Question 1

"For upscale American families who desire a carefree driving experience, Volvo is a premium-priced automobile that offers the utmost in safety and dependability" is a __________ statement for Volvo in North America.

Accepted Answer

A)  perception
B)  positioning
C)  market-product
D)  vision
E)  differentiationF) C) and D)
G) A) and D)

Question 2

Nielsen PRIZM segmentation classifies every household into one of 66 demographically and __________ distinct neighborhood segments to identify lifestyles and purchase behavior within a defined geographic market area, such as zip code.

Accepted Answer

A)  financially
B)  behaviorally
C)  ethnically
D)  socially
E)  ethnographicallyF) B) and E)
G) A) and D)

Question 3

The annual Sporting News Baseball Yearbook had exactly the same stories but with 17 different covers to appeal to baseball fans in 17 different regions of the U.S. What is the basis of its market segmentation strategy?

Accepted Answer

A)  psychographic segmentation
B)  retail outlet segmentation
C)  demographic segmentation
D)  behavioral segmentation
E)  geographic segmentationF) A) and E)
G) None of the above

Question 4

The quantity consumed or patronage (store visits)  during a specific period is referred to as

Accepted Answer

A)  usage rate.
B)  purchase metric.
C)  consumption index.
D)  consumption rate.
E)  demand amount.F) A) and E)
G) C) and D)

Question 5

Segmentation based on some observable actions or attitudes by prospective customers, such as what benefits they seek, as well as where, how frequently, and why they buy, is referred to as

Accepted Answer

A)  demographic segmentation.
B)  psychographic segmentation.
C)  geographic segmentation.
D)  behavioral segmentation.
E)  socioeconomic segmentation.F) A) and C)
G) B) and D)

Question 6

Name Maker is an online company that sells high-end gift wrapping that can have custom slogans or names printed on it, such as the name of a person celebrating a birthday or a couple who is getting married. This made-to-order gift-wrapping is priced from $24.95 to $32.95 per 12-foot roll. This is an example of

Accepted Answer

A)  family branding.
B)  mass customization.
C)  synergistic marketing.
D)  "Tiffany/Walmart" marketing.
E)  specialty customization.F) All of the above
G) B) and D)

Question 7

Which of the following is an example of a Tiffany/Walmart strategy?

Accepted Answer

A)  College Football magazine selects different covers for essentially the same magazine in order to appeal to different geographic markets in the U.S.
B)  A new movie used several different movie trailers; one showed the action scenes in order to attract one audience and the other showed romantic scenes to attract another audience.
C)  Arm and Hammer Baking Soda can be used for baking and to remove odors from refrigerators and litter boxes.
D)  Gap's Banana Republic chain sells blue jeans for $58, whereas its Old Navy stores sell a slightly different version for $22.
E)  Johnson's Baby Oil is advertised as a skin softener for babies and as a makeup remover for women.F) A) and E)
G) C) and E)

Question 8

In the early 1980s, Apple, Inc. was often called "Camp Runamok" because

Accepted Answer

A)  every employee was encouraged to do his or her own thing.
B)  it was concentrating on laptops while everyone else was concentrating on personal computers.
C)  all the employees were so young, so they often played more than they worked.
D)  there were no coherent product lines targeted at identifiable market segments.
E)  its personal computers were running amok with viruses, spyware, and other problems.F) C) and D)
G) None of the above

Question 9

-For an owner of a Wendy's fast-food restaurant, the information in Figure 8-4 above suggests

Accepted Answer

A)  Wendy's has an advantage over both McDonald's and Burger King as being the most preferred "second choice" restaurant.
B)  most of the respondents think of Wendy's as their primary fast food restaurant.
C)  a need to devise a marketing program to win customers from McDonald's and Burger King.
D)  McDonald's has fewer "exclusively loyal" customers than does Wendy's.
E)  Burger King is closing in on your market shareF) None of the above
G) D) and E)

Question 10

Lands' End will custom fit a Marinac jacket and make it with additional features such as thumb loops, underarm ventilation slits, and a key clip when you order from LandsEnd.com. This is an example of

Accepted Answer

A)  family branding.
B)  mass customization.
C)  "Tiffany/Walmart" marketing.
D)  market melding.
E)  specialty customization.F) A) and C)
G) C) and E)

Question 11

Determining the size of specific markets within a market-product grid is helpful in determining which target market segments to select and

Accepted Answer

A)  how to implement the 80-20 rule.
B)  which products to group into meaningful categories.
C)  how to implement a harvesting strategy.
D)  which product groupings to offer.
E)  which products to reposition.F) A) and D)
G) A) and C)

Question 12

-Figure 8-6 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus. The best way to describe how the student market is segmented is

Accepted Answer

A)  whether the student is a faculty or staff member.
B)  whether the student lives near the campus or far away.
C)  whether the student has the disposable income to eat at Wendy's.
D)  combining the factors of where the student lives and when (s) he is on campus.
E)  the meals eaten at the Wendy's restaurant.F) A) and C)
G) A) and D)

Question 13

Universal Concerts wants to bring a series of music concerts to Canada next year. In general, Western Canadians prefer country music while Eastern Canadians prefer rock. In fact, a country music event in eastern Canada is very likely to have lots of empty seats. To maximize revenue, Universal Concerts should segment its Canadian market according to __________.

Accepted Answer

A)  geographic characteristics
B)  demographic characteristics
C)  music format characteristics
D)  behavioral characteristics
E)  psychographic characteristicsF) A) and E)
G) B) and C)

Question 14

Airline programs that encourage passengers to repeatedly use the same airline focus on usage rate and employ a __________ strategy.

Accepted Answer

A)  rate of recurrence
B)  product utilization
C)  incidence
D)  frequency marketing
E)  consumption indexF) A) and B)
G) A) and E)

Question 15

A market-product grid is a framework to relate the __________ to products offered or potential marketing actions by an organization.

Accepted Answer

A)  market segments of potential buyers
B)  marketing objectives of potential products
C)  total anticipated revenue
D)  total anticipated profit
E)  market share of the closest competitorF) A) and B)
G) A) and C)

Question 16

ExxonMobil targets consumers that fill up their gas tanks more than once a week with its Chase Visa fuel card. In this example, ExxonMobil is using which segmentation variable?

Accepted Answer

A)  needs
B)  lifestyle
C)  behavioral
D)  psychographic
E)  demographicF) A) and B)
G) B) and E)

Question 17

Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as

Accepted Answer

A)  consumer differentiation.
B)  psychographics.
C)  market segmentation.
D)  market delineation.
E)  aggregation marketing.F) B) and D)
G) B) and C)

Question 18

Market segmentation stresses __________ and relating them to specific marketing actions.

Accepted Answer

A)  aligning tasks to match competitor tactics
B)  grouping people according to similar needs
C)  dividing people within a market randomly into equally sized groups
D)  dividing people into the smallest groups possible
E)  identifying potential new buyers who are not yet familiar with a new productF) B) and E)
G) C) and E)

Question 19

The 80/20 rule suggests that

Accepted Answer

A)  80 percent of a firm's inventory should be readily available while 20 percent should be reserved for emergency demand.
B)  80 percent of a firm's first-time users will become brand loyal while 20 percent will use the product only once and then abandon it.
C)  80 percent of a firm's sales are obtained from 20 percent of its customers.
D)  80 percent of a firm's marketing program expenses are tax deductible while 20 percent are not.
E)  80 percent of a firm's products will be sold to ultimate consumers while 20 percent to organizational buyers.F) B) and C)
G) All of the above

Question 20

One advantage of a market-product grid is that it can be used to

Accepted Answer

A)  make cost-cutting decisions under conditions of uncertainty.
B)  screen many new product ideas in order to select the one with the best long-run market potential.
C)  determine which target market segments to select and which product groupings to offer.
D)  select representative samples of consumers for marketing research studies.
E)  relate the product life cycle to consumer demand.F) A) and D)
G) A) and C)

Exam 8: Market Segmentation, Targeting, and Positioning

A market-product grid is a framework to relate the __________ to products offered or potential marketing actions by an organization.

Correct Answer
verified

"For upscale American families who desire a carefree driving experience, Volvo is a premium-priced automobile that offers the utmost in safety and dependability" is a __________ statement for Volvo in North America.

Correct Answer
verified

Correct Answer
verified

Segmentation based on some observable actions or attitudes by prospective customers, such as what benefits they seek, as well as where, how frequently, and why they buy, is referred to as

Correct Answer
verified

Airline programs that encourage passengers to repeatedly use the same airline focus on usage rate and employ a __________ strategy.

Correct Answer
verified

One advantage of a market-product grid is that it can be used to

Correct Answer
verified

Lands' End will custom fit a Marinac jacket and make it with additional features such as thumb loops, underarm ventilation slits, and a key clip when you order from LandsEnd.com. This is an example of

Correct Answer
verified

Determining the size of specific markets within a market-product grid is helpful in determining which target market segments to select and

Correct Answer
verified

The quantity consumed or patronage (store visits) during a specific period is referred to as

Correct Answer
verified

Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as

Correct Answer
verified

Market segmentation stresses __________ and relating them to specific marketing actions.

Correct Answer
verified

The 80/20 rule suggests that

Correct Answer
verified

Correct Answer
verified

Nielsen PRIZM segmentation classifies every household into one of 66 demographically and __________ distinct neighborhood segments to identify lifestyles and purchase behavior within a defined geographic market area, such as zip code.

Correct Answer
verified

-For an owner of a Wendy's fast-food restaurant, the information in Figure 8-4 above suggests

Correct Answer
verified

ExxonMobil targets consumers that fill up their gas tanks more than once a week with its Chase Visa fuel card. In this example, ExxonMobil is using which segmentation variable?

Correct Answer
verified

The annual Sporting News Baseball Yearbook had exactly the same stories but with 17 different covers to appeal to baseball fans in 17 different regions of the U.S. What is the basis of its market segmentation strategy?

Correct Answer
verified

Which of the following is an example of a Tiffany/Walmart strategy?

Correct Answer
verified

In the early 1980s, Apple, Inc. was often called "Camp Runamok" because

Correct Answer
verified

-Figure 8-6 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus. The best way to describe how the student market is segmented is

Correct Answer
verified

Exam 8: Market Segmentation, Targeting, and Positioning

A market-product grid is a framework to relate the __________ to products offered or potential marketing actions by an organization.

Correct AnswerverifiedShow Answer

"For upscale American families who desire a carefree driving experience, Volvo is a premium-priced automobile that offers the utmost in safety and dependability" is a __________ statement for Volvo in North America.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Segmentation based on some observable actions or attitudes by prospective customers, such as what benefits they seek, as well as where, how frequently, and why they buy, is referred to as

Correct AnswerverifiedShow Answer

Airline programs that encourage passengers to repeatedly use the same airline focus on usage rate and employ a __________ strategy.

Correct AnswerverifiedShow Answer

One advantage of a market-product grid is that it can be used to

Correct AnswerverifiedShow Answer

Lands' End will custom fit a Marinac jacket and make it with additional features such as thumb loops, underarm ventilation slits, and a key clip when you order from LandsEnd.com. This is an example of

Correct AnswerverifiedShow Answer

Determining the size of specific markets within a market-product grid is helpful in determining which target market segments to select and

Correct AnswerverifiedShow Answer

The quantity consumed or patronage (store visits) during a specific period is referred to as

Correct AnswerverifiedShow Answer

Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as

Correct AnswerverifiedShow Answer

Market segmentation stresses __________ and relating them to specific marketing actions.

Correct AnswerverifiedShow Answer

The 80/20 rule suggests that

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Nielsen PRIZM segmentation classifies every household into one of 66 demographically and __________ distinct neighborhood segments to identify lifestyles and purchase behavior within a defined geographic market area, such as zip code.

Correct AnswerverifiedShow Answer

-For an owner of a Wendy's fast-food restaurant, the information in Figure 8-4 above suggests

Correct AnswerverifiedShow Answer

ExxonMobil targets consumers that fill up their gas tanks more than once a week with its Chase Visa fuel card. In this example, ExxonMobil is using which segmentation variable?

Correct AnswerverifiedShow Answer

The annual Sporting News Baseball Yearbook had exactly the same stories but with 17 different covers to appeal to baseball fans in 17 different regions of the U.S. What is the basis of its market segmentation strategy?

Correct AnswerverifiedShow Answer

Which of the following is an example of a Tiffany/Walmart strategy?

Correct AnswerverifiedShow Answer

In the early 1980s, Apple, Inc. was often called "Camp Runamok" because

Correct AnswerverifiedShow Answer

-Figure 8-6 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus. The best way to describe how the student market is segmented is

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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