MKTG ch 4
True or false: Generic markets focus primarily on product type
False
Segmenters often ______ their marketing mixes for each target market.
fine-tune
Infant formula and diapers provide _____ benefits and satisfy a customer need.
functional
When segmenting an international market, a company should focus on ____ dimensions than a domestic market.
more
A weakness of positioning analysis is that it can ______.
overlook customer-related dimensions like needs and attitudes
How customers think about brands in a market, also known as ______, affects how marketing managers adjust the marketing mix.
positioning
The way in which customers think about brands in a market is called ______.
positioning
Segmenting dimensions that help marketing managers decide whether to include a customer type in a product-market are called ______ dimensions.
qualifying
Marketers that develop a different marketing mix for each homogeneous market segment are known as ______.
segmenters
Selecting one homogeneous market segment as the firm's target market is called the _______ target market approach.
single
Adding an additional step to the marketing segmentation process for international markets aids in identifying regional or national ______ that are fairly similar.
submarkets
True or false: The first step in effective market segmentation should be to name a broad product-market of interest to the firm.
true
The questions that a marketer should ask in order to identify customer similarities and differences include ______.
who what why
When a company decides to reposition a product, it is doing so in response to _____.
customers who do not view the product in the desired way
Conrad's company wants to understand the reason customers are choosing their competitors products over their products. Which type of question does Conrad need to answer?
why
Which of the following are ethical issues that may arise when selecting segmenting dimensions? (Check all that apply.)
Targeting the disadvantaged with expensive goods Marketing infant formula to less-developed countries Marketing unhealthy foods to kids
Which of the following do production-oriented managers do? (Check all that apply.)
They miss opportunities by ignoring the market. They focus on the products they sell.
The Chicago South Loop Hotel wants to address customers' concern abut parking costs by offering free parking. This is an example of a determining ________
dimension
True or false: It is usually safer for marketers to try to satisfy many customers fairly well.
false
A complete product-market definition includes product type, customer needs, customer types, and ______.
geographic area
A successful segmenter can develop a customer base that is willing to pay _____ prices because the company provides products that precisely match the needs of the market.
higher
Which of the following are potential benefits to using the segmenter approach?
higher profits reduced competition greater sales
A(n) _____ consists of potential customers with similar needs who are willing to exchange something of value with sellers in order to receive a good or service.
market
A market ______ is a group of customers with similar needs who will have a similar response to a marketing mix.
segment
The CRM process relies on a ______ for information.
customer database
Marketing unhealthy snack foods to kids is considered a(n) ______ issue that may arise during the segmenting process.
ethical
A(n) _________- statement provides an exact picture of the firm's product offerings, target market, and differentiation strategy.
positioning
A highly-personalized marketing approach considers each customer to be ______.
their own individual segment
A group of people can be considered a market if ______. (Check all that apply.)
they are willing to exchange something of value to satisfy their needs they have similar needs
An ideal product-market description should include ______ customer dimensions plus one product type description.
three
The qualifying and determining dimensions work ______ in marketing strategy planning.
together
How many steps are there in the market segmentation process?
2 naming broad product-markets and segmenting those markets
Which of the following is not part of a complete product-market definition?
Organization type
Which of the following is the intended goal of focusing on a specific target market?
To offer superior value to the target market
What are three emotional needs that a customer in an advanced economy might want to satisfy? (Check all that apply.)
Appearance Status Excitement
Which of the following tools help marketers focus on a specific target market and provide superior value? (Check all that apply.)
Cluster analysis Segmentation CRM
Market definitions for both a product market and a generic market have which of the following in common?
Customer needs, customer type, and geographic area
Which of the following are qualities of "good" market segments? (Check all that apply.)
Customers within a market segment have similar characteristics and responses to marketing mix variables. The market segment is broad enough to be profitable for the firm. The dimensions used to define the marketing segment help identify potential customers and effective marketing mix variables. Customers in different market segments have significant differences in characteristics and responses to marketing mix variables.
True or false: Generic markets focus primarily on product type.
False focuses on the customer not the product
Which of the following are marketing processes used by combiners? (Check all that apply.)
Grouping similar customers across multiple submarkets into a single target market Developing a marketing mix that appeals fairly well to customers across multiple submarkets
What is the primary disadvantage of the production-oriented marketing approach?
It leads to missed opportunities by ignoring customers.
Which of the following is not considered a possible segmenting dimension for consumer markets?
Production facilities
What type of segmenting dimensions involves whether a customer can be considered part of a product-market?
Qualifying
Which of the following steps is commonly added to the segmentation process by international firms?
Segment by country or region
Greg told the management team that the ideal consumer for the product is a 27-36 year old working mother living in the Midwest. This fictional description of a customer is called a(n) _____.
buyer persona
As noted in the text, when the Chicago South Loop Hotel offered free parking to encourage customers to choose its hotel over others, it was relying on a ______ dimension to attract customers.
determining
Explicitly stating that a firm will market to business customers rather than unaffiliated consumers is an important aspect of a manager's ______ since this clearly establishes the markets in which the firm will compete.
market definition
A group of customers with shared characteristics who are expected to have a similar response to a marketing mix is known as a
market segment.
After a computer clusters groups of people together, marketers look for ______.
segmenting dimensions that apply to everyone in the cluster
Business-to-business markets, with very large customers, can treat customer firms individually as "_________ of one."
segments
The single target market approach involves ______.
selecting one homogeneous market segment as a target market
Margo's company plans to reposition the high-end trail bike it introduced last year. This will involve _____.
changing customer perceptions
Trying to increase the size of their markets by putting two or more segments together is a typical practice performed by ______.
combiners
In international marketing, ______ differences such as language and customs can complicate segmentation efforts.
cultural
A company typically bases a buyer persona on _____.
customer research
When a company decides to reposition a product, it is doing so in response to _____
customers who do not view the product in the desired way
What type of market is one in which potential customers have similar, but not identical, needs and are offered various and diverse ways to satisfy those needs?
generic
A market description that does not include any product-type terms is a(n) ______.
generic market description
A "good" market segment should be _____ in that the segmenting dimensions should be useful for identifying customers and deciding on marketing mix variables.
operational
in order to focus a marketing mix, marketing managers might describe the firm's target market, product offerings, and differentiation strategy in a ______ statement.
positioning
Positioning analysis is a ______-oriented approach.
product
Market segmentation requires that the marketing manager decide which ______ might be useful for marketing mix planning.
product-market dimensions
The most significant factor in determining whether to segment or combine markets is ______.
profit
Ultimately, a firm should consider ______ to determine whether to segment or combine.
profits
The process of using a customer database to refine marketing efforts is known as customer _____ management.
relationship
As a marketer, it is usually safer to try to satisfy the needs of a ______.
small group of customers very well.
Treena told the management team that she didn't think the market segment was big enough and the company would lose profits if they decided to target the segment. Which criteria for a "good" market segment is Treena using to make her decision?
substantial
Cultural differences that may complicate the segmenting process include which of the following? (Check all that apply.)
Customs Race Religion
The relevant market that a firm has for finding opportunities should be _____ the firm's present product-market.
bigger than
To achieve effective market segmentation, markets should first disaggregate the needs of customers. This means the company should _____.
break apart all possible needs into some generic markets
Terms such as generic market and product-market are examples of ______ market definitions that can be useful to firms searching for opportunities.
broad
The market segmentation process consists of which of the following? (Check all that apply.)
Naming broad product markets Segmenting broad product markets into select target markets
A marketing manager attempting to segment a market using two demographic characteristics is likely to fail because ______.
customer behavior cannot be explained using such narrow segmenting criteria
A successful product-market definition will ______.(Check all that apply.)
define the scope of the market in which the firm will compete help to focus and sharpen a firm's marketing strategy
True or false: The determining dimension helps marketers to understand the "core benefits" required by consumers in a product-market.
false
True or false: Within a broad product-market, there is only one way to develop market-oriented strategies.
false
A(n) ______ market consists of customers with broadly similar needs and many different options for satisfying them.
generic
Which of the following are general categories of segmenting dimensions in consumer markets? (Check all that apply.)
Demographic Behavioral Geographic
Which of the following might be revealed by clustering techniques? (Check all that apply.)
Demographic characteristics Past buying behavior Attitudes toward the product
Since broad product-markets can have many submarkets, target marketers have ______.
a choice among many possible target markets