14 Aug 1. Business buyers seek different bundles based on their stage in the purchase

1.
Business buyers seek different bundles based on their stage in the
purchase decision process. ________ are customers who are starting their
purchasing relationship and they want easy-to-read manuals, hot lines, high
levels of training, and knowledgeable sales reps.

a. First-time prospects
b. Sophisticates
c. Global partners
d. Trend-setters
e. Novices

2. If your
marketing department established a priority in reaching solution-oriented
customers (e.g., those that want value through more
benefits and advice), ________ would be the best means for connecting with
these customers.
a. transaction selling
b. consultative selling
c. enterprise selling
d. dual selling
e. psychological selling

3. During
which step of the 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 2segment identification
b. Step 3segment attractiveness
c. Step 6segment acid test
d. Step 1needs-based segmentation
e. Step 7marketing-mix strategy
4. If an
organizations marketing department wished to create segment storyboards to
test the attractiveness of each segments positioning strategy, this action
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

5. To be
useful, market segments must rate favorably on five key criteria. In the ________
criterion, effective programs can be formulated for attracting and serving the
segments.
a. measurable
b. substantial
c. accessible
d. differentiable
e. actionable

6. In
evaluating different market segments, the firm must look at two factors: the
segments overall attractiveness and ________.
a. companys
objectives and resources
b. the product to be sold
c. the purchasing process
d. competitions
strategies
e. the global nature of the product

7. Volkswagen
concentrates on the small-car market and Porsche on the sports car market. These
would be examples of what is called ________.

a. single-segment concentration
b. selective specialization
c. product specialization
d. market specialization
e. full market coverage

8. All of
the following are benefits of following the ________ approach to target market
selection: a strong knowledge of the segments needs, a strong market presence,
operating economies through specializing in production, distribution, and promotion.
a. single-segment concentration
b. selective specialization
c. product specialization
d. market specialization
e. full market coverage

9. When a
symphony orchestra targets people
who have broad cultural interests, rather than only those who regularly attend concerts, the orchestra is targeting what
are called ________.
a. market mavens
b. strategic segments
c. supersegments
d. occasion segments
e. psychodemographic
segments

10. Which of
the following best represents the chief advantage of pursuing a multisegment
strategy?
a. It makes the company almost
bullet proof to competitors
actions.
b. It diversifies the firms risk.
c. It creates synergy between
markets.
d. It is a low cost strategy.
e. It treats all buyers the same and,
therefore, lowers promotion costs.

11.
The chief disadvantage to a firm that decides to follow a product
specialization strategy in selecting target markets is that ________.
a.
no synergy exists
b.
logistics can become a
nightmare
c.
the product may be supplanted
by an entirely new technology
d.
competitors
can easily copy any new product introductions
e.
e-commerce becomes difficult
for the company

12.
With ________ as a target market strategy, the
firm concentrates on serving many needs of a particular customer group.
a.
single-segment concentration
b.
selective specialization
c.
product specialization
d.
market specialization
e.
full market coverage

13.
The two ways that large firms can cover a
whole market (e.g., full market coverage strategy) are through ________ and
differentiated marketing.
a.
undifferentiated
b.
logistical
c.
psychological
d.
niche
e.
macromarketing

14. In ________
marketing, the firm operates in several market segments and designs different
products for each segment.
a. segmented
b. undifferentiated
c. differentiated
d. geodemographic

e. niche

15.
The best way to manage multiple segments is to appoint ________ with
sufficient authority and responsibility for building the segments business.
a.
a product champion
b.
segment managers
c.
promotion
managers
d.
strategic managers
e.
mid-level managers

16. All of the following costs are
likely to be higher if a marketer pursues a differentiated marketing approach
EXCEPT ________.
a.
product modification
costs
b.
manufacturing costs
c.
administrative costs
d.
inventory costs
e.
pricing costs

17.
________ is the strategic coordination of economic, psychological, political, and public relations
skills, to gain the cooperation of a number of parties in order to enter or
operate in a given market.
a.
Metamarketing
b.
Macromarketing
c.
Micromarketing
d.
Megamarketing
e.
Modular marketing

18.
One way to discover new market segments is to investigate the hierarchy
of attributes consumers examine in choosing a brand if they use phased decision
strategies. This process is called ________.
a.
market partitioning
b.
market positioning
c.
market segmentation
d.
strategic marketing
e.
brand marketing
Answer: a

19.
Not all attempts to target
children, minorities, or other special segments draw criticism. Which of the
following is the best illustration of a company
(or industry) that seems to be marketing to the above in a correct and ethical
way?
a.
McDonalds marketing to
inner-city youth.
b.
R. J. Reynolds marketing of the
Kool brand.
c.
Colgate-Palmolives Colgate Junior toothpaste.
d.
The cereal industrys
approaches to children.
e.
G. Heileman Brewings approach
to Colt 45 malt liquor.

True/False

20.
Markets are almost always homogeneous.

21.
To compete more effectively, many companies are now embracing target marketing.

63. Effective
target marketing requires that marketers use market segmentation, market
targeting, and market positioning to achieve success in the marketplace.

64.
Henry Ford epitomized the market segmentation strategy when he offered
the Model-T Ford.

65.
A market segment consists of a group of consumers who share a similar set
of needs and wants.

66.
With respect to market offerings, if a marketer emphasizes
a naked solution, he or she is emphasizing the product and service elements that all
segment members value.

67.
A marketer glances at this months
market-preference pattern diagram and notices that all of the customers are
grouped in the middle of the diagram; therefore, customers are exhibiting clustered preferences.

68. An attractive niche is characterized as having a
distinct set of needs.

69.
Local marketing reflects a growing trend called macromarketing.

70.
Grassroots marketing done at the local level is associated with
experiential marketing where experiences are more
important than products or services.

71.
If you charge for the time customers spend with you, then and only then
are you in the servicebusiness.

72. When Nike and Gillette
advertise and associate their products with the Boston Marathon, the two companies are engaged in a form of experiential
marketing called co-branding.

73. The ultimate level of segmentation leads to segments
of one, customized marketing, or one-to-one marketing.

74. Two broad groups of variables are used to segment consumer
markets: geographic and demographic
variables.

75. Typical groupings (segments) that
might be designated using the geographic method of segmentation might be
density, climate, or city/metro size.

76. Illustrations of personality segmentation would include
culture-oriented, sports-centered, or outdoor-oriented subsegments.

77. According to a new PRIZM cluster configuration, the Cosmopolitan
tends to locate in cities such as Las
Vegas, Miami,
or Albuquerque.

78. A local service company
has decided to segment its market based on occupation; therefore, it has chosen
a form of demographic segmentation
for its approach.

79. Life stage defines a
persons age.

80. Men and women have different
attitudinal and behavioral orientations caused mainly by their genetic makeup. 1.
Business buyers seek different bundles based on their stage in the
purchase decision process. ________ are customers who are starting their
purchasing relationship and they want easy-to-read manuals, hot lines, high
levels of training, and knowledgeable sales reps.
a. First-time prospectsb. Sophisticatesc. Global partnersd. Trend-setterse. Novices 2. If your
marketing department established a priority in reaching solution-oriented
customers (e.g., those that want value through more
benefits and advice), ________ would be the best means for connecting with
these customers.a. transaction sellingb. consultative sellingc. enterprise sellingd. dual sellinge. psychological selling 3. During
which step of the 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 2segment identificationb. Step 3segment attractivenessc. Step 6segment acid testd. Step 1needs-based segmentatione. Step 7marketing-mix strategy4. If an
organizations marketing department wished to create segment storyboards to
test the attractiveness of each segments positioning strategy, this action
would most likely occur in the ________
step of the segmentation process.a. needs-based segmentation b. segment identification c. segment profitabilityd. segment acid test e. marketing-mix strategy 5. To be
useful, market segments must rate favorably on five key criteria. In the ________
criterion, effective programs can be formulated for attracting and serving the
segments.a. measurableb. substantialc. accessibled. differentiablee. actionable 6. In
evaluating different market segments, the firm must look at two factors: the
segments overall attractiveness and ________.a. companys
objectives and resourcesb. the product to be soldc. the purchasing processd. competitions
strategiese. the global nature of the product 7. Volkswagen
concentrates on the small-car market and Porsche on the sports car market. These
would be examples of what is called ________.
a. single-segment concentrationb. selective specializationc. product specializationd. market specializatione. full market coverage 8. All of
the following are benefits of following the ________ approach to target market
selection: a strong knowledge of the segments needs, a strong market presence,
operating economies through specializing in production, distribution, and promotion.a. single-segment concentrationb. selective specializationc. product specializationd. market specializatione. full market coverage 9. When a
symphony orchestra targets people
who have broad cultural interests, rather than only those who regularly attend concerts, the orchestra is targeting what
are called ________.a. market mavensb. strategic segmentsc. supersegmentsd. occasion segmentse. psychodemographic
segments 10. Which of
the following best represents the chief advantage of pursuing a multisegment
strategy?a. It makes the company almost
bullet proof to competitors
actions.b. It diversifies the firms risk.c. It creates synergy between
markets.d. It is a low cost strategy.e. It treats all buyers the same and,
therefore, lowers promotion costs. 11.
The chief disadvantage to a firm that decides to follow a product
specialization strategy in selecting target markets is that ________.a.
no synergy existsb.
logistics can become a
nightmarec.
the product may be supplanted
by an entirely new technologyd.
competitors
can easily copy any new product introductionse.
e-commerce becomes difficult
for the company 12.
With ________ as a target market strategy, the
firm concentrates on serving many needs of a particular customer group.a.
single-segment concentrationb.
selective specializationc.
product specializationd.
market specializatione.
full market coverage 13.
The two ways that large firms can cover a
whole market (e.g., full market coverage strategy) are through ________ and
differentiated marketing.a.
undifferentiatedb.
logisticalc.
psychologicald.
nichee.
macromarketing 14. In ________
marketing, the firm operates in several market segments and designs different
products for each segment.a. segmentedb. undifferentiatedc. differentiatedd. geodemographic
e. niche 15.
The best way to manage multiple segments is to appoint ________ with
sufficient authority and responsibility for building the segments business.a.
a product championb.
segment managersc.
promotion
managersd.
strategic managerse.
mid-level managers 16. All of the following costs are
likely to be higher if a marketer pursues a differentiated marketing approach
EXCEPT ________. a.
product modification
costsb.
manufacturing costsc.
administrative costsd.
inventory costse.
pricing costs 17.
________ is the strategic coordination of economic, psychological, political, and public relations
skills, to gain the cooperation of a number of parties in order to enter or
operate in a given market.a.
Metamarketingb.
Macromarketingc.
Micromarketingd.
Megamarketinge.
Modular marketing 18.
One way to discover new market segments is to investigate the hierarchy
of attributes consumers examine in choosing a brand if they use phased decision
strategies. This process is called ________.a.
market partitioningb.
market positioning c.
market segmentationd.
strategic marketinge.
brand marketingAnswer: a 19.
Not all attempts to target
children, minorities, or other special segments draw criticism. Which of the
following is the best illustration of a company
(or industry) that seems to be marketing to the above in a correct and ethical
way?a.
McDonalds marketing to
inner-city youth.b.
R. J. Reynolds marketing of the
Kool brand.c.
Colgate-Palmolives Colgate Junior toothpaste.d.
The cereal industrys
approaches to children.e.
G. Heileman Brewings approach
to Colt 45 malt liquor. 20.
Markets are almost always homogeneous.21.
To compete more effectively, many companies are now embracing target marketing.63. Effective
target marketing requires that marketers use market segmentation, market
targeting, and market positioning to achieve success in the marketplace. 64.
Henry Ford epitomized the market segmentation strategy when he offered
the Model-T Ford. 65.
A market segment consists of a group of consumers who share a similar set
of needs and wants. 66.
With respect to market offerings, if a marketer emphasizes
a naked solution, he or she is emphasizing the product and service elements that all
segment members value. 67.
A marketer glances at this months
market-preference pattern diagram and notices that all of the customers are
grouped in the middle of the diagram; therefore, customers are exhibiting clustered preferences. 68. An attractive niche is characterized as having a
distinct set of needs.69.
Local marketing reflects a growing trend called macromarketing. 70.
Grassroots marketing done at the local level is associated with
experiential marketing where experiences are more
important than products or services.
71.
If you charge for the time customers spend with you, then and only then
are you in the servicebusiness.72. When Nike and Gillette
advertise and associate their products with the Boston Marathon, the two companies are engaged in a form of experiential
marketing called co-branding. 73. The ultimate level of segmentation leads to segments
of one, customized marketing, or one-to-one marketing. 74. Two broad groups of variables are used to segment consumer
markets: geographic and demographic
variables. 75. Typical groupings (segments) that
might be designated using the geographic method of segmentation might be
density, climate, or city/metro size. 76. Illustrations of personality segmentation would include
culture-oriented, sports-centered, or outdoor-oriented subsegments. 77. According to a new PRIZM cluster configuration, the Cosmopolitan
tends to locate in cities such as Las
Vegas, Miami,
or Albuquerque. 78. A local service company
has decided to segment its market based on occupation; therefore, it has chosen
a form of demographic segmentation
for its approach. 79. Life stage defines a
persons age. 80. Men and women have different
attitudinal and behavioral orientations caused mainly by their genetic makeup.

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