MKTG ch 4

True or false: Generic markets focus primarily on product type

False

Since broad product-markets can have many submarkets, target marketers have ______.

a choice among many possible target markets

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

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

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

A(n) ______ market consists of customers with broadly similar needs and many different options for satisfying them.

generic

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

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

As a marketer, it is usually safer to try to satisfy the needs of a ______.

small group of customers very well.

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

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

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

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

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