Question 1

The process of dividing a market into groups of similar consumers and selecting the most appropriate group(s) for the firm to serve is called _____.

Accepted Answer

A)   test marketing
B)   mass marketing
C)   market segmentation
D)   marketing communicationE) B) and C)
F) A) and D)

Question 2

What does psychographic segmentation focus on?

Accepted Answer

A)   Organizational strengths
B)   Quantitative research
C)   Test marketing
D)   Consumer lifestylesE) All of the above
F) None of the above

Question 3

Dawson & Peters' new line of leather boots are marketed as the hottest fashion trend of the season.The company put up posters on billboards that featured several celebrities wearing the boots.The concept of the television ads was how wearing the boots could make you the envy of all those around you.According to the VALS™ framework,which of the following psychographic groups was Dawson & Peters targeting?

Accepted Answer

A)   Survivors
B)   Strivers
C)   Thinkers
D)   MakersE) A) and B)
F) All of the above

Question 4

Why is it inadvisable for a follower to attempt to directly position their product against the industry leader?

Accepted Answer

A)   Competing with market leaders can be costly and not often successful
B)   A follower's product already dominates in sales and in the minds of customers
C)   Followers find it difficult to select segmentation strategies
D)   A follower can never compete with the industry leader in terms of product qualityE) B) and D)
F) B) and C)

Question 5

A meaningful segment is one that:

Accepted Answer

A)   is large enough to offer long-run profits for the firm.
B)   has a well-defined geodemographic profile.
C)   can be reached and served by direct marketers in an efficient manner.
D)   is driven by the desire for instant gratification.E) None of the above
F) All of the above

Question 6

In the case of segmentation for entirely new products,which of the following approaches for determining key market dimensions would you recommend?

Accepted Answer

A)   An a priori approach
B)   A post hoc approach
C)   An empirical approach
D)   A cross-functional approachE) B) and D)
F) All of the above

Question 7

The 2002 promotional campaign for a line of cruises by Celebration emphasized the various activities,such as hang gliding,mountaineering,hiking,and scuba diving that people taking any of the Celebration cruises could participate in.The cruise line was trying to dispel the misconception that cruises are boring and meant only for older and more conservative people.Which of the following categories of consumers,according to the VALS™ framework,would Celebration's advertisements appeal to the most?

Accepted Answer

A)   Survivors
B)   Believers
C)   Experiencers
D)   ThinkersE) A) and D)
F) B) and D)

Question 8

Clear Spring is a brand of bottled that is marketed as a much better product than Cool Blue,which is a competing brand of bottled water.The Clear Spring brand of bottled water is positioned:

Accepted Answer

A)   by use or application.
B)   in terms of particular types of product users.
C)   relative to a product class.
D)   directly against a particular competitor.E) None of the above
F) B) and C)

Question 9

Thinkers,according to the VALS™ model,are motivated primarily by _____.

Accepted Answer

A)   self-expression
B)   ideals
C)   achievement
D)   imageE) B) and C)
F) C) and D)

Question 10

Which of the following is the first step of the market segmentation process?

Accepted Answer

A)   Determining the consumer needs and wants
B)   Dividing the markets on relevant dimensions
C)   Delineating the firm's current situation
D)   Designing the marketing mix strategyE) B) and C)
F) B) and D)

Question 11

In which of the following stages of the market segmentation process would a firm need to decide whether to use a post hoc or a priori approach to segmenting a market?

Accepted Answer

A)   Determining customer needs and wants
B)   Delineating the firm's current situation
C)   Dividing markets on relevant dimensions
D)   Deciding a segmentation strategyE) B) and C)
F) None of the above

Question 12

What does the horizontal dimension of the VALS™ framework represent?

Accepted Answer

A)   Secondary needs
B)   Resources
C)   Consumer needs
D)   Primary motivationE) All of the above
F) A) and D)

Question 13

Which of the following statements about market segmentation is true?

Accepted Answer

A)   Market segmentation is the process of dividing an organization's products into different product classes according to their features for sale through a mass marketing mechanism.
B)   The decision to mass market a product does not require any market segmentation analysis.
C)   The first step in market segmentation is to develop an appropriate product positioning strategy.
D)   During market segmentation, consumers are grouped on the basis of one or more similarities and treated as a homogeneous segment of a heterogeneous total market.E) A) and D)
F) B) and D)

Question 14

The second step in the market segmentation process involves determining the_____.

Accepted Answer

A)   relevant dimensions for market segmentation
B)   product positioning strategy to be used
C)   consumer needs and wants
D)   marketing mix strategyE) C) and D)
F) B) and D)

Question 15

According to the VALS™ framework,consumers who are driven by a goal of demonstrating success to their peers and are motivated primarily by achievement can be best classified as _____.

Accepted Answer

A)   strivers
B)   makers
C)   believers
D)   survivorsE) All of the above
F) A) and D)

Question 16

The _____ of the VALS™ framework segments people based on the degree to which they are innovative and have requisite resources.

Accepted Answer

A)   horizontal dimension
B)   social groups
C)   vertical dimension
D)   primary motivation dimensionE) C) and D)
F) B) and D)

Question 17

Which of the following statements is true with regard to a positioning map?

Accepted Answer

A)   It is a mathematical estimate of the rate at which new products will have to be developed to maintain control over the market share.
B)   It is a written document outlining the marketing research study that was undertaken before the launch of a new product.
C)   It is a type of documentation used by the U.S. Department of Commerce to create a geodemographic model of the nation.
D)   It is a visual description of customers' perceptions of competitive products, brands, or models.E) A) and C)
F) All of the above

Question 18

Which of the following observations about geodemographic segmentation is true?

Accepted Answer

A)   It identifies specific individuals or households within a market.
B)   It creates classifications of actual, addressable, mappable neighborhoods where consumers live and shop.
C)   It is primarily based on the assumption that consumers in a particular neighborhood vary in many respects and lack similar consumption patterns.
D)   It identifies consumer needs and wants in new markets and for new products as existing markets are saturated.E) A) and B)
F) A) and C)

Question 19

An advertisement for First Union Bank describes the bank as not only providing all banking services a consumer could ever want,but also offering brokerage house services.Instead of just competing against banks,First Union increased its versatility by positioning its services:

Accepted Answer

A)   based on superiority to competitive products.
B)   in terms of particular types of service users.
C)   relative to a class of products or services.
D)   in terms of its position as a cost leader.E) A) and C)
F) B) and C)

Exam 5: Market Segmentation

The _____ of the VALS™ framework segments people based on the degree to which they are innovative and have requisite resources.

Correct Answer
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What does psychographic segmentation focus on?

Correct Answer
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What does the horizontal dimension of the VALS™ framework represent?

Correct Answer
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The second step in the market segmentation process involves determining the_____.

Correct Answer
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Why is it inadvisable for a follower to attempt to directly position their product against the industry leader?

Correct Answer
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Thinkers,according to the VALS™ model,are motivated primarily by _____.

Correct Answer
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Which of the following statements is true with regard to a positioning map?

Correct Answer
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The process of dividing a market into groups of similar consumers and selecting the most appropriate group(s) for the firm to serve is called _____.

Correct Answer
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Which of the following is the first step of the market segmentation process?

Correct Answer
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According to the VALS™ framework,consumers who are driven by a goal of demonstrating success to their peers and are motivated primarily by achievement can be best classified as _____.

Correct Answer
verified

In the case of segmentation for entirely new products,which of the following approaches for determining key market dimensions would you recommend?

Correct Answer
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Correct Answer
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An advertisement for First Union Bank describes the bank as not only providing all banking services a consumer could ever want,but also offering brokerage house services.Instead of just competing against banks,First Union increased its versatility by positioning its services:

Correct Answer
verified

Which of the following observations about geodemographic segmentation is true?

Correct Answer
verified

Correct Answer
verified

Clear Spring is a brand of bottled that is marketed as a much better product than Cool Blue,which is a competing brand of bottled water.The Clear Spring brand of bottled water is positioned:

Correct Answer
verified

Which of the following statements about market segmentation is true?

Correct Answer
verified

A meaningful segment is one that:

Correct Answer
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In which of the following stages of the market segmentation process would a firm need to decide whether to use a post hoc or a priori approach to segmenting a market?

Correct Answer
verified

Exam 5: Market Segmentation

The _____ of the VALS™ framework segments people based on the degree to which they are innovative and have requisite resources.

Correct AnswerverifiedShow Answer

What does psychographic segmentation focus on?

Correct AnswerverifiedShow Answer

What does the horizontal dimension of the VALS™ framework represent?

Correct AnswerverifiedShow Answer

The second step in the market segmentation process involves determining the_____.

Correct AnswerverifiedShow Answer

Why is it inadvisable for a follower to attempt to directly position their product against the industry leader?

Correct AnswerverifiedShow Answer

Thinkers,according to the VALS™ model,are motivated primarily by _____.

Correct AnswerverifiedShow Answer

Which of the following statements is true with regard to a positioning map?

Correct AnswerverifiedShow Answer

The process of dividing a market into groups of similar consumers and selecting the most appropriate group(s) for the firm to serve is called _____.

Correct AnswerverifiedShow Answer

Which of the following is the first step of the market segmentation process?

Correct AnswerverifiedShow Answer

According to the VALS™ framework,consumers who are driven by a goal of demonstrating success to their peers and are motivated primarily by achievement can be best classified as _____.

Correct AnswerverifiedShow Answer

In the case of segmentation for entirely new products,which of the following approaches for determining key market dimensions would you recommend?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

An advertisement for First Union Bank describes the bank as not only providing all banking services a consumer could ever want,but also offering brokerage house services.Instead of just competing against banks,First Union increased its versatility by positioning its services:

Correct AnswerverifiedShow Answer

Which of the following observations about geodemographic segmentation is true?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Clear Spring is a brand of bottled that is marketed as a much better product than Cool Blue,which is a competing brand of bottled water.The Clear Spring brand of bottled water is positioned:

Correct AnswerverifiedShow Answer

Which of the following statements about market segmentation is true?

Correct AnswerverifiedShow Answer

A meaningful segment is one that:

Correct AnswerverifiedShow Answer

In which of the following stages of the market segmentation process would a firm need to decide whether to use a post hoc or a priori approach to segmenting a market?

Correct AnswerverifiedShow Answer

Correct Answer
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