Question 1

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

Accepted Answer

This statement is true. A company's target marketing strategy is influenced by several factors such as the resources available to the company, the variability of their product, and the stage of the product's life-cycle. By considering these factors, the company can effectively choose a target market that aligns with their goals and objectives.

Question 2

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

Accepted Answer

By focusing on specific segments and tailoring marketing efforts to their unique needs and preferences, a company can develop a stronger position within those segments and ultimately drive more sales than if they tried to appeal to all segments with undifferentiated marketing. This targeted approach allows for more efficient use of resources and a better understanding of the customer base.

Question 3

Your assignment at work is to divide buyers into different groups based on social class,lifestyle,and personality characteristics.After a planning session with the marketing and sales staff,you issue a memo to upper management recommending psychographic segmentation.You are right on target.

Accepted Answer

The scenario describes an assignment to divide buyers into different groups based on social class, lifestyle, and personality characteristics, which is a common approach to psychographic segmentation. The memo recommending psychographic segmentation demonstrates an understanding of this strategy and its potential benefits, indicating that the recommendation is on target.

Question 4

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

Accepted Answer

This is a widely accepted theory in consumer psychology. Consumers tend to categorize products and their attributes in their minds to simplify the decision-making process. This helps them to make quick and efficient choices while shopping.

Question 5

There are many exceptions to the geographic segmentation assumption that consumers in nations close to one another will have many common behaviors and traits.

Accepted Answer

Geographic segmentation assumes that consumers in the same geographic location share common behaviors and traits, but there are many exceptions to this assumption. Factors such as culture, language, religion, and socioeconomic status can influence consumer behavior and create differences even among consumers in geographically similar regions. Additionally, globalization and the internet have made it easier for consumers in different parts of the world to access and adopt products and behaviors from other regions, further blurring the lines of geographic segmentation.

Question 6

A market rarely exists for products that offer less and therefore cost less.

Accepted Answer

A market can exist for products that offer less as long as there is a specific niche or target market that values lower cost over additional features or benefits. These products are often referred to as "budget" or "economy" products.

Question 7

Today,most companies have moved back toward mass marketing and are being choosier about the customers with whom they wish to build relationships.

Accepted Answer

The answer of Today,most companies have moved back toward mass...

Question 8

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 specific markets or segments that larger companies may overlook, thereby gaining a competitive advantage.

Question 9

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

Accepted Answer

This statement is true. In evaluating market segments, it is important for a firm to consider the size and growth of the segment, the structural attractiveness of the segment, and how well the segment aligns with the company's objectives and resources.

Question 10

For simplicity's sake,most marketers generally limit their segmentation analysis to one or a few variables.

Accepted Answer

The answer of For simplicity's sake,most marketers generally limit their...

Question 11

There is no single way to segment a market.

Accepted Answer

Market segmentation can be done based on various factors such as geographic, demographic, psychographic, behavioral, etc. There is no standard or fixed way of segmenting a market as it depends on the specific product or service being offered and the target audience.

Question 12

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 correct and aligns with the common understanding of what a target market is.

Question 13

Your company wants to move away from mass marketing and engage in customer-driven marketing.The four steps to take,in order,are market segmentation,marketing positioning,differentiation,and targeting.

Accepted Answer

The answer of Your company wants to move away from...

Question 14

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 of the place the product occupies in the retailers' minds relative to competing products.

Accepted Answer

A product's position is defined by the consumers' perception of the product in the market, not by the retailers. It is about how the product is perceived in terms of important attributes relative to competing products in the consumers' minds.

Question 15

Demographic segmentation can be used to divide the market by different time periods of people's lives and different family situations.

Accepted Answer

Demographic segmentation involves dividing a market based on characteristics such as age, gender, family status, income, education, etc. Therefore, it can be used to segment the market based on different time periods of people's lives (such as teenagers, young adults, middle-aged adults, seniors) and different family situations (such as married with children, single with no children, empty nesters, etc.).

Question 16

Mass marketing is becoming a marketing principle for the 21?? century.

Accepted Answer

Mass marketing is becoming less effective in the 21st century due to the rise of digital marketing and the increasing focus on personalization and targeted marketing.

Question 17

Gender segmentation has long been used in clothing,cosmetics,toiletries,and magazines.

Accepted Answer

Gender segmentation is a commonly used marketing strategy in industries such as clothing, cosmetics, toiletries, and magazines. Companies often tailor their products and advertising messages to appeal to a specific gender demographic.

Question 18

Research about and planning for loyalty status as a segmentation approach is generally not useful or practical for most firms.

Accepted Answer

Loyalty status as a segmentation approach can be useful and practical for many firms, particularly those in industries where repeat business and customer loyalty are important. This approach involves dividing customers into different segments based on their level of loyalty or engagement with the brand, and then tailoring marketing and customer service efforts accordingly. However, it may not be useful or practical for all firms, particularly those that are just starting out or operate in industries where customers are unlikely to be loyal to any one brand.

Question 19

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

Mass marketing became more prevalent in the past 100 years with the rise of mass production and media advertising. Prior to that, businesses often practiced individual marketing, tailoring their products and services to the needs and preferences of individual customers.

Question 20

Because there is such variation among the economies of countries around the world,it is not practical to segment international markets on the basis of economic factors.

Accepted Answer

The answer of Because there is such variation among the...

Quiz 7: Customer-Driven Marketing Strategy: Creating Value for Target Customers