Question 1

Perceptual mapping entails developing schematic representations that reflect how your products or services compare to competitors' on dimensions most important to success in the industry.

Accepted Answer

Perceptual mapping is a tool used to visually represent and compare products or services based on important dimensions or attributes in the industry. The resulting schematic representation can help businesses identify opportunities for differentiation and competitive advantage.

Question 2

Matching competition and positioning factors would allow factories to produce desirable levels without extra shifts, overtime, or subcontracting.

Accepted Answer

The answer of Matching competition and positioning factors would allow...

Question 3

Which of the following is true about two different market segments?
A) They can usually be served with the same marketing strategy.
B) They usually require different marketing strategies.
C) They are always in different geographic locations.
D) They are usually interchangeable.
E) All of the above

Accepted Answer

Different market segments usually have different needs, preferences, and behaviors, requiring different approaches in marketing to effectively reach and appeal to them.

Question 4

An area on a perceptual map where there is a cluster of ideal points indicates a market segment.

Accepted Answer

A cluster of ideal points on a perceptual map represents a group of consumers who share similar preferences and needs, therefore indicating a potential market segment.

Question 5

An area on a perceptual map without ideal points indicates a
A) market segment.
B) demand void.
C) vacant niche.
D) multidimensional scale.
E) product reposition.

Accepted Answer

An area on a perceptual map without ideal points indicates a demand void, meaning that there is no existing product or service that satisfies the needs or wants of consumers in that particular area. This represents an opportunity for businesses to develop and introduce new products or services to fill this gap in the market.

Question 6

A firm can usually serve two or more market segments with the same strategy.

Accepted Answer

Different market segments often have unique needs, preferences, and characteristics, requiring tailored strategies for effective targeting and service.

Question 7

It is okay for firms to create expectations that are slightly above the service the firm can or will offer, in order to create an effective product-positioning strategy.

Accepted Answer

Firms should not create expectations that are above the service they can or will offer as it can lead to disappointed customers and damage to the firm's reputation. It is important for firms to be truthful and realistic about their product offerings to maintain customer trust and loyalty.

Question 8

The most common bases for segmenting markets are geographic and product.

Accepted Answer

The most common bases for segmenting markets are geographic, demographic, psychographic, and behavioral. Product segmentation is a strategy within these broader categories, particularly relevant to the product or service being offered.

Question 9

Segmentation often reveals that large, random fluctuations in demand actually consist of several small, predictable, and manageable patterns.

Accepted Answer

Segmentation helps to break down overall demand into smaller, more manageable patterns that can be analyzed and addressed more effectively. This can reveal that seemingly random fluctuations are actually composed of predictable patterns, making it easier for businesses to plan and respond accordingly.

Question 10

Segmenting industrial markets is generally simpler and easier than segmenting consumer markets.

Accepted Answer

Segmenting industrial markets is actually more complex and challenging than segmenting consumer markets. This is because industrial customers vary widely in terms of their needs, preferences, and buying behaviors, which makes it difficult to identify distinct and homogeneous segments. In addition, industrial markets often involve long and complex supply chains, multiple decision makers, and high levels of expertise and knowledge, which further complicate the segmentation process. As a result, marketers of industrial products and services need to invest more time and resources in understanding their customers and developing tailored marketing strategies that address their unique needs and characteristics.

Question 11

Serving two segments with the same strategy is not a step in perceptual mapping.

Accepted Answer

Perceptual mapping is a visual representation of how consumers perceive brands or products in relation to each other, focusing on differentiating attributes. Serving two segments with the same strategy does not relate to the creation or interpretation of a perceptual map but rather to a company's marketing strategy.

Question 12

The most common bases for segmenting markets are geographic and demographic.

Accepted Answer

Geographic and demographic segmentation are indeed the most common bases for segmenting markets. Geographic segmentation divides the market based on geographic units, like countries, regions, states, cities, etc. Demographic segmentation, on the other hand, divides the market based on demographic characteristics of consumers, like age, gender, income, education, occupation, etc.

Question 13

Multidimensional scaling is used in
A) determining the size of a new building.
B) determining the size of a new department.
C) evaluating the amount of high-tech equipment a firm needs.
D) perceptual mapping.
E) market segmentation.

Accepted Answer

Multidimensional scaling is commonly used in perceptual mapping to create maps based on the perceptions and preferences of customers or respondents. This technique helps to determine how consumers view different products or brands in a market and how they relate to each other.

Question 14

Which is NOT a required step in perceptual mapping?
A) Select key criteria that effectively differentiate products or services in the industry.
B) Serve two segments with the same strategy.
C) Plot major competitors' products or services in the resultant matrix.
D) Identify areas in the positioning map where the company's products or services could be most competitive in the given target market.
E) Develop a marketing plan to position the company's products and services appropriately.

Accepted Answer

Serving two segments with the same strategy is not a required step in perceptual mapping. The other options are all necessary steps in the process of perceptual mapping.

Question 15

Packaging is considered part of the "product" element of the marketing mix.

Accepted Answer

Packaging is an important element of the product as it protects the product from damage and provides important information about the product to consumers such as the brand name, ingredients, and usage instructions. It can also influence consumer perception and purchasing decisions. Therefore, it is considered as a part of the "product" element of the marketing mix.

Question 16

Multidimensional scaling involves examining three or more criteria simultaneously in a product-positioning analysis.

Accepted Answer

Multidimensional scaling involves examining three or more criteria simultaneously in a product-positioning analysis, making it a true statement.

Question 17

After segmenting markets so a firm can target particular customer groups, the next step is to find out what customer groups want and expect.

Accepted Answer

Once a firm has segmented its markets, the next step is to conduct market research to find out what each customer segment wants and expects. This helps the firm tailor its marketing mix (product, price, promotion, and place) to meet the needs of each specific segment.

Question 18

In general, the Internet makes market segmentation easier.

Accepted Answer

The Internet provides a wealth of data and tools that allow for the collection and analysis of consumer behavior and preferences, making market segmentation easier than ever before. With tools like analytics and social media monitoring, businesses can quickly identify and target specific segments of their audience with highly personalized marketing messages. Additionally, online advertising platforms like Google AdWords and Facebook Ad Manager make it simple to create highly-targeted campaigns based on user demographics, interests, and behaviors. Overall, the Internet has greatly simplified market segmentation and made it more accessible to businesses of all sizes.

Question 19

What entails developing schematic representations that reflect how your products or services compare to competitors' on dimensions most important to success in the industry?
A) Perceptual mapping
B) Market segmentation
C) Market penetration
D) Unrelated diversification
E) Capital budgeting

Accepted Answer

Developing schematic representations that reflect how your products or services compare to competitors' on dimensions most important to success in the industry is called perceptual mapping. Perceptual mapping is a technique that helps companies identify gaps in the market and position their products or services to meet customer needs more effectively.

Question 20

Which of these is NOT a rule for using product positioning as a strategy-implementation tool?
A) Look for the hole or vacant niche, a segment of the market currently not being served.
B) Do not serve two segments with the same strategy.
C) Position yourself in the middle of the map, if you are one of only two competitors.
D) Position yourself in the middle of the map, if there are more than two competitors.
E) All of these are rules for using product positioning as a strategy-implementation tool.

Accepted Answer

The correct strategy for positioning when there are more than two competitors does not necessarily involve positioning oneself in the middle of the map. Effective positioning depends on identifying unique value propositions and differentiating oneself from competitors, which might not always mean being in the middle.

Quiz 8: Implementing Strategies: Marketing, Financeaccounting, Rd, and Mis Issues