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Which of the following statements about clustering techniques for segmenting is true? Multiple Choice Clustering techniques try to find dissimilar patterns within sets of customer-related data. A variation of the clustering approach relies on customer relationship management. Clustering searches all the data for heterogeneous groups of people. Clustering approaches avoid the use of computers. All of these statements about clustering techniques are true.

A variation of the clustering approach relies on customer relationship management.

Which of the following is a characteristic of a product-market? Multiple Choice It is a market with a broad set of customers who have a wide variety of needs. It is a market where only tangible goods are sold. It is a market with a single seller but multiple buyers. It is a market in which sellers offer very similar methods of satisfying customer needs. All of these choices are characteristic of a product-market.

It is a market in which sellers offer very similar methods of satisfying customer needs.

The balancing point that determines just how unique a marketing mix a firm can afford to develop for a particular market segment is Multiple Choice opportunity cost. investment. profit. supply. demand.

The balancing point that determines just how unique a marketing mix a firm can afford to develop for a particular market segment is

Which of the following statements is true of generic markets? Multiple Choice In a generic market, sellers have to focus primarily on how one seller's product is better than that of another producer. In a generic market, customers' needs differ from each other significantly. A generic market description looks at markets narrowly and from a supplier's viewpoint. In a generic market, similar product types compete with each other. The generic market includes only three of four aspects of the product-market definition—customer needs, customer types, and geographic area. It does not include product type.

The generic market includes only three of four aspects of the product-market definition—customer needs, customer types, and geographic area. It does not include product type.

Which of the following statements is true of using a combined target market approach to developing market-oriented strategies? Multiple Choice People who follow this approach are referred to as "segmenters." It requires more investment than developing different marketing mixes for different segments. It results in diseconomies of scale. This approach involves fine-tuning each element of the marketing mix to appeal to each of the smaller submarkets. This approach is especially attractive for firms with limited resources.

This approach is especially attractive for firms with limited resources.

What is a buyer persona? Multiple Choice a detailed description of the daily life of a real-life customer a computer program that enables companies to simulate customer behavior a marketing approach in which a company targets people who are predisposed to buy a detailed description of a typical, but fictional, customer an individual who pretends to be a customer to help a company test its offerings

a detailed description of a typical, but fictional, customer

Positioning analysis as it is usually practiced is not well-suited to identifying Multiple Choice the relative strengths of competing products. basic shifts in the market. how customers perceive products. important product features. the relative weaknesses of competing products.

basic shifts in the market.

Segmenting and combining are two alternate approaches to developing market-oriented strategies. Which of the following statements concerning these approaches is true? Multiple Choice A combiner looks at various submarkets for similarities rather than differences. Both segmenters and combiners try to satisfy few people very well rather than many people fairly well. A segmenter assumes that the whole market consists of a fairly homogeneous group of customers. Combiners treat each submarket as a separate target market. Segmenters try to develop a marketing mix that will have general appeal to several market segments.

combiner looks at various submarkets for similarities rather than differences.

Which of the following techniques enables marketers to develop "segments of one" where each customer is targeted with their own marketing mix? Multiple Choice buyer personas repositioning single target market customer relationship management demographic analysis Next Visit question mapQuestion 21 of 25 Total21 of 25 Prev

customer relationship management

In a customer survey conducted by Radwheel Motors, it was found that customers purchased the company's cars primarily because Radwheel cars were a status symbol in the survey population. By which type of marketing dimension were Radwheel's purchasers motivated? Multiple Choice qualifying dimension determining dimension distinguishing dimension outlying dimension unifying dimension

determining dimension

Which of the following types of segmenting dimensions are most helpful in understanding how customers in a target market decide exactly which brands of product to buy? Multiple Choice qualifying dimension informing dimensions primary dimensions distinguishing dimensions determining dimensions

determining dimensions

It is sometimes hard to understand and define generic markets because Multiple Choice similar product types typically compete with each other. generic markets are characterized by broadly different types of needs. different product types may compete with each other. generic markets are characterized by very few competitors. products in generic markets have generically-styled package designs.

different product types may compete with each other.

A complete product-market definition includes product type, customer needs, customer types, and Multiple Choice segmenting dimensions. resource availability. geographic area. advertising patterns. marketing intermediaries.

geographic area.

A generic market Multiple Choice has customers with broadly similar needs. often includes consumers who will satisfy the same need in quite different ways. often involves sellers who compete in different product-markets. often includes sellers who offer diverse ways of satisfying a need. has all of these characteristics.

has all of these characteristics.

A _____ analysis helps managers understand how customers see their market. Multiple Choice value chain regression qualifying clustering positioning

positioning

Workathome Inc. offers to help people establish and manage their own online businesses, a service for which it charges a fee. Out of several possible market segments, the firm has chosen to target people with a limited understanding of the Internet and poor financial literacy. This is an example of using Multiple Choice qualifying dimensions to segment. positioning analysis. combined target marketing. customer relationship management. potentially unethical segmenting.

potentially unethical segmenting.

The purpose of a positioning statement is to Multiple Choice detail which consumers are included in the target market for a given marketing mix. provide focus for a marketing mix by concisely stating its most important features. offer customers a brief and catchy summary of what makes a product or service unique. analyze the differences between different products in a market and how customers perceive them. describe a company's overall marketing strategy in detail.

provide focus for a marketing mix by concisely stating its most important features.

When creating a marketing strategy and engaging in market segmentation, the ______ dimensions are the dimensions that define which potential customers are included in a segment. Multiple Choice outlying qualifying determining differentiating positioning

qualifying

When the target customers of a specific brand are not viewing it in the desired way, the brand ideally needs to be Multiple Choice sold off. repositioned. replaced. withdrawn. downsized.

repositioned.