MKT 300 Chapt 8
Markets are not _____. Consumers' tastes shift, and competitors ____ to those shifts.
Stagnant; react
Firms must be able to ______ who is within their markets to be able to design products or services to meet customer needs.
Identify
When a firm knows what consumers think of a product or service and its position relative to other products, it should determine where the _____ product or service is located on a perceptual map.
ideal
If a market is too ______ and its buying power ______, it won't generate sufficient profits or be able to support the marketing mix activities.
Small Insignificant
_____ Segmentation is a form of behavioral segmentation in which segments are formed based on the situation in which the product or service is purchased or consumed.
Occasion
Some ____, like the NIke swoosh, are strong and well known, they create a position for a brand that distinguishes it from the competition.
Symbols
_____ customers should have a clear, distinctive, desirable understanding of what the product or services do or represent, relative to competing products.
Target
After evaluating each market segments attractiveness, the firm can focus on____. This allows the firm to do a better job of satisfying its customers.
Target Markets
The Gap clothing company has limited resources and must make efficient and effective decisions. IN an attempt to be efficient and focus its efforts, The Gap should use:
Targeting
What component of the STP process is : choose which groups to address
Targeting
Which of the following is an example of occasion segmentation for a chocolate maker?
The company sells its chocolates in simple plastic bags, but also offers it in attractive boxes for gift giving.
Those marketers that are best able to appropriately position their products in the minds of consumers will likely have:
a competitive advantage
General Motors has found that consumers vary in regards to their wants concerning automobiles. GM should use _______ to identify the specific groups.
segmentation
The ____ Strategy must be consistent with and derived from the firms mission and objectives, as well as its current situation.
segmentation
Different segments should have obvious customer _____ within the segment and greater _____ across the segments.
similarities; differences
The third step of the marketing segmentation process is to evaluate segment _______.
Attractiveness
____ segmentation forms market segments based on the way consumers use a product more frequently, with greater loyalty, etc...
Behavioral
When customers visit Hewlett-Packard's website, they can choose from different options as to what type of customer they are what the purpose is for which they need a computer. Hewlett-Packard understands that these different groups have different needs. This is an example of _____ segmentation.
Benefit
When customers visit Hewlett-Packard's website, they can choose from different options as to what type of customer they are what the purpose is for which they need a computer. Hewlett-Packard understands that these different groups have different needs. This is an example of _______ segmentation.
Benefit
____ segmentation groups consumers on the basis of the outcomes they seek and derive from the same products or service, such as toothpaste or paper towels.
Benefit
What factors will a firm consider when positioning its products and services against its competitors?
Brand Salient attributes Value
How can value positioning affect a firm's market share?
By attracting customer segments previously neglected by a firm.
By selecting a single target market and focusing all its efforts on offering a product to fit that markets needs, a firm is using a(n) ______ targeting strategy.
Concentrated
Marketers sometimes take into account that as people age their needs change. This is an example of ______ segmentation.
Demographic
____ segmentation variables include age, income, and gender.
Demographic
Symbols are generally registered trademarks that are legally protected by companies that _____ Them.
Develop
Firms using a(n) _______ targeting strategy target several market segments with a different offering for each.
Differentiated
Ford Motor Company owns ford, Lincoln, Mercury, and Volvo automotive brands. Ford Motor uses this variety of brands to pursue a(n) ______ targeting strategy.
Differentiated
Which of the following is NOT a targetiing strategy? Diffused Concentrated Undifferentiated Differentiated
Diffused
Demographic segmentation is the most common segmentation strategy because these segments are _______.
Easy to define
List the following in order of the segmentation, targeting, and positioning process: Establish Strategy or objectives Describe segments Identify and develop positioning strategy evaluate segment attractiveness Select target market
Establish Strategy or objectives Describe segments evaluate segment attractiveness select target market identify and develop positioning strategy
Concentrated targeting strategies are generally more _____ than differentiated targeting strategies.
Focused
Foster Designs sells different types of clothing for men and women. They would like to make sure the location each of their retail stores contains the appropriate assortment of clothing for the area. They should use _____ Segmentation.
Geodemographic
______ segmentation uses a combination of geographic, demographic, and lifestyle characteristics to classify consumers.
Geodemographic
Which of the following are marketing segmentation approaches? Value Geodemographic Benefits Psychographic Profitability Behavioral Geographic
Geodemographic Benefits Psychographic Behavioral Geographic
McDonald's promotes coffee in Seattle and orange juice in Orlando. This is an example of ________ segmentation.
Geographic
____ Segmentation organizes customers into groups on the basis of where they live.
Geographic
A point where a market segment's desired product would be located on a perceptual map is called a(n) ______ point
Ideal
What criteria is a firm assessing if it is looking into the buying power of the consumer?
It is substantial
____ is the component of psychographics that describes how an individual lives, achieves his goals, and what his preferences and behaviors are.
Lifestyle
Justin's Western Wear allows customers to order custom boots. When compared to ordering standard boots, the customized boots take a(n) ______ to receive.
Longer time
Southwest airlines promotes its rapid rewards program to reward frequent flyers with things like free travel vouchers, priority seating, and premium beverages. This is an example of ________ segmentation.
Loyalty
What are the factors considered in the analysis of profitability of a market segment?
Market access Market growth Market competitiveness
What are the factors considered in the analysis of profitability of a market segment?
Market growth Market access Market competitiveness
Some key factors to keep in mind when marketers focus their assessments on the potential profitability of market segments, both current and future, are:
Market growth Market competitiveness Market access
_____ is the process of creating a clear, distinctive and desirable understanding of the product in the consumer's mind relative to competing products.
Market positioning
_______ is the process of creating a clear, distinctive and desirable understanding of the product in the consumer's mind relative to competing products.
Market positioning
When a firm adapts a product or service to meet an individual customer's wants or needs, it is undertaking an extreme targeting strategy called _____ Marketing.
Micro (MicroMarketing)
Compared to most available targeting strategies, differentiated targeting is _____.
More difficult to execute and more expensive
VALS enables firms to identify target segments and their underlying _____.
Motivations
Because each segmentation method has its unique advantages and disadvantages, most firms often employ _______ methods.
Multiple
One of the benefits of a differentiated targeting strategy is that it allows the firm to:
Obtain a bigger share of the market
What is used to display, in two dimensions, the positions of products or brands in the consumer's mind?
Perceptual map
When using a perceptual map, a company should select a _____ according to what the market segment it's targeting really wants, or near the ideal point of a product or a segment.
Position
A well-known symbol can be used as a _____ tool, distinguishing the brand from its competition.
Positioning
What component of the STP process is : design an appropriate marketing mix
Positioning
When marketers use a positioning strategy, the goal is to demonstrate how the _____ being marketed provides the desired benefits better than the competitors.
Product
Which of the following are criteria considered by marketers to evaluate whether or not a segment is worth pursuing?
Profitable Substantial Identifiable Reachable
Daniel Joined an outdoor activities club, He has begun to purchase many books about kayaking and rafting. Borders bookstore sends him email promotions focusing on outdoor activities. This is an example of _____ segmentation, based on attitudes and activities.
Psychographic
VALS is the most widely used _____ segmentation tool.
Psychographic
____ Segmentation is a method that delves into how consumers actually describe themselves, their attitudes, interests and activities.
Psychographic
What component of the STP process is : identify groups of similar customers
Segmentation
The third step of the marketing plan is to identify and evaluate opportunities by performing an STP analysis, which stands for:
Segmentation, Targeting, and Positioning
McDonald's often targets families by showing families having a good time in its advertising. This appeals to a family's:
Self-concept
____ is the image people ideally have of themselves.
Self-concept
Which of the following are examples of self-values?
Self-fulfillment Self-respect Sense of belonging
John is a supporter of environmental issues, He is constantly examining the "green" credentials of the products he purchases. John's purchasing behavior is a reflection of his ______.
Self-values
John is a supporter of environmental issues. He is constantly examining the "green" credentials of the products he purchases. John's purchasing behavior is a reflection of his ___.
Self-values
Market segmentation is the process of dividing the market into groups of customers who have _____ needs, wants, or characteristics within each group that are not other groups the manager might target.
Similar
Different Segments should have obvious customer _____ within the segment and greater ______ across the segments.
Similarities; Differences
Why is a perceptual map used in developing a positioning strategy?
To display the position of products or brands in the consumer's mind.
True or False: It is possible for a firm to position its products or services directly against a competitor.
True
True or False: Value is a popular positioning method because of the relationship between price and quality.
True
True or False: a firm assesses attractiveness of a target market in light of its own competencies using a SWOT analysis.
True
When there is no perceived difference in benefits between competitors' products, the marketing manager should use a(n) _____ targeting strategy.
Undifferentiated
The best product or service cannot have impact, no matter how identifiable or substantial the target market is, if that market is ______.
Unreachable
Which of the following are marketing segmentation approaches? Value Geographic Profitability Psychographic behavioral benefits geodemographic
Value Geographic Psychographic Behavioral Benefits Geodemographic
Marketers ask consumers a series of questions about competitors products in order to determine the products' _____ on the perceptual map.
brand positions
Market positioning is done so that the target customers have an understanding of the product offered by the company in comparison with ______ products.
competing
"Pork. The oher white meat." is an advertising campaign that promoted pork as a white meat alternative to chicken or turkey. This is a positioning strategy that focuses on:
competition
Beverage companies have recently been introducing diet sodas targeting at young men. This is an example of segmentation based on _____ variables.
demographic
Symbols are generally registered trademarks that are legally protected by companies that ____ them.
develop
Firms are finding that psychographic segmentation is often more useful for predicting consumer behavior than are demographics. This is because people who share demographics often have _______ psychological traits.
different
There are limitations to using psychographic segmentation. Psychographics are a more ______ method to identify in potential customers.
expensive
Foster Designs sells different types of clothing for men and women. They would like to make sure the location each of their retail stores contains the appropriate assortment of clothing for the area. They should use _______ segmentation.
geodemographic
Differences across political borders create opportunities for:
geographic segmentation
Desirable segments for the marketing manager should have all the following criteria EXCEPT:
is compact
Customers who so strongly feel that a brand can meet their needs and are willing to exclude competitors from consideration are referred to as ____.
loyal
It is important to ensure that segments are distinct from one another because too much overlap between segments means that ____________.
loyalty
The first step in the segmentation process is to articulate the vision or the _____ of the company's marketing strategy clearly.
objectives
Psychographics studies how people _____ their time and what underlying psychological reasons determine their choices.
occupy
sometimes, firms find it difficult to use demographics in their segmentation strategies. This is because in some cases demographics:
predict consumer wants and needs poorly
Customers in the segment must react similarly and positively to the firm's offering. This is _____ which is an important element of successful segmentation.
responsiveness
Once the firm understands how its competitors' brands are viewed by the consumer, it should next _____.
study how the competitors have positioned themselves
The Gap clothing company has limited resources and must make efficient and effective decisions. In an attempt to be efficient and focus its efforts, The Gap should use:
targeting
VALS can be used to help a caribbean resprt identify customers most interested in and able to afford tropical vacations. Based on the ____ of its target customers, the resort can develop a successful advertising campaign.
underlying motivations
When everyone is considered a potential user of its product, a firm should use a(n) _______ targeting strategy.
undifferentiated
When firms sell commodities, or products that are considered the same as those of its competitors, it should use a(n) ______ strategy.
undifferentiated targeting
