BA-370 CHAPTER 8

In light of the high costs associated with finding new customers who feel that a brand can meet their relevant needs and are willing to exclude competitors, today's companies are using Blank______ segmentation and investing in initiatives to retain their most profitable customers.

loyalty

After evaluating each market segment's attractiveness, the next step in the STP process is Blank______. Multiple choice question.

selecting a target market

True or False: A firm assesses attractiveness of a target market and its own competencies using a SWOT analysis. True false question.

true

Which of the following steps are part of the segmentation, targeting, and positioning process? (Choose every correct answer.)

Evaluating segment attractiveness Establish strategy or objectives Selecting target market

Which of the following are marketing segmentation approaches? (Choose every correct answer.)

Geographic Psychographic Benefit

When marketers combine segmentation methods, which approaches do they typically use to design a product or service? (Choose every correct answer.)

Lifestyles Benefits

What is used to display, in two or more dimensions, the positions of products or brands in the consumer's mind? Multiple choice question.

Perceptual map

Firms position products based on which of the following? (Choose every correct answer.) Multiple select question.

Symbols Value Salient attributes

Which of the following are examples of self-values? (Choose every correct answer.)

The need for self-respect The need for self-fulfillment The need for a sense of belonging

What marketing opportunities does a firm have when customer needs are unmet? (Choose every correct answer.)

The opportunity to create new products or services The opportunity to augment existing products or services

After establishing overall objectives, why do marketers then use a particular method or combination thereof to identify and describe market segments?

To help understand the profile of each segment

What type of segmentation categorizes consumers on the basis of the outcomes they hope to derive from a product or service?

benefit

Benefit segmentation is often effective because it is relatively easy to portray a product's or service's benefits in the firm's Blank______ strategies.

communication

Segmentation that uses a combination of geographic, demographic, and lifestyle characteristics to classify consumers who may patronize stores close to their neighborhood is called Blank______ segmentation.

geodemographic

The ______ strategy must be consistent with and derived from the firm's mission and objectives, as well as its current situation—its strengths, weaknesses, opportunities, and threats (SWOT).

segmentation

Individuals in different segments should have ______ within the segment and______ across the segments.

similarities; differences

When everyone is considered a potential user of its product, a firm should use a(n) Blank______ targeting strategy. Multiple choice question.

undifferentiated