Question 1

Assume you are the marketing consultant for your university,which wants to focus its marketing efforts on recruiting new students.You have a choice of segmenting the undergraduate student market on either a demographic or benefit basis.What is the difference between the two? Which would you recommend,and why?

Accepted Answer

The answer of Assume you are the marketing consultant for...

Question 2

When Victoria's Secret offers different product lines,such as its Pink line,it is trying to capture the market by
A) using segmentation,targeting,and positioning.
B) offering everything to everyone.
C) trying lots of options to find out which one works.
D) doing continual test marketing.
E) focusing exclusively on its Pink brand.

Accepted Answer

Victoria's Secret is using segmentation by creating a product line specifically targeted towards a younger demographic (Pink line) and positioning themselves as the go-to brand for young women's lingerie and loungewear. This strategy allows them to capture a larger portion of the market by appealing to different segments with different product lines.

Question 3

Godiva Chocolates produces specially decorated boxes of candies for Valentine's Day,Easter,and Christmas.This is an example of ________ segmentation.
A) occasion
B) loyalty
C) geographic
D) psychographic
E) demographic

Accepted Answer

Occasion segmentation involves targeting products or services to specific events or holidays, such as Valentine's Day, Easter, or Christmas.

Question 4

Let's Dish is a meal-preparation service operating in three states.Customers visit a Let's Dish store to select and partially prepare their meals,which are then packaged for the freezer.At home,the customer can pull a meal out of the freezer and warm it in the oven or microwave.If Let's Dish wanted to expand into new areas of the United States,what segmentation method would probably be most useful in choosing new locations?
A) loyalty segmentation
B) benefit segmentation
C) psychographic segmentation
D) geodemographic segmentation
E) demographic segmentation

Accepted Answer

Geodemographic segmentation would be the most useful in choosing new locations for Let's Dish. This method uses a combination of geographic, demographic, and lifestyle data to identify specific areas that are likely to have a high concentration of potential customers. By identifying areas where the population demographics and lifestyle preferences closely match those of Let's Dish's current customers, the company can target its expansion efforts more effectively.

Question 5

Which of these is not one of the main components of a value proposition?
A) the target market
B) the name of the product or brand being offered
C) the product / service category or concept being offered
D) the price of the product or service being offered
E) the unique point of difference or benefits offered

Accepted Answer

While price is a factor that can be included in a value proposition, it is not one of the main components. The main components include the target market, the product/service category or concept, and the unique point of difference or benefits offered. The name of the product or brand being offered can also be included but is not essential.

Question 6

In the Circles for a Successful Value Proposition framework,the value proposition is represented by
A) the intersection between customer needs / wants and competitors' benefits.
B) the intersection between the firm's benefits and competitors' benefits.
C) the intersection between customer needs / wants and the firm's product's benefits.
D) the intersection between all three of the circles.
E) the part of the firm's benefits that doesn't overlap with anything.

Accepted Answer

The Circles for a Successful Value Proposition framework consists of three circles representing customer needs/wants, the firm's product's benefits, and competitors' benefits. The intersection between customer needs/wants and the firm's product's benefits represents the value proposition, as it shows how the firm's offering meets the target customers' needs and wants in a unique and better way than competitors do. Therefore, the best choice is C, which describes the value proposition's essential components.

Question 7

The perceptions of __________ are being measured in a perceptual map.
A) competitors
B) strategic planners
C) the company's executive team
D) the current R&D team
E) consumers

Accepted Answer

Perceptual maps are used to understand how consumers perceive different brands, products or attributes. Therefore, the most relevant and appropriate option for the perception being measured in a perceptual map is consumers.

Question 8

What is the best situation in the Circles for a Successful Value Proposition framework?
A) The firm's benefits overlap with both customer needs / wants and competitors' benefits.
B) The firm's offering overlaps with customer needs / wants but not with competitors' offerings.
C) The firm's offering overlaps with competitors' benefits but not with customer needs / wants.
D) Customer needs / wants overlap with both the firm's benefits and competitors' benefits.
E) None of the three circles overlaps.

Accepted Answer

The best situation in the Circles for a Successful Value Proposition framework is when the firm's offering overlaps with customer needs/wants but not with competitors' offerings. This indicates that the firm is providing a unique value that meets customer needs, differentiating itself from the competition.

Question 9

Assume you are the marketing consultant for your university,which wants to focus its marketing efforts on retention of current students.You have a choice of segmenting the undergraduate student market on either a geographic or psychographic basis.What is the difference between the two? Which would you recommend,and why?

Accepted Answer

The answer of Assume you are the marketing consultant for...

Question 10

Overriding desires that drive how we live our lives are called
A) self-values.
B) self-concept.
C) self-esteem.
D) self-confidence.
E) self-control.

Accepted Answer

Self-values are beliefs and principles that we hold important and they drive our behaviors and decisions. They are often deeply ingrained and influence how we prioritize aspects of our lives, such as family, career, and personal growth. Self-concept, self-esteem, self-confidence, and self-control are also important factors in shaping our behaviors and decisions, but they are not necessarily the overriding desires that drive our lives.

Question 11

Which of the following segmentation methods is being used when M&M's offers special wedding-themed packaging for customized M&M's (imprinted with the names of the bride and groom)?
A) occasion segmentation
B) geographic segmentation
C) lifestyle segmentation
D) benefit segmentation
E) loyalty segmentation

Accepted Answer

Occasion segmentation is being used as the product is being marketed specifically for weddings.

Question 12

What lessons could Coca-Cola apply from its success with Coke Zero to other potential new products?

Accepted Answer

The answer of What lessons could Coca-Cola apply from its...

Question 13

Social networking sites that compete directly with Facebook have a difficult time surviving; however,LinkedIn has survived by focusing on the needs of business professionals,who seek to network with colleagues,share their expertise,post online résumés,and look for new jobs.What segmentation method is LinkedIn using?
A) loyalty segmentation
B) benefit segmentation
C) psychographic segmentation
D) geodemographic segmentation
E) demographic segmentation

Accepted Answer

LinkedIn is using benefit segmentation by targeting business professionals who have specific needs related to networking with colleagues, sharing expertise, and finding job opportunities. LinkedIn's platform provides these benefits and services to the target market, making it a successful social networking site.

Question 14

Why must a firm's STP strategy be consistent with and derived from the firm's mission and objectives?

Accepted Answer

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Question 15

Develop a lifestyle segmentation scheme for students at your university,and label and describe three segments.You can think of this as developing your own version of the VALS tool,but specifically for college students.

Accepted Answer

The answer of Develop a lifestyle segmentation scheme for students...

Question 16

Which of the following defines a value proposition?
A) the unique value that a product or service provides to customers
B) a special discount offer dropping the price
C) an advertisement that talks about value
D) a display of the position of products or brands in the consumer's mind
E) the one feature that will prompt a customer to buy the product

Accepted Answer

A value proposition is the unique value that a product or service provides to customers, which distinguishes it from competitors and makes it appealing to customers. It typically emphasizes the benefits that the product or service provides and how it meets the needs of the target audience. A value proposition may include elements such as quality, price, convenience, expertise, innovation, or customer service.

Question 17

In the Circles for a Successful Value Proposition framework,the portion of the customer needs / wants circle that doesn't overlap with anything else represents
A) the firm's value proposition.
B) competitors' value propositions.
C) low-priority needs and wants that customers are willing to give up.
D) unmet customer needs / wants.
E) unknown customer needs / wants that the firm does not understand.

Accepted Answer

The portion of the customer needs / wants circle that doesn't overlap with anything else represents unmet customer needs / wants, which is the basis for developing a successful value proposition. The firm's value proposition is represented by the overlap between the customer needs / wants circle and the company's capabilities circle, and competitors' value propositions are represented by the overlaps between their capabilities circle and the customer needs / wants circle. Low-priority needs and wants that customers are willing to give up are represented by the overlaps that are smaller than the main overlap, and unknown customer needs / wants that the firm does not understand are not represented in the diagram.

Question 18

Choose a fast-food restaurant chain that does business in your area.Describe the company's target market,and explain how its marketing mix is designed to appeal to this target market.

Accepted Answer

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Question 19

In theory,why is micromarketing the ultimate in STP strategy? What is the weakness associated with micromarketing?

Accepted Answer

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Question 20

When evaluating the attractiveness of the segment,if a segment is expected to react positively to the firm's offering,we say that the segment is
A) responsive.
B) identifiable.
C) reachable.
D) substantial.
E) reactive.

Accepted Answer

A segment that is expected to react positively to the firm's offering is considered responsive. Responsiveness is a key factor in evaluating the attractiveness of a segment, as it indicates the potential for sales and growth. Identifiability, reachability, and substantiality are also important factors to consider, but they do not directly relate to the potential for positive reaction to the firm's offering. Reactive is not a commonly used term in segment evaluation.

Quiz 9: Segmentation, Targeting, and Positioning

When Victoria's Secret offers different product lines,such as its Pink line,it is trying to capture the market by

Godiva Chocolates produces specially decorated boxes of candies for Valentine's Day,Easter,and Christmas.This is an example of ________ segmentation.

Which of these is not one of the main components of a value proposition?

In the Circles for a Successful Value Proposition framework,the value proposition is represented by

The perceptions of __________ are being measured in a perceptual map.

What is the best situation in the Circles for a Successful Value Proposition framework?

Overriding desires that drive how we live our lives are called

Which of the following segmentation methods is being used when M&M's offers special wedding-themed packaging for customized M&M's (imprinted with the names of the bride and groom) ?

What lessons could Coca-Cola apply from its success with Coke Zero to other potential new products?

Why must a firm's STP strategy be consistent with and derived from the firm's mission and objectives?

Develop a lifestyle segmentation scheme for students at your university,and label and describe three segments.You can think of this as developing your own version of the VALS tool,but specifically for college students.

Which of the following defines a value proposition?

In the Circles for a Successful Value Proposition framework,the portion of the customer needs / wants circle that doesn't overlap with anything else represents

Choose a fast-food restaurant chain that does business in your area.Describe the company's target market,and explain how its marketing mix is designed to appeal to this target market.

In theory,why is micromarketing the ultimate in STP strategy? What is the weakness associated with micromarketing?

When evaluating the attractiveness of the segment,if a segment is expected to react positively to the firm's offering,we say that the segment is