Marketing 101 Chapters 6 & 7

________ refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible.

Services

Countries can be segmented by cultural factors, grouping markets according to common languages, religions, values and attitudes, customs, and behavioral patterns. (T/F)

True

Although not recommended, some marketers decide to ignore market segmentation and target the whole market with one offer. This is known as ________ marketing.

Undifferentiated Marketing

A doctor performing hip surgery on a patient illustrates how a service can be produced and consumed simultaneously. This is an example of which service characteristic?

inseparability

Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy? Group of answer choices

market segmentation, market targeting, differentiation, and positioning

Service variability means that ________.

service quality depends on when, where, and how they are provided

Companies are likely to gain ________ through speedy, convenient, or careful delivery of products.

services differentiation

________ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics

Psychographic

Dividing buyers into groups based on their knowledge, attitudes, uses, or responses to a product is called ________ segmentation.

Behavioral

________ products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

Convenience

________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Positioning

Marque, a high-end maker of designer watches, has started making inexpensive watches to take advantage of enormous growth rates in low-end market segments. Marque is most likely engaging in ________.

Downward Stretching

Which of the following is true about local marketing? - It does not cater to individual stores. - It increases manufacturing costs. - It increases economies of scale. - It does not support evolving technologies. - It reduces logistical issues.

It increases manufacturing costs

Marketing the same product to a huge customer base without any customization is referred to as ________.

Mass Marketing

When the size, purchasing power, and profiles of a market segment can be determined, the market segment is said to be ________.

Measurable

Sportware, a leading shoe manufacturer, markets sneakers under the brand name "Athletix" and dress shoes under the brand name "Cameo" in order to target the two different market segments. What branding strategy is most likely being used by Sportware?

Multibrands

Business and consumer marketers use many of the same variables to segment their markets. (T/F)

True

One reason demographic variables are the most popular bases for segmenting customer groups is because they ________.

are easier to measure than other variables

A product line is most likely too short if managers can ________.

increase profits by adding items

Product mix depth refers to the ________.

number of versions offered for each product in the line