MRKT

Which of the following scenarios represents a market segment that likely does NOT meet the "responsive" criterion?

Members of the segment buy grain and the Company sells grain.

How many steps are typically involved in developing a target market?

3

You were recently hired as a brand manager for a new body wash and are tasked with evaluating market segments and choosing a target market. Your supervisor tells you to use the 80/20 rule, which means

80% of sales of your body wash come from 20% of the mass soap market.

Gnarly Company makes shoes designed for skateboarding. What is the most likely demographic variable Gnarly will segment the market on?

Age

Panera Bread collecting data to see if they sell more bagels during Pink Ribbon bagel month or when bagels are offered as an add on for $1 is considered which kind of research?

Causal

Lynnette is an avid online shopper. She purchases most of her clothing from Macy's because they send her emails with sale notifications and information targeted to her specific clothing preferences. Which of the four Cs does Lynnette value most in this scenario?

Communication

Which of the following statements accurately describes the segmentation process?

Companies rely on market research to determine appropriate variables to use.

For her birthday, Harper received a Nintendo Switch with two game cartridges to go with it. Having to quarantine during a national pandemic, Harper prefers to buy all future games online so she does not have to leave her house. Which of the four Cs does Harper value most in this scenario?

Convenience

Retail operations, traditionally thought of as "place" in the marketing mix, are under increasing pressure from consumers to accommodate the consumers' busy lifestyles and lack of time to go shopping. While some customers still like the old ways of shopping, retailers need to think about shopping from the customers' perspectives, which falls under which of the 4 Cs approach to the marketing mix?

Convenience

Companies that focus on the customer mix are more likely to benefit from which of the following?

Creating value in exchanges

When the 4 Ps framework is represented as a target, what is at the center or "bull's eye"?

Customer

Stuart is the owner of a small furniture refinishing and rebuilding firm. He has been skeptical but agreed to hear your proposal for behavioral segmentation. When you described a segment, he asked, "How am I supposed to know who these people are?" Intuitively he has addressed which of the criteria for marketing segmentation?

Differentiable

Which of the following is an example of repositioning?

Hallmark is seeking younger audiences with its movie streaming services.

Which of the following is NOT a research goal?

Experimental

A company whose goal is to discover insights related to product opportunity ideally uses which type of research?

Exploratory

Carly has discovered that getting customers and potential customers to talk with each other about their impression of the new products is invaluable. She tried developing individual responses, but they seemed one-sided and not very interesting. Carly favors which qualitative marketing research technique at this point?

Focus Groups

Rebecca has evaluated the potential segments for her travel advisory service, and she has about 10 to 12 possible segments. What general advice would you offer as she considers the next steps?

Focus on a single segment, get it right, and move on from there.

Corey's firm had a good reputation for integrating social media into its marketing processes. To engage customers further and to build ways to interact positively with the brand, Corey and his programmers were building sophisticated puzzles and adventures online, and using which process?

Gamification

Which of the following is NOT a characteristic of effective decision support systems?

Information collected must be unbiased.

Why is experiential marketing becoming such a significant approach to consumer marketing?

Interaction with the brand, product or service becomes more compelling and intimate leading to a stronger link between the customer and the firm.

Which of the following is the best example of behavioral market segmentation?

Jenny's Hair Salons offer a specially priced hair-care package to their best customers.

Which of the following is a disadvantage of collecting primary data?

Length of time to collect information

Why is it important for a marketer to begin marketing mix decisions with Product when all 5 Ps are interrelated?

Products and clear ideas of the customer benefits are the basis for all other considerations.

Which of the following is NOT one of the steps in the Segmentation Process?

Research the market dimensions

Earl was able to discover several clues to the customers' purchasing behaviors by using the firm's decision support system. He was talking to the Chief Marketing Officer and described all of the system's useful characteristics EXCEPT which of the following?

The systems analysts and IT areas were there to help him dig through the data.

Which of the following is the best example of geographic market segmentation?

Stores focus lawn mower sales in rural and suburban areas.

Why would a firm develop an advantage in switching from Promotion to Communication in the marketing mix?

The Communication approach enhances effectiveness of the message instead of efficiency of delivery and execution.

You are working in the marketing area of a large firm, and the CEO has just expressed her anger at the marketing research done by your area. She said, "This doesn't help me at all. How much money and time have we wasted? And, how did this happen? Aren't you supposed to be marketing professionals?" You and your team are trying to understand just what went wrong before going back to the CEO. Which of the following is NOT a possibility your team should consider?

The team could have hired an outside agency to do the research instead of doing it themselves.

What is the best synthesis of a market segmentation and a target market?

They represent a subset of a mass market in which the company might operate.

What is the primary purpose of market segmentation?

To create focused marketing mixes that effectively meet the needs of specific customers

Why is it important to define the broad market during the segmentation process?

To determine the markets in which you will and will not participate

Which question can be answered by combining qualitative and quantitative research?

What is most appealing to customers?

You are a new marketing manager at a consumer products company. During a meeting on your first day, you learn that the company is contemplating the creation of a line of personal products for people with red hair. When someone asks if you think this an effective segmentation approach, what is your best response?

Yes, redheadedness is identifiable, measurable, and substantial. While accessing redheads is only slightly different from reaching other customers, redheads likely will prove responsive to consumer products-shampoos, makeup, etc.-targeted to their specific needs.

You are providing marketing advice to Ben, who recently opened a shop on Etsy where he sells models. His best seller is a Halloween village, which has been successful to date. All of his offerings are selling well, his profits are good, and his clientele is growing. He tells you that one customer asked for a unique Halloween house to add to his village-a self-service car wash-and that he is creating multiple to add to his product offerings. He tells you, "Thanks so much! You told me to connect with my customers and ask them to help create my brand, and it worked!" Which of the following is your best response?

You explain to Ben that he responded to feedback from one customer and created a custom model. To really connect with his customers, Ben should invite more people to weigh in on what kinds of Halloween buildings he should add to his village.

You and some college friends are finally opening the cupcake bakery you've always dreamed about. After a great deal of research, you have chosen a target market and are now busy crafting your marketing strategy. To be successful, what should be your next step?

You should now differentiate your product offerings from those of your competitors in ways that are meaningful to your target market.

Thomas was puzzled about how to collect the qualitative data he needed. He had been assigned to uncover the product trends that will emerge over the next five to seven years, so his company could be seen as the innovator that could fill customers' needs before anyone else. He was considering personal interviews, even though they are time-consuming and expensive because personal interviews

are the most flexible of qualitative techniques and he could follow-up immediately on the respondent's comments.

Brag Company is going through the market segmentation process. They divide customers into two groups: 1) those who snow ski 0-4 times a year, and 2) those who snow ski more than 4 times a year. This is an example of

behavioral segmentation.

Product decisions affect customer

benefits

Kate has been watching her firm switch from the 4 Ps in the marketing mix to the 4 Cs over the past few years. This switch is more than semantics for the use of the 4 Cs means the marketers will

create more value in an exchange.

Sampling a spoonful of a new ice cream flavor before purchasing it is a form of

experiential marketing

A company sends sales/promotions out via a mailer for one month straight and data is collected, the next month the company sends sales/promotions out via an email flyer and data is collected. During this time no other changes were made to the store. This is an example of a(n)

field study.

Companies might choose to not use secondary data because it is

outdated

How the product will be promoted and what messages customers will see is referred to as

promotion

Market research and marketing research are similar because they use the same

research process.

The main target of all marketing decisions needs to be

the customer.

Valuable insights are gained by understanding the marketing mix from the perspective of

the customer.

Emily was beginning her first assignment as an assistant marketer when she examined the segments being used by her new employer. While she had learned the four distinct, broad categories used in segmentation, she found that in practice

the four categories overlap.

The decisions marketing managers make in regards to the marketing mix are controlled by

the producer

The use of promotions can effectively reach consumers if

there is a proper format, and it is correctly timed.

Goal Post Brewing Company asked their bartenders to talk with customers over the course of a weekend on which beers they'd like to see Goal Post offer in the future, and jot down their notes at the end of their shift. Based on feedback from the bartenders, Goal Post introduced a new, more expensive beer in their taproom a week later. Goal Post's approach to collecting market data was somewhat unique in that

they were able to utilize the personal interview collection method inexpensively.