Chapter 6, Mrkt 444 chapter 5, Mrkt 444
Among the generations used for segmentation, one stands out as the largest and most affluent of all the generations. This generation is known as _____.
Baby boomer generation
_____ segmentation focuses on why people buy what they buy.
Benefits sought
Which of the following statements is true about the purchase decision process?
Businesses buy not just a product; they also make a supplier choice.
Johnson & Marshall, a growing producer of organic tea, decides to create a group that is made up of people from the purchasing department, senior management with financial knowledge, and engineers with design expertise. This group best represents a(n) _____.
Buying Center
When a supermarket chain sells winter coats, it sends them to stores at different times of the year. Which of the following approaches to geographic segmentation in the United States does this scenario exemplifies?
By climate
American credit card companies would like to offer their services to people in a country in East Africa. However, they are finding it difficult to do so due to language barriers and infrastructure challenges. These issues are related to which of the following questions about market segmentation?
Can the segment be reached in order to deliver the value of the product, and subsequently can it be effectively and efficiently managed?
Which of the following phases of the process cycle for customer relationship management represents the actual implementation of the customer strategies and programs?
Customer interaction
When Anne, an architect, specifies which products, like plumbing fixtures, will be used in the building she has designed, she is playing the role of a(n) _____.
Decider
Coca-Cola's customers are its bottling plants. However, it sponsors many television ads to entice the end user to purchase the product. This is an example of stimulating _____.
Derived Demand
_____ is a central tenet of marketing in which a person gives up something of value to them for something else they desireto have.
Exchange
_____ are a set of analyses and metricsgrouped together to assess the cost of ownership.
Financial Criteria
Katherine was born in 1970. Her parents met at the famous Woodstock music festival. She is most likely to be a member of which of the following generational group?
Generation X
A marketing manager using the database called PRIZM is interested in _____ segmentation.A marketing manager using the database called PRIZM is interested in _____ segmentation.
Geodemographic
Which of the following statements is true of geographic segmentation?
In most instances, it is an insufficient criterion in and of itself.
As a segmentation variable, occupation is very closely related to _____, although the two are not perfectly correlated.
Income
Maryanne has noticed that one of the manufacturing teams has lost productivity over a six-month period. She puts together a document that describes the productivity loss and does a study to determine the cause. She finds that one of the key machines in the process breaks down often. Maryanne asks several machine manufacturers to come in to make proposals for new machines. Maryanne is playing the role of a(n)_____. influencer
Initiator
Mike is the production manager in a company that makes components for the automobile industry. He has been concerned about the age of the equipment and decides to do a study to evaluate the time and money lost due to equipment failure. He decides to bring his research to the monthly board meeting. In this scenario, Mike is playing the role of a(n) _____ in the buying process.
Intiator
Which of the following questions about market segmentation relates to creation and execution of different marketing strategies to the different submarkets identified?
Is the segment clearly differentiated on one or more important dimensions when communicating the value of the product?Is the segment clearly differentiated on one or more important dimensions when communicating the value of the product?
The concept of being able to get either secondary and/or primary data on a market being considered for segmentation relates to which of the following questions about marketing?
Is the segment readily identifiable and can it be measured?
Which of the following statements is true of repositioning?
It involves understanding the marketing mix approach necessary to change present consumer perceptions of the product.
Which of the following statements is true of income segmentation?
It is usually analyzed in incremental ranges.
Microsoft's revolution of the information field and Disney's creation of the modern theme park industry are the classic examples of _____.
Market creation
_____ refers to approaches that drive the market toward fulfilling a whole new set of needs that customers did not realize was possible or feasible before.
Market creations
_____ is the set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing
_____ recognizes that there may be a number of consistent needs and wants demonstrated by consumers based on what type of job they have.
Occupational Segmentation
The data generated from positioning analysis can be used to develop a useful visual tool called a _____, which displays paired attributes to compare consumer perceptions of each competitor's delivery against those attributes.
Perceptual map
_____ is the vendor's ability to meet contractual obligations including delivery times and service schedules.
Reliability
After a recent 141-day strike, the union members in California went back to work at area grocery stores. The union negotiated raises, better health care benefits, and a one-tier pay scale. The union may best be described as a(n) _____.
Stakeholder
A _____ is the synchronized movement of goods through the channel.
Supply chain
For successful Marketing (Big M), all internal organizational practices should be aligned around _____.
The customer
Which of the following statements is true about business-to-business markets?
The demand for products is more inelastic and fluctuates with changes in consumer demand.
Which of the following is one of the basic principles behind segmentation?
The subgroups will be smaller and more homogeneous than the overall market.
Paul is the groundskeeper for a golf course. He not only mows the greens and fairways but is also an expert on the grass that is used and how to care for it. The golf pro and club manager consult with him about what new equipment the club needs to maintain the greens. Paul plays the role of a(n)_____ in the buying process.
User
From a customer's perspective, what is defined as a ratio of the bundle of benefits a customer receives froman offering compared to the costs incurred by the customer in acquiring that bundle of benefits?
Value
_____ represents the relationship between price and quality and it is a significant facet of the purchase decision.
Value Criteria
Which of the following are the two core marketing concepts?
Value and exchange
____ represents the relationship between price and quality and it is a significant facet of the purchase decision.
Value criteria
Target marketing is the process by which _____.
a company evaluates market segments and decides which ones have the most potential for development
Strategic marketing refers to _____.
a long-term, firm-level commitment to investing in marketing
The nature of business-to-business markets requires _____.
a more personal relationship between the buyer and seller
The Internet has made it easy for customers to get details about products online, post their opinions, and read other people's opinions. From a marketer's point of view, this has caused _____.
a shift in information power from marketers to consumers
Generation X is often referred to as the _____.
baby bust generation
_____ divides customers into groups according to similarities in benefits sought or product usage patterns.
behavioral segmentation
Business-to-business demand is said to be relatively inelastic. This means that _____.
changes in demand are not significantly affected by the price
In marketing, differentiation is a concept that means _____.
communicating and delivering value in different ways to different customer groups
A characteristic of B2B companies is that they often make products that end up as _____ in a finished product.
components
In the 1970s, Michelob beer changed its advertising messages frequently and saw sales plummet. Slogans like "Weekends were made for Michelob," "Put a little weekend into your weekday," and "Special times deserve a special beer" had consumers checking their calendars to find the right time to drink a Michelob. Michelob was suffering from the positioning error of _____.
confused positioning
Gatekeepers are important to the buying process because they _____.
control access to key participants in the buying center
When a company tries to make the product or service significantly easier to obtain than the competition, it is trying to achieve_____.
convenience leadership
The AMA's definition of marketing reflects the view toward marketing activities as focused on ______.
creating and delivering offerings that have value
One of the benefits of EDI is that _____.
customer grievances regarding late deliveries and defective products can be readdressed in atimelymanner
Which of the following major objectives of customer relationship management relates to increased individual customer margins, while offering the right products at the right time?
customer profitability
Positioning relies on the communication of one or more sources of value to customers in a way that the customer can easily make the connection between the _____.
customer's needs and wants and what the product has to offer
Differentiated target marketing means _____.
developing different value offerings for different targeted markets
Boris Jankowski is a salesperson for a manufacturer of equipment used in beer-making. He discovers that a regional microbrewery is going to expand into another state. It has created a buying center to purchase the needed equipment. Boris's first job is to _____.
discover who is part of the buying center
Segmenting means _____.
dividing the market into meaningful smaller markets based upon common characteristics
Everything else being equal, _____ might lead a firm to offer its products based on some anticipated future payoff from the consumer.
educational segmentation
Once a sale is made and the product delivered in the B2B market, the buyer _____.
evaluates the product and supplier in a post-purchase process
For successful Marketing (Big M), customer orientation must be understood by _____.
everyone in organization
Bryan gets reduced fees for his daughter's piano lessons by maintaining her teacher's website. Bryan is practicing the central tenet of marketing called _____.
exchange
Primary target markets differ from secondary and tertiary target markets by the _____.
expected level of ROI derived from the market
Business-to-business markets are characterized by having _____.
fewer but larger customers
When a company solicits RFPs from suppliers with an open vendor search, the goal is to _____.
get several proposals to help with negotiations
Companies that promote sustainability practices like Starbucks, which has a stringent recycling program, or General Electric, which makes environmentally sensitive products, are practicing _____.
green marketing
An advergame is a video game that _____.
has been specifically designed to promote a brand
Demographic segmentation is best described as using characteristics of _____ to segment the market.
human populations
Once the company's needs have been identified and product specifications havebeen outlined, the next step would involve _____.
identifying and determining potential suppliers
When a company tries to constantly develop the "next new thing", it is trying to establish _____.
innovative leadership
A request for proposal (RFP) _____.
is the starting point from which vendors put together their product solution
Peter Drucker, the father of modern management, believed that marketing _____________.
is the whole business as seen from the customer's point of view
Age is a commonly used method of segmentation. Age alone, however, may be dangerous because _____.
lumping older customers into one group is an approach that fails to consider the vast differences in other important variables
The North American Industrial Classification System codes _____.
offers a great starting point for researching a particular business market
Firms that develop such close relationships with customers that they seem to deliver customized goods and services are engaged in _____ marketing.
one-to-one marketing
NovoTech Inc. is a popular manufacturer of PCs, and most of its revenue is generated by selling PCs to the consumers. However, the company is struggling to extend the brand into other lucrative product lines such as tablets and smartphones. In this scenario, NovoTech is suffering from the error of:
over positioning
Once market segments have been defined and analyzed and target markets have been selected for development, the firm must turn its attention to creating, communicating, delivering, and exchanging offerings that have value to the target markets. This process is known as _____.
positioning
Organizations communicate one or more sources of value to customers in a way that the customer can easily make the connection between his or her needs and wants and what the product has to offer. Execution of this approach is referred to as a firm's _____.
positioning strategy
A marketing manager using VALS is interested in _____.
psychographic segmentation
_____ is sometimes also referred to as segmentation by lifestyle or values.
psychographic segmentation
Social class has declined as a method of segmentation as a result of _____.
readily available credit flattening the classes
The most fundamental criterion in vendor selection is _____.
reliability
The Girl Scouts introduced a cookie finder app in 2013. In the context of change drivers impacting the future of marketing, this reflects the _____.
shift in generational values and preferences
Today companies have no choice but to be more open about their businesses and products because they can't stop chat rooms or bloggers or customer reviews. In the context of change drivers impacting the future of marketing, this reflects the _____.
shift in information power from marketer to customer
Today customers have limitless access to facts about companies, products, competitors, other customers, and even detailed elements of marketing plans and strategies. In the context of change drivers impacting the future of marketing, this reflects the _____.
shift in information power from marketer to customer
Sociologists look for defining events such as major economic upheaval, wars, and _____as triggers for generational change.
sociocultural revolution
Concentrated target marketing is often used by _____.
start-up firms to enter a market as a focus player
The three main types of buying situations can be characterized as _____.
straight rebuy, modified rebuy, and new purchase
Marketing (Big M) is also known as _____.
strategic marketing
In the context of change drivers impacting the future of marketing, marketing (little m) is also known as _____.
tactical marketing
In the buying process the "user" is characterized as _____.
the actual consumer of the product
Customer loyalty is defined as _____.
the degree to which an individual will resist switching from one offering to another
Customer satisfaction is defined as _____.
the level of liking an individual harbors for an offering
At one time, specialized companies catered to markets segmented by race. Today _____.
the segments have become targets of mainstream businesses that offer specialized products
Marketers use geographic segmentation when _____.
there is evidence that consumers respond differently to marketing strategies and programs based on where they live
Gatekeepers are important in the B2B buying process because _____.
they limit the number of vendors in a given buying process
Deciders are an important group for the salesperson to be able to identify because _____.
they make the ultimate purchase decision
A big industrial firm is interested in evaluating the potential purchase of a machine. In order to do this, managers should look at _____.
total costs over the life of the machine
HerboCare, a company that sells herbal soaps, has failed to increase its sales, as the consumers could not understand how soaps made by HerboCare were different or better than other herbal soaps available in the market. In this scenario, HerboCare is suffering from the positioning error of _____.
under positioning
In the context of positioning errors, when consumers have only a vague idea about the company and its products, and do not perceive any real differentiation, it is called _____.
under positioning
Companies sometimes pick a one-market strategy. This marketing approach is called _____.
undifferentiated target marketing
Advertisements with messages like "Orange juice—It's not just for breakfast anymore!" or "Soup can be a delicious way to start a cold winter's day" are using _____ segmentation.
usage
