Question 1

A successful niche marketing strategy relies on a firm's .
A) knowledge of customer needs
B) affordable pricing
C) product positioning
D) availability of services
E) superior products

Accepted Answer

A successful niche marketing strategy relies on a firm's knowledge of customer needs.

Question 2

Which of the following is an approach where firms target a whole market based on common consumer needs?
A) micromarketing
B) undifferentiated marketing
C) demographic segmentation
D) concentrated marketing
E) geographic segmentation

Accepted Answer

Undifferentiated marketing is an approach where firms target a whole market based on common consumer needs.

Question 3

Which of the following is true about local marketing?
A) It does not cater to individual stores.
B) It increases manufacturing costs.
C) It increases economies of scale.
D) It does not support evolving technologies.
E) It reduces logistical issues.

Accepted Answer

The answer of Which of the following is true about...

Question 4

Why do international markets need to be segmented?

Accepted Answer

The answer of Why do international markets need to be...

Question 5

The marketing manager of Refresh Inc., a leading producer of soft drinks, is considering a differentiated marketing strategy. An important consideration is weighing increased sales against _ _ before selecting this strategy.
A) increased costs
B) decreased prices
C) increased demand
D) decreased production
E) increased profits

Accepted Answer

Differentiated marketing strategies often involve increased costs due to the need for creating and promoting multiple product variations to target different market segments.

Question 6

Explain the four major segmentation variables for consumer markets.

Accepted Answer

The answer of Explain the four major segmentation variables for...

Question 7

Briefly describe the characteristics of effective market segments.

Accepted Answer

The answer of Briefly describe the characteristics of effective market...

Question 8

Instead of going after a small share of a large market, Stance socks is an example of a company that is going after a large share of one smaller segment. This is an example of .
A) differentiated marketing
B) concentrated marketing
C) extreme marketing
D) segmented marketing
E) local marketing

Accepted Answer

Concentrated marketing focuses on capturing a large share of a smaller market segment, which is what Stance socks is doing by targeting a specific niche.

Question 9

By having over 90 different types of Tide detergent (stain remover, concentrate, scent, and HE liquid are just a few of the choices), Tide is trying to use a _ strategy.
A) concentrated
B) low cost
C) confusing
D) differentiated
E) niche

Accepted Answer

Tide is using a differentiated strategy by offering a wide variety of products to cater to different consumer needs and preferences.

Question 10

Although not recommended, some marketers decide to ignore market segmentation and target the whole market with one offer. This is known as marketing.
A) undifferentiated
B) niche
C) differentiated
D) local
E) individual

Accepted Answer

Undifferentiated marketing is when a company decides to target the entire market with a single offer, ignoring market segmentation.

Question 11

Compared with undifferentiated marketing, differentiated marketing is more likely to lead to .
A) higher costs of doing business
B) redundancy in product design across market segments
C) smaller market share in the industry
D) weaker product position in each market segment
E) reduced sales in each market segment

Accepted Answer

Differentiated marketing involves targeting multiple market segments with different offerings, which typically results in higher costs due to the need for varied marketing strategies, product variations, and increased operational complexity.

Question 12

Marketing the same product to a huge customer base without any customization is referred to as .
A) individual marketing
B) local marketing
C) mass marketing
D) niche marketing
E) differentiated marketing

Accepted Answer

Mass marketing involves targeting a large audience with a single strategy, without customization.

Question 13

Business marketers use variables such as customer operating characteristics, purchasing approaches, situational factors, and personal characteristics.

Accepted Answer

Business marketers often use these variables to segment their markets and tailor their marketing strategies to meet the specific needs and preferences of different customer groups.

Question 14

Explain with examples how marketers segment markets based on occasions, benefits sought, and user status.

Accepted Answer

The answer of Explain with examples how marketers segment markets...

Question 15

Describe age and life-cycle segmentation with examples. What are the precautions that marketers should take when using age and life-cycle segmentation?

Accepted Answer

The answer of Describe age and life-cycle segmentation with examples....

Question 16

The surge in popularity of Canadian Craft Breweries like Beau's All Natural Brewing Co., Coulee Brew Co., Foghorn Brewing Company, and Persephone Brewing Co are primarily designed to meet the needs and wants of specific cities or regions. These are examples of marketing.
A) differentiated
B) local
C) niche
D) mass
E) individual

Accepted Answer

These breweries focus on catering to the specific tastes and preferences of local markets, making them examples of local marketing.

Question 17

A market segment is less attractive when _ .
A) it is difficult for new entrants to enter the segment
B) there are few aggressive competitors in the segment
C) substitute products are unavailable in the segment
D) buyers in the market segment have weak bargaining powers
E) it contains powerful suppliers who can control prices

Accepted Answer

A market segment is less attractive when it contains powerful suppliers who can control prices, as this can lead to increased costs and reduced profitability for companies operating in that segment.

Question 18

The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations is referred to as .
A) niche marketing
B) micromarketing
C) global marketing
D) segmented marketing
E) undifferentiated marketing

Accepted Answer

Micromarketing involves customizing products and marketing efforts to meet the needs of specific individuals or local customer segments.

Question 19

Describe how marketers use multiple-segmenting bases to their advantage.

Accepted Answer

The answer of Describe how marketers use multiple-segmenting bases to...

Question 20

How do businesses segment their markets?

Accepted Answer

The answer of How do businesses segment their markets?...

Quiz 6: Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

A successful niche marketing strategy relies on a firm's .

Which of the following is an approach where firms target a whole market based on common consumer needs?

Which of the following is true about local marketing?

Why do international markets need to be segmented?

The marketing manager of Refresh Inc., a leading producer of soft drinks, is considering a differentiated marketing strategy. An important consideration is weighing increased sales against _ _ before selecting this strategy.

Explain the four major segmentation variables for consumer markets.

Briefly describe the characteristics of effective market segments.

Instead of going after a small share of a large market, Stance socks is an example of a company that is going after a large share of one smaller segment. This is an example of .

By having over 90 different types of Tide detergent (stain remover, concentrate, scent, and HE liquid are just a few of the choices) , Tide is trying to use a _ strategy.

Although not recommended, some marketers decide to ignore market segmentation and target the whole market with one offer. This is known as marketing.

Compared with undifferentiated marketing, differentiated marketing is more likely to lead to .

Marketing the same product to a huge customer base without any customization is referred to as .

Business marketers use variables such as customer operating characteristics, purchasing approaches, situational factors, and personal characteristics.

Explain with examples how marketers segment markets based on occasions, benefits sought, and user status.

Describe age and life-cycle segmentation with examples. What are the precautions that marketers should take when using age and life-cycle segmentation?

The surge in popularity of Canadian Craft Breweries like Beau's All Natural Brewing Co., Coulee Brew Co., Foghorn Brewing Company, and Persephone Brewing Co are primarily designed to meet the needs and wants of specific cities or regions. These are examples of marketing.

A market segment is less attractive when _ .

The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations is referred to as .

Describe how marketers use multiple-segmenting bases to their advantage.

How do businesses segment their markets?