 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus.Assume a large market (shown by a "3")is three times the size of a small market (shown by a "1").Similarly,assume a medium market (shown by a "2")is twice the size of a small market.The LARGEST potential market segment consists of
A)students that live in a dormitory.
B)students that live in an apartment.
C)students that are day commuters.
D)students that are night commuters.
E)faculty or staff members.

Accepted Answer

According to the market-product grid, the largest potential market segment is the medium market (2) of students living in apartments. This segment is twice the size of the small market (1) of students living in dormitories and four times the size of the small market of day commuters (0.5). It is also likely to have more discretionary income and therefore be a more attractive market for a restaurant like Wendy's. The other options - students who are day or night commuters or faculty/staff members - have smaller market sizes and may be less likely to be regular customers of a fast-food restaurant on campus.

Question 17

Which of the following is a criterion used for selecting a target market?
A)similarity of needs of potential buyers within a segment
B)difference of needs of buyers between segments
C)expected growth of a segment
D)feasibility of a marketing action to reach a segment
E)simplicity and cost of assigning potential buyers to segments

Accepted Answer

The answer of Which of the following is a criterion...

Question 18

Figure 9-9 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus.The best way to describe how the student market is segmented is
A)whether the student is a faculty or staff member.
B)whether the student lives near the campus or far away.
C)whether the student has the disposable income to eat at Wendy's.
D)combining the factors of where the student lives and when (s)he is on campus.
E)the meals eaten at the Wendy's restaurant.

Accepted Answer

The market segmentation is based on combining the factors of where the student lives and when they are on campus, which is shown by the different segments such as "Resident" or "Commuter" and "Daytime" or "Evening/Weekend." This takes into account the different patterns and behaviors of students who may live on or off campus and attend classes at different times. The other options such as faculty/staff status, disposable income, and meals eaten at Wendy's are not the primary factors used to segment the student market in this context.

Question 19

Five general criteria are often used to select target segments.They include: (1)the size of the market; (2)expected growth of the market; (3)competitive position of the firm with respect to the market; (4)cost of reaching the segment;and __________.
A)compatibility with the organization's objectives and resources
B)potential of a marketing action to reach a segment
C)similarity of needs of potential buyers within a segment
D)difference of needs of buyers among segments
E)potential for increased profit

Accepted Answer

The compatibility with the organization's objectives and resources is an important criterion to ensure that the selected target segment aligns with the company's overall goals and resources. This helps in creating a sustainable competitive advantage and maximizing profits.

Question 20

A market-product grid is a framework to relate the market segments of potential buyers to
A)estimated expenses for products sold.
B)products offered or potential marketing actions by an organization.
C)total anticipated revenue.
D)total anticipated profit.
E)market share of the closest competitor.

Accepted Answer

A market-product grid is used to identify the various segments of potential buyers and the different product options that could be offered or marketed to them. It helps organizations to understand which products are likely to be most appealing to which segments of the market, and can help inform decisions about product development, pricing, promotion, and distribution strategies.

Quiz 9: Market Segmentation, Targeting, and Positioning

After establishing the market segments and product groupings on a market-product grid,the next step is to

One advantage of a market-product grid is that it can be used to

Determining the size of specific markets within a market-product grid is helpful in determining which target market segments to select and

Which of the following is a criterion used for selecting a target segment?

Figure 9-9 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus.The strategy most likely to exploit marketing synergies and efficiencies would be to target

Figure 9-9 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus.Marketing synergies and efficiencies run __________ because a single kind of marketing action can reach customers that buy different product groupings.

Five general criteria are often used to select target segments.They include: (1) the size of the market; (2) expected growth of the market; (3) competitive position of the firm with respect to the market; (4) cost of reaching the segment;and __________.

Which of the following is a criterion used for selecting a target market?

Figure 9-9 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus.Operations and production synergies and efficiencies run __________.

A market-product grid is a framework to relate the __________ to products offered or potential marketing actions by an organization.

Each cell of the complete market-product grid shows the __________.

Which of the following is a criterion used for selecting a target segment?

Figure 9-9 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus.Marketing synergies and efficiencies run horizontally because

All of the following are criterion used for selecting target market segments EXCEPT:

Which of the following is a criterion used for selecting a target market?

Figure 9-9 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus.The best way to describe how the student market is segmented is

Five general criteria are often used to select target segments.They include: (1) the size of the market; (2) expected growth of the market; (3) competitive position of the firm with respect to the market; (4) cost of reaching the segment;and __________.

A market-product grid is a framework to relate the market segments of potential buyers to