MKT 300 Ch 9 Smartbook

A luxury car company that markets its products to consumers who have a strong need to project an image of power and success uses which method of market segmentation?

Psychographic

Under which market situations would a firm be most likely to sustain a unique value proposition over the long term?

Monopoly Monopolistic competition

A dairy producer has determined that almost all grocery consumers are potential customers for its products. Which type of marketing strategy should the company use?

Undifferentiated

Which of the following are targeting strategies?

Undifferentiated marketing Micromarketing Concentrated marketing

Which of the following are marketing segmentation approaches

Value Geographic Psychographic Behavioral Benefits Geodemographic

For which of the following companies would demographic segmentation be the least useful?

An athletic shoe manufacturer

Why are successful brands unable to realize enduring success in meeting consumer demands?

Competitors will encroach on the firm's value proposition by copying important product or service attributes.

When marketers seek to evaluate market attractiveness, what must they do first?

Determine whether the segment is worth pursuing

If a handbag manufacturer offers three different purses (a budget-conscious version, a slightly higher-end version, and a luxury version) to three different target markets, which targeting strategy is it using?

Differentiated

What does the value proposition do for marketers?

It communicates the customer benefits provided by a product or service.

When establishing its overall segmentation strategy or objectives, what must the firm keep in mind?

Its current situation Its mission and objectives

When establishing its overall segmentation strategy or objectives, what must the firm keep in mind

Its mission and objectives Its current situation

Sunrise foods has been developing a new line of meatless breakfast sandwiches. Sunrise has identified a market segment and, through the use of surveys and blind taste tests, has found that members of the segment react favorably to the new offerings. Which criterion for evaluating segment attractiveness does the segment meet?

Responsive

Firms position products based on which of the following?

Symbols, Value, Salient attributes, competition

Why are psychographic market segments considered "self-selecting" groups?

They are grouped together based on factors that they choose rather than those they cannot control.

Which situation represents an important marketing opportunity to create new products or alter existing products?

When customer needs are not completely met

Southwest Airlines promotes its Rapid Rewards program to reward frequent flyers with benefits like free travel vouchers, priority seating, and premium beverages. This is an example of ______ segmentation.

behavioral

Market differences across regions, states, or neighborhoods create opportunities for

geographic segmentation

Value is a popular positioning method and is the most important consideration for consumers when they make a purchase decision based on

price and quality

Daniel joined an outdoor activities club. He has begun to purchase many books about kayaking and rafting. Borders bookstore sends him email promotions focusing on outdoor activities. This is an example of ______ segmentation based on his lifestyle.

psychographic

While some segmentation methods rely on external descriptions and factors to break down the market, ______ segmentation relies on consumers' descriptions of themselves

psychographic

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

______ is the image people ideally have of themselves

self-concept

A firm using a concentrated segmentation strategy selects a(n) ______ target market and focuses all its energies on providing a product to fit that market's needs.

single

The ______ communicates the customer benefits to be received from a product or service—in other words, why a customer should purchase the product.

value proposition