Chapter 8 Quiz

An advantage of the _______ strategy is the firm may have a competitive advantage over other firms trying to reach multiple markets.

concentrated targeting

Which of the following is not a trend that will lead to the continuing growth of CRM as a targeting tool?

cost savings

focuses on the attributes that consumers seek and what they expect to receive from a good or service.

Benefit segmentation

If a company wishes to better compete on price and service, it should consider segmenting its business market on which basis?

Geographic location

A market must have which of the following characteristics? (Select three)

The ability and willingness to buy People or organizations Needs and wants

Walgreens stores in warmer, sunnier parts of the country might dedicate more shelf space to sunscreen, while stores in colder areas might dedicate more space to gloves and hats. This is based on which geographic variable?

climate

Marketers should monitor their chosen segments _______.

continually

Market segmentation helps marketers _______.

define customer needs and wants more precisely

Demographic segmentation uses which of the following bases? (Select three)

gender income family life cycle

A market segment _______.

is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs

When a company uses a single marketing mix to target all customers, it is utilizing _______.

undifferentiated targeting

Companies that use frequency/loyalty programs hope that consumers purchase more of the product or service. This is an example of _______.

usage-rate segmentation

When marketers look at the segment size, expected growth, and sales and profit potential, they are in which step of the market segmentation process?

Profile and analyze segments

When a company targets several different market segments and creates a different marketing mix for each segment, they are using _______.

multisegment targeting

A _______ is a way to display or graph, in two or more dimensions, the location of products, brands, or groups of products in customers' minds.

perceptual map

A positioning strategy that focuses on personality or type of consumer is using a _______ positioning base.

product user

Carrying different recreation products in stores in different parts of the country is based on which geographic variable?

region

When a company changes consumers' perception of a brand in relation to competing brands, they are ______ the product.

repositioning

The characteristics of consumers and organizations that marketers use to divide a market into segments are known as _______.

segmentation bases

A market segment is _______ if marketers can distinguish who is in the segment through demographic information or geographic location.

identifiable

Business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one are called _______.

optimizers

A person's traits, attitudes, and habits are part of their _______.

personality

A positioning strategy that positions the product as being associated with a particular category of products is using a ______ positioning base.

product class

A market segment that is large enough to justify its own marketing mix is said to be _______, while a market segment is _______ if marketers can reach members of the segment with customized marketing mixes.

substantial; accessible