Deck 8: Customer Driven Marketing Strategy: Creating Value for Target Customers

Question 1

The degree to which effective programs can be designed for attracting and serving segments is the ________ of the market segment.

A) Measurability
B) Accessibility
C) Substantiality
D) Actionability

Answer 1

D

Question 2

"Unaware," "Aware," and "Informed" are three examples of which behavioristic segmentation variable?

A) Buyer readiness stage
B) User status
C) Benefits sought
D) Loyalty status

Answer 2

A

Question 3

Which of the following is a psychographic segmentation variable?

A) Age
B) Social class
C) Income
D) Gender

Answer 3

B

Question 4

Dividing buyers into groups based on their knowledge, attitudes, uses or responses to a product is called:

A) Psychographic segmentation
B) Geographic segmentation
C) Demographic segmentation
D) Behavioristic segmentation

Question 5

Which of the following do NOT contribute to a company's product differentiation efforts?

A) Physical attributes
B) Service
C) Personnel
D) Profitability

Question 6

The three stages of target marketing are market segmentation, market targeting and:

A) Product introduction
B) Product segmentation
C) Market positioning
D) Mass marketing

Question 7

In using a(n) ________ marketing strategy, a company ignores market segmentation and goes after the entire market with one market offer.

A) Differentiated
B) Undifferentiated
C) Unconcentrated
D) Concentrated

Question 8

The degree to which segments can be assessed and served is the ________ of the market segment.

A) Measurability
B) Accessibility
C) Substantiality
D) Actionability

Question 9

Which of the following is NOT a demographic variable?

A) Age
B) Gender
C) User status
D) Religion

Question 10

Instead of going for a small share of a large market, the firm pursues a large share of one or a few small markets. This marketing strategy is called:

A) Selective marketing
B) Elective marketing
C) Concentrated marketing
D) Concentric marketing

Question 11

Evaluating each market segment's attractiveness and selecting one or more of the market segments to enter is called:

A) Market targeting
B) Market segmentation
C) Market mixing
D) Market positioning

Question 12

When a firm introduces a new product, it may be practical to launch only one version, so ________ marketing makes the most sense.

A) Undifferentiated or homogeneous
B) Homogeneous or concentrated
C) Undifferentiated or concentrated
D) Differentiated or diluted

Question 13

With ________, the seller identifies market segments, selects one or more, and develops products and services tailored to each selected segment.

A) Differentiation marketing
B) Target marketing
C) Product-variety marketing
D) Mass marketing

Question 14

A product's ________ is the way the product is defined by consumers on important attributes.

A) Differentiation
B) Position
C) Strategy
D) Homogeneity

Question 15

Loyal customers are price ________ compared to brand-shifting patrons.

A) Sensitive
B) Insensitive
C) Economic elastic
D) Economic inelastic

Question 16

The increasing fragmentation of the mass market into hundreds of smaller markets is called:

A) Macromarketing
B) Deindividualized marketing
C) Mass marketing
D) Micromarketing

Question 17

Which of the following is NOT a part of the psychographic variable?

A) Social class
B) Lifestyle
C) Loyalty
D) Personality

Question 18

Evaluating each segment's attractiveness and selecting one or more of the market segments. is one of the major steps in the target marketing process, which is called:

A) Market targeting
B) Market evaluating
C) Market positioning
D) Market segmentation

Question 19

Which of the following is NOT a requirement for effective segmentation?

A) Accountability
B) Substantiality
C) Accessibility
D) Measurability

Question 20

Undifferentiated marketing is more suited for ________ products.

A) Homogeneous
B) Heterogeneous
C) Homogeneous and heterogeneous
D) Neither homogeneous nor heterogeneous

Question 21

The process of marketers choosing to position their products based on specific product attributes can actually be dangerous.

Question 22

Actionability is the degree to which the segment's size and purchasing power can be measured.

Question 23

The lodging industry is particularly effective in using income segmentation.

Question 24

A segment may have desirable size and growth and still not offer attractive profits.

Question 25

A "typical" male or female does not exist.

Question 26

Marketers in hospitality companies need to work to establish images that differentiate their company from competitors.

Question 27

Formulating competitive positioning for a product and a detailed marketing mix is called:

A) Market evaluation
B) Market positioning
C) Market targeting
D) Market competitive advantage

Question 28

Explain the four major segmenting variables for consumer markets.

Question 29

What factors might make a segment more or less attractive?

Question 30

Under-positioning is defined as:

A) Failing to ever position the company at all
B) Failing to correctly position the company
C) Positioning the company on a level below its par
D) Positioning the company on a level above its par

Question 31

Over-positioning is defined as:

A) Giving buyers a too-broad picture of the company
B) Positioning the company on a level above its par
C) Giving buyers a too-narrow picture of the company
D) Failing to ever positioning the company at all

Question 32

Describe the basis for geographic segmentation.

Question 33

Why do marketers segment the market?

Question 34

Income and occupation are psychographic segmentation variables.

Question 35

Using an undifferentiated marketing strategy, a company ignores market segmentation differences and goes after the entire market with one market offer.

Question 36

Dividing a market into groups based on consumers' knowledge, attitude, use, or response to a product is called:

A) Market segmentation
B) Psychographic segmentation
C) Market bifurcation
D) Behavioral segmentation

Question 37

To an economist, a market is all the buyers and sellers who transact for a good or service.

Question 38

The effectiveness of frequent-flyer and frequent-guest programs is clearly enormous.

Question 39

Offering consumers greater value either through lower prices or by providing more benefits that justify higher prices, is called:

A) Smart marketing
B) Effective market positioning
C) Bifurcation marketing
D) Competitive advantage

Question 40

What is the one major assumption that marketers, who use an undifferentiated marketing strategy, have made as they approach their market?