Question 1

The last step in the seven-step marketing segmentation process would be to develop a marketing-mix strategy reflective of segment positioning strategies.

Accepted Answer

The last step in the seven-step marketing segmentation process is indeed to develop a marketing-mix strategy reflective of segment positioning strategies. This involves designing a product, pricing, promotion, and distribution strategy that is tailored to the needs and characteristics of the target segments.

Question 2

If married and unmarried women respond similarly to a sale on perfume, these hypothetical segments fail the ________ criterion for useful market segments.
A) measurable
B) substantial
C) accessible
D) differentiable
E) actionable

Accepted Answer

The differentiable criterion for useful market segments means that the segments must be distinct from one another, with differing needs, wants, or characteristics. If married and unmarried women respond similarly to a sale on perfume, this indicates that they do not have distinct differences and therefore fail the differentiable criterion for useful market segments.

Question 3

To be useful, a market segment should be ________, which means the largest possible homogeneous group worth going after with a tailored marketing program.
A) measurable
B) substantial
C) accessible
D) differentiable
E) actionable

Accepted Answer

A market segment needs to be substantial to ensure that it represents a large enough group to be worth targeting with a specific marketing strategy. This means the segment should have enough potential customers to be profitable.

Question 4

What are some examples of situational factors that can be used to segment business markets?

Accepted Answer

The answer of What are some examples of situational factors...

Question 5

List the five forces identified by Michael Porter that determine the intrinsic long-run attractiveness of a market or market segment.

Accepted Answer

The answer of List the five forces identified by Michael...

Question 6

For a segment to meet the ________ criterion of usefulness, the marketer must be able to formulate effective programs for attracting and serving the segments.
A) measurable
B) substantial
C) accessible
D) differentiable
E) actionable

Accepted Answer

The criterion of usefulness refers to the segment's ability to be profitable and worth pursuing. For a segment to be actionable, the marketer must be able to create effective marketing strategies to attract and serve the segment. The other criteria, such as measurability, substantiality, accessibility, and differentiability, are important for identifying potential segments, but they do not guarantee usefulness without a plan of action.

Question 7

Which of the following statements is True about the five forces identified by Michael Porter that determine the intrinsic long-run attractiveness of a market or market segment?
A) A segment is unattractive if the company's suppliers are unable to raise prices or reduce quantity supplied.
B) A segment is unattractive if buyers possess strong or growing bargaining power.
C) A segment is attractive when there are actual or potential substitutes for the product.
D) A segment is attractive if it already contains numerous, strong, or aggressive competitors.
E) The most attractive segment is one in which entry barriers are low and exit barriers are high.

Accepted Answer

According to Porter, a segment is unattractive if buyers possess strong or growing bargaining power. The other options are either incorrect or incomplete. For example, option A is incorrect because an inability to raise prices or reduce quantity supplied does not necessarily make a segment unattractive; in fact, it could have the opposite effect by increasing competition. Option C is incomplete because substitutes may either add or subtract from the attractiveness of a market or market segment, depending on various factors. Option D is also incorrect because numerous, strong, or aggressive competitors can reduce the attractiveness of a market or market segment by reducing profitability. Option E is incomplete because it ignores other important factors that affect the attractiveness of a market or market segment.

Question 8

In the ________ step of the market segmentation process, the marketer determines which demographics, lifestyles, and usage behaviors make each needs-based segment distinct and identifiable.
A) segment "acid test"
B) segment attractiveness
C) segment profitability
D) need-based segmentation
E) segment identification

Accepted Answer

In the segment identification step of the market segmentation process, the marketer differentiates each needs-based segment by identifying the distinct characteristics of each segment, such as demographics, lifestyles, and usage behaviors. This helps to create a clear image of the target market and aids in developing effective marketing strategies for each segment. The other options (segment "acid test," segment attractiveness, segment profitability, and need-based segmentation) are either irrelevant or too general to describe this step of the process.

Question 9

To be useful, market segments must rate favorably on five key criteria. What are those criteria?

Accepted Answer

The answer of To be useful, market segments must rate...

Question 10

During which step of the needs-based segmentation process would the marketer group customers into segments based on similar needs and benefits sought by the customer in solving a particular consumption problem?
A) Step 2-segment identification
B) Step 3-segment attractiveness
C) Step 6-segment "acid test"
D) Step 1-needs-based segmentation
E) Step 7-marketing-mix strategy

Accepted Answer

Grouping customers into segments based on similar needs and benefits sought is the first step of needs-based segmentation process. The other options are not related to this specific step.

Question 11

The characteristic of useful market segments that relates to whether the segments can be effectively reached and served is whether the segment is ________.
A) measurable
B) substantial
C) differentiable
D) accessible
E) actionable

Accepted Answer

The characteristic that relates to whether the segments can be effectively reached and served is accessibility. A segment needs to be accessible in order to effectively target and serve it.

Question 12

In the ________ step of the market segmentation process, the marketer evaluates the segment using criteria such as market growth and market access.
A) need-based segmentation
B) segment identification
C) segment attractiveness
D) segment profitability
E) segment "acid test"

Accepted Answer

In the segment attractiveness step, the marketer evaluates each segment's potential for growth and accessibility to determine if it's a viable and profitable target for their marketing efforts. This step is crucial in determining which segments to pursue and allocate resources towards.

Question 13

The most attractive segment is one in which entry barriers are low and exit barriers are high.

Accepted Answer

The statement is the opposite of what is generally considered an attractive segment. In an attractive segment, entry barriers are high to reduce competition, while exit barriers are low to allow companies to exit easily if necessary.

Question 14

If your assignment was to create a value proposition and product-price positioning strategy for each segment, based on the segment's unique customer needs and characteristics, you would be in which of the following steps of the segmentation process?
A) needs-based segmentation
B) segment identification
C) segment attractiveness
D) segment positioning
E) segment "acid-test"

Accepted Answer

The step of creating a value proposition and product-price positioning strategy for each segment is part of the segment positioning process, which involves developing marketing strategies to position a product or service to appeal to a specific segment's needs and characteristics. Therefore, the correct answer is D - segment positioning.

Question 15

A segment is attractive when there are actual or potential substitutes for the product.

Accepted Answer

A segment is considered attractive when it has unique needs that can be met by specific products or services, indicating less competition and fewer substitutes, thus offering a competitive advantage.

Question 16

A flexible market offering consists of two parts. Identify and describe these two parts.

Accepted Answer

The answer of A flexible market offering consists of two...

Question 17

To be useful, market segments must be measurable.

Accepted Answer

Market segments must be measurable in order to determine their size, purchasing behavior, and other characteristics that can help a company tailor their marketing efforts towards these specific groups. Without measurable data, it would be difficult to properly target and reach these segments.

Question 18

If an organization's marketing department wants to create "segment storyboards" to test the attractiveness of each segment's positioning strategy, it would most likely occur in the ________ step of the segmentation process.
A) needs-based segmentation
B) segment identification
C) segment profitability
D) segment "acid test"
E) marketing-mix strategy

Accepted Answer

Creating "segment storyboards" to test the attractiveness of each segment's positioning strategy is part of the segment "acid test" step. This step involves evaluating the proposed value propositions and messages to ensure they are compelling and attractive to the targeted segments.

Question 19

Briefly describe the steps in the segmentation process.

Accepted Answer

The answer of Briefly describe the steps in the segmentation...

Question 20

A segment is unattractive if the company's suppliers are able to raise prices or reduce quantity supplied.

Accepted Answer

If suppliers have the power to increase prices or reduce supply, it can negatively impact the company's profitability and performance, making the segment unattractive.

Quiz 6: Identifying Market Segments and Targets

The last step in the seven-step marketing segmentation process would be to develop a marketing-mix strategy reflective of segment positioning strategies.

If married and unmarried women respond similarly to a sale on perfume, these hypothetical segments fail the ________ criterion for useful market segments.

To be useful, a market segment should be ________, which means the largest possible homogeneous group worth going after with a tailored marketing program.

What are some examples of situational factors that can be used to segment business markets?

List the five forces identified by Michael Porter that determine the intrinsic long-run attractiveness of a market or market segment.

For a segment to meet the ________ criterion of usefulness, the marketer must be able to formulate effective programs for attracting and serving the segments.

Which of the following statements is True about the five forces identified by Michael Porter that determine the intrinsic long-run attractiveness of a market or market segment?

In the ________ step of the market segmentation process, the marketer determines which demographics, lifestyles, and usage behaviors make each needs-based segment distinct and identifiable.

To be useful, market segments must rate favorably on five key criteria. What are those criteria?

During which step of the needs-based segmentation process would the marketer group customers into segments based on similar needs and benefits sought by the customer in solving a particular consumption problem?

The characteristic of useful market segments that relates to whether the segments can be effectively reached and served is whether the segment is ________.

In the ________ step of the market segmentation process, the marketer evaluates the segment using criteria such as market growth and market access.