Principles of Marketing Exam Chapter Seven

Which of the following is a drawback of local marketing?

Local marketing increases manufacturing costs by reducing the economics of scale

When marketers at Fair & Leigh Inc. selected the Millennials, a demographic group that includes many college students, as an untapped group of potential consumers for their new line of products, they were engaging in ________.

market targeting

_____ segmentation assumes that nations close to one another will have many common traits

Geographic

In the context of behavioral segmentation, who among the following is a potential user?

Anita, who recently had a baby

Which of the following is LEAST relevant when a firm evaluates different market segments?

Core Competencies of Competitors

In marketing his wooden pens and pencils to specialty-shop customers, Ruben was most likely using _______ marketing.

Concentrated

Which of the following variables are the most popular for marketers to use in segmenting

Demographic

Using _______ segmentation, marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries

Intermarket

Teen Mania Inc., a company marketing adventure sports merchandise for teenagers, targets the world's teenagers, who have similar needs and buying behavior even though they are located in different countries. Which of the following market segmentation is evident here?

Intermarket Segmentation

Which of the following is true about multivariable segmentation systems?

Multiple segmentation bases help identify smaller, better-defined target groups

Anchor Tractors focuses on selling its farm equipment in North America and Europe. It has not yet considered expanding into the Middle East. Which factor is likely most important in this decision regarding expansion?

Political

______ consists or arranging for a market offering to occupy a clear distinctive, and desirable place relative to competing products in the minds of target consumers

Positioning

All of the following are ways a company can differentiate itself or its product EXCEPT __________.

Price

A _____ refers to the way a product is defined by consumers on important attributes-the place the product occupies in consumers' minds relative to competing products.

Product Position

A recent study conducted by Estelle Cosmetics Company showed that heavy users of Estelle's products comprise a small percentage of the market. The study indicated that less than 7 percent of all shoppers buy nearly 71 percent of Estelle's products in the US. This is an example of ___________.

Segmentation by usage rateWh

With a(n) ________ marketing strategy, a firm goes after a large share of one or a few smaller niches.

concentrated

Pacific Fisheries divides its customers into different regional units, such as Asia, Australia, and the Americas. This is an example of ________.

geographic segmentation

Gilron Holidays runs a premium membership club which caters to customers whose annual salary exceeds $100,000. Members of this club are offered seasonal discounts on select luxury hotels in select cities worldwide. Gilron Holidays most likely follows a(n) ________ segmentation approach.

income

Venus Inc., a company designing and marketing branded diamond jewelry, targets wealthy consumers with similar needs and buying behaviors, even though the consumers are located in different countries. This is an example of ________.

intermarket

The winning value proposition would be to offer ________.

more for less

Business marketers use geographic, demographic, benefit, user status, usage rate, and loyalty status to segment their markets. They also use ______, customer operating characteristics purchasing approaches, and situational factors

personal characteristics

Marketers who use ________ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals.

psychographic segmentation

Business information services such as Experian Marketing Services and Nielsen help marketers to

segment people and locations into marketable groups of like-minded consumers

Jean Malone, a market researcher, recently found that most people in Bradburg County purchase automobiles with predominantly functional designs and prefer darker colors. Which of the following marketing strategies should Jean most likely recommend to an automobile dealer interested in opening a dealership in Bradburg County?

undifferentiated marketing

The full mix of benefits on which a brand is differentiated and positioned is known as the brand's ________.

value proposition