Question 1

Firms engage in __________ when their intimate knowledge and expertise in one market allows them to offer customized marketing programs that not only deliver needed products but also provide needed solutions to customers' problems.

Accepted Answer

A)   single segment targeting
B)   market specialization
C)   selective targeting
D)   product specialization
E)   mass market targetingF) A) and B)
G) A) and C)

Question 2

What type of segmentation divides consumer markets into segments using individual factors such as gender,age,income,and education?

Accepted Answer

A)   psychographic segmentation
B)   demographic segmentation
C)   benefit segmentation
D)   behavioral segmentation
E)   lifestyle segmentationF) B) and C)
G) All of the above B

Question 3

Only the largest firms can execute __________,which involves the development of multiple marketing programs to serve all customer segments simultaneously.

Accepted Answer

A)   single segment targeting
B)   market specialization
C)   selective targeting
D)   product specialization
E)   mass market targetingF) A) and D)
G) B) and E) E

Question 4

__________ segmentation is the most powerful form of segmentation in consumer markets because it uses actual product usage to make distinctions among market segments.

Accepted Answer

A)   Demographic
B)   Behavioral
C)   Psychographic
D)   Lifestyle
E)   GeographicF) D) and E)
G) None of the above

Question 5

__________ is/are the primary reason why the consumer buying process varies across customers,products,and situations.

Accepted Answer

A)   Individual influences
B)   Situational influences
C)   The cost of the product
D)   Social influences
E)   The complexity of the purchaseF) None of the above
G) A) and C)

Question 6

What is the key to using behavioral segmentation successfully in consumer markets?

Accepted Answer

A)   The firm must clearly link behavioral characteristics with risk profiles.
B)   The firm must clearly link behavioral characteristics to demographic characteristics.
C)   The firm must determine whether consumers see their behaviors as being distinct from other behavioral segments.
D)   The firm must clearly link behavioral information with geography.
E)   The firm must clearly understand the basic needs and benefits sought by different consumer groups.F) D) and E)
G) B) and C)

Question 7

Which of the following IS NOT an example of mass customization?

Accepted Answer

A)   A college creates a custom degree program to match your unique needs.
B)   A customer orders a custom teddy bear from Build-A-BearWorkshop.com.
C)   Dell offers fully customized computers based on your needed configuration.
D)   A bank employee logs into the e-procurement system to browse a fully customized catalog of office supplies.
E)   You order a customized vase of flowers from 1-800-Flowers.com.F) All of the above
G) B) and D)

Question 8

Advances in supply chain management now allow companies to customize products to meet the needs of individual customers on a mass scale.This individualized approach to market segmentation is called:

Accepted Answer

A)   individualization.
B)   one-to-one marketing.
C)   mass customization.
D)   customized marketing.
E)   permission marketing.F) D) and E)
G) C) and D)

Question 9

Which of the following IS NOT a typical basis used to segment business markets?

Accepted Answer

A)   type of organization
B)   organizational characteristics
C)   benefits sought
D)   organizational culture
E)   relationship intensityF) A) and E)
G) B) and E)

Question 10

Although a market segment can meet all criteria for viability,a firm may choose to not pursue the segment.Which of the following is a reason why this might occur?

Accepted Answer

A)   A competitor has already targeted the segment.
B)   Targeting the segment could lead to antitrust concerns.
C)   The segment has no synergy with the firm's mission.
D)   The segment is difficult to reach via communication and/or distribution.
E)   The segment's members are not easily identifiable.F) C) and D)
G) A) and B) C

Question 11

The basic assumption of __________ is that all customers in the market have similar needs and wants that can be reasonably satisfied with a single marketing program.

Accepted Answer

A)   holistic marketing
B)   mass marketing
C)   market concentration
D)   focused marketing
E)   single segment marketingF) None of the above
G) A) and B)

Question 12

The main advantage of __________ is specialization,as it allows the firm to focus its resources toward understanding and serving a single segment.

Accepted Answer

A)   focused marketing
B)   unidimensional marketing
C)   mass marketing
D)   multisegment marketing
E)   market concentrationF) D) and E)
G) B) and D)

Question 13

If a researcher were to ask consumers to quickly name the top 3 brands of computers they might consider purchasing,the most common brands in the __________ would most likely be Dell,Apple,and HP.

Accepted Answer

A)   brand set
B)   purchase set
C)   evoked set
D)   target group
E)   shopping listF) A) and B)
G) A) and C)

Question 14

Firms that sell luxury products,custom-made products,and services often take the time to significantly modify their products in an effort to precisely match the needs of individual customers.These firms are pursuing what type of approach to market segmentation?

Accepted Answer

A)   individualized marketing
B)   niche marketing
C)   pinpointed marketing
D)   focused marketing
E)   one-to-one marketingF) A) and E)
G) C) and E)

Question 15

Explain the five different target marketing strategies and give examples of firms that use each one.Also,discuss how firms might approach the targeting of noncustomers.

Accepted Answer

Once the firm has completed segmenting a...

Question 16

The consumer buying process begins when:

Accepted Answer

A)   marketing research discovers a new,untapped market segment.
B)   consumers recognize that they have unsatisfied needs.
C)   merchants offer goods and services for sale.
D)   a manufacturer develops a new product.
E)   consumers begin to seek information about an upcoming purchase.F) B) and C)
G) A) and E)

Question 17

One of the most successful and well-known tools of __________ segmentation is VALS™ developed by Strategic Business Insights.

Accepted Answer

A)   psychographic
B)   geographic
C)   demographic
D)   geoclustering
E)   emotionalF) A) and E)
G) D) and E)

Question 18

From the viewpoint of the consumer buying process,what is the difference between a need and a want?

Accepted Answer

A)   Needs are absolute necessities,whereas wants are discretionary.
B)   Needs are related to specific products,whereas wants occur only when the consumer has the ability to purchase the product.
C)   Needs are based on discrepancies between actual and desired satisfaction,whereas wants occur relative to specific products that can fulfill a need.
D)   Needs focus on specific elements of a product's quality,whereas wants are related to the "extras" that add value to the product.
E)   Needs and wants are essentially the same,except that consumers will pay more for products they need.F) C) and E)
G) A) and B)

Question 19

Describe how the business buying process differs from the consumer buying process.Include an explanation of the unique characteristics of business markets.

Accepted Answer

Business markets differ from consumer ma...

Question 20

After enrolling in the MBA program at Minor State University,Sheri began having second thoughts.Although MSU seemed to be a good choice based on location,reputation,and price,Sheri was not convinced she had made the right choice.Sheri is suffering from:

Accepted Answer

A)   too many opportunity costs.
B)   dissatisfaction.
C)   choice insufficiency.
D)   cognitive dissonance.
E)   poor product quality.F) A) and B)
G) B) and C)

Exam 5: Customers,segmentation,and Target Marketing

Firms engage in __________ when their intimate knowledge and expertise in one market allows them to offer customized marketing programs that not only deliver needed products but also provide needed solutions to customers' problems.

Correct AnswerverifiedShow Answer

What type of segmentation divides consumer markets into segments using individual factors such as gender,age,income,and education?

Correct AnswerverifiedB

Only the largest firms can execute __________,which involves the development of multiple marketing programs to serve all customer segments simultaneously.

Correct AnswerverifiedE

__________ segmentation is the most powerful form of segmentation in consumer markets because it uses actual product usage to make distinctions among market segments.

Correct AnswerverifiedShow Answer

__________ is/are the primary reason why the consumer buying process varies across customers,products,and situations.

Correct AnswerverifiedShow Answer

What is the key to using behavioral segmentation successfully in consumer markets?

Correct AnswerverifiedShow Answer

Which of the following IS NOT an example of mass customization?

Correct AnswerverifiedShow Answer

Advances in supply chain management now allow companies to customize products to meet the needs of individual customers on a mass scale.This individualized approach to market segmentation is called:

Correct AnswerverifiedShow Answer

Which of the following IS NOT a typical basis used to segment business markets?

Correct AnswerverifiedShow Answer

Although a market segment can meet all criteria for viability,a firm may choose to not pursue the segment.Which of the following is a reason why this might occur?

Correct AnswerverifiedC

The basic assumption of __________ is that all customers in the market have similar needs and wants that can be reasonably satisfied with a single marketing program.

Correct AnswerverifiedShow Answer

The main advantage of __________ is specialization,as it allows the firm to focus its resources toward understanding and serving a single segment.

Correct AnswerverifiedShow Answer

If a researcher were to ask consumers to quickly name the top 3 brands of computers they might consider purchasing,the most common brands in the __________ would most likely be Dell,Apple,and HP.

Correct AnswerverifiedShow Answer

Firms that sell luxury products,custom-made products,and services often take the time to significantly modify their products in an effort to precisely match the needs of individual customers.These firms are pursuing what type of approach to market segmentation?

Correct AnswerverifiedShow Answer

Explain the five different target marketing strategies and give examples of firms that use each one.Also,discuss how firms might approach the targeting of noncustomers.

Correct AnswerverifiedOnce the firm has completed segmenting a...View AnswerShow Answer

The consumer buying process begins when:

Correct AnswerverifiedShow Answer

One of the most successful and well-known tools of __________ segmentation is VALS™ developed by Strategic Business Insights.

Correct AnswerverifiedShow Answer

From the viewpoint of the consumer buying process,what is the difference between a need and a want?

Correct AnswerverifiedShow Answer

Describe how the business buying process differs from the consumer buying process.Include an explanation of the unique characteristics of business markets.

Correct AnswerverifiedBusiness markets differ from consumer ma...View AnswerShow Answer

After enrolling in the MBA program at Minor State University,Sheri began having second thoughts.Although MSU seemed to be a good choice based on location,reputation,and price,Sheri was not convinced she had made the right choice.Sheri is suffering from:

Correct AnswerverifiedShow Answer

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B

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E

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C

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Once the firm has completed segmenting a...
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One of the most successful and well-known tools of __________ segmentation is VALS^™ developed by Strategic Business Insights.

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Business markets differ from consumer ma...
View Answer

Correct Answer
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