Chpt 8

A buyer that has little time to make a purchase decision would likely be classified as _____ rather than _____. a. a satisficer; an optimizer b. a producer; a volume purchaser c. an optimizer; a reseller d. an institution; a satisficer

a. a satisficer; an optimizer

In five years, Volkswagen sold only 57,000 of its Routan minivan. The company decided to stop producing the model and instead developed a new SUV, the Atlas. This illustrates that market segmentation: a. can help marketers better allocate resources. b. can help predict sales performance. c. is not helpful in defining marketing objectives. d. is not helpful in determining customer needs and wants.

a. can help marketers better allocate resources.

Toyota manufactures many different styles and models of vehicles likely because: a. customers have different preferences and needs for vehicles and offering many different styles and models allows Toyota to meet those varying preferences. b. with over 1,200 dealerships in the United States, Toyota must make the models available to purchase for customers. c. Toyota becomes more efficient in manufacturing when producing multiple models. d. customers are willing to pay money or take out a loan in order to drive a Toyota vehicle.

a. customers have different preferences and needs for vehicles and offering many different styles and models allows Toyota to meet those varying preferences.

A target market is a group of people a. for whom an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group. b. who are least likely to change their purchasing patterns irrespective of any changes in the marketing mix for a product. c. who collaborate and co-brand their products to increase their market share, boost the sales records, and gain greater profits. d. who do not benefit from a new product or any changes made to an existing product targeted at them.

a. for whom an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group.

Marketers at North Face have listed their segmentation descriptors as market size, density, and climate. They are likely segmenting the market: a. geographically. b. psychographically. c. by benefit. d. demographically

a. geographically.

A house cleaning company, Speedy Clean, has identified three possible market segments for their services. To evaluate if the segments will be successful, Speedy Clean should determine if each segment is: (Check all that apply) a. identifiable and measurable. b. responsive. c. perceptive. d. accessible.

a. identifiable and measurable. b. responsive. d. accessible.

In the context of psychographic segmentation, _____ segmentation divides people into groups according to the way they spend their time, the importance of the things around them, their beliefs, and socioeconomic characteristics such as income and education. a. lifestyle b. family life cycle c. ethnic d. gender

a. lifestyle

_____ segmentation clusters potential customers into neighborhood lifestyle categories. a. Benefit b. Geodemographic c. Usage-rate d. Family life cycle

b. Geodemographic

Which of the following statements is true of income? a. Income level does not influence consumers' wants. b. Income level determines consumers' buying power. c. Income makes no impact on the family life cycle. d. Income is a popular geographic variable for segmenting markets.

b. Income level determines consumers' buying power.

Which of the following statements is true of a product's positioning? a. It refers to the market share of a company. b. It influences potential customers' overall perception of a brand. c. It is ignored by consumer goods marketers. d. It is not influenced by the quality of competing products.

b. It influences potential customers' overall perception of a brand.

In the context of the strategies for selecting target markets, which of the following is an advantage of undifferentiated marketing? a. It caters to the specific needs of individual customers. b. It offers potential savings on production and marketing costs. c. It makes a company immune to competition. d. It results in highly imaginative and attractive product offerings

b. It offers potential savings on production and marketing costs.

Which of the following is an advantage of multiple-variable market segmentation? a. It is simpler and easier to use than single-variable segmentation. b. It maintains the size of each market segment even with multiple segmentation bases. c. It is more precise than single-variable segmentation. d. It uses secondary data that are easily available.

c. It is more precise than single-variable segmentation.

Which of the following is a disadvantage of a multisegment targeting strategy? a. It reduces a firm's market share. b. It results in sterile, unimaginative product offerings. c. It results in cannibalization. d. It leads to lower sales volume and lower profits for a company.

c. It results in cannibalization

Cheryl's Cookies has decided to create a charity that ships cookies to soldiers stationed in Syria. The soldiers could request the cookies through a mobile app and the orders would be paid for through donations. Because of the difficulty in communicating with people in a war zone, Cheryl's may have trouble with this segment not being: a. substantial. b. responsive. c. accessible. d. measurable

c. accessible.

In the context of market segmentation, _____ segmentation divides a market by the amount of product bought or consumed. a. geographic b. benefit c. usage-rate d. family life cycle

c. usage-rate

When thinking about the characteristics of a market, willingness to buy can by illustrated by which of the following? a. Kristen was excited to learn that the new Hyundai Ioniq she had been admiring was finally available for sale at dealerships. b. Griffin wants a pair of soccer cleats and recognizes that Nike makes a pair that will fit his needs. c. Most large copy machines are purchased by companies or institutions in the business market. d. Alex is ready to use the $400 he earned mowing lawns all summer to purchase a GoPro camera from Best Buy.

d. Alex is ready to use the $400 he earned mowing lawns all summer to purchase a GoPro camera from Best Buy.

In the context of the strategies for selecting target markets, which of the following is a disadvantage of undifferentiated targeting? a. It leads to cannibalization. b. It increases the production and marketing costs of a company. c. It results in market segments that are too small. d. It makes a company more susceptible to competitive inroads.

d. It makes a company more susceptible to competitive inroads.

Which of the following is a trend that will lead to the continuing growth of customer relationship management (CRM)? a. Indirect marketing b. Standardization c. Cannibalization d. Loyalty

d. Loyalty

_____ is a psychographic segmentation variable that reflects a person's traits, attitudes, and habits. a. Gender b. Motive c. Lifestyle d. Personality

d. Personality

In the context of gender segmentation, which of the following statements is true of women? a. They are an inexperienced purchasing group, unlike men. b. They are rarely part of all-male markets, such as financial markets. c. They tend to accumulate money for the sake of accumulation. d. They tend to research investments in-depth more than men do.

d. They tend to research investments in-depth more than men do.

A company that uses a psychographic market segmentation strategy will be most interested in the _____ of its potential customers. a. marital status b. gender c. age d. lifestyle

d. lifestyle

In the context of the strategies for selecting target markets, a firm that chooses to serve two or more well-defined market segments and develops a distinct marketing mix for each has a(n) _____. a. concentrated targeting strategy b. universal targeting strategy c. undifferentiated targeting strategy d. multisegment targeting strategy

d. multisegment targeting strategy

Which of the following is not a characteristic of a market? a. people or organizations b. willingness to buy c. ability d. similar characteristics

d. similar characteristics