MKT 370: Ch 9

A manufacturer of t-shirts concentrates all its efforts on cost containment by offering the product in only one size but in a variety of colors, using a one-size-fits-all approach. This involves a _____ targeting strategy.

mass marketing

_____ is a tool used to visually display how consumers perceive the position of products or brands in the market on different dimensions relative to competitors.

A perceptual map

What is the first step marketers use to derive a perceptual map?

Determine consumers' perceptions and evaluations of the product or service in relation to competitors

When a firm evaluates its overall mission, including its strengths, weaknesses, opportunities, and threats, it is engaged in which step of the segmentation targeting and positioning process?

Establishing overall strategy or objectives

During which step of the STP process do marketers ask whether the segment is identifiable, substantial, reachable, responsive, and profitable?

Evaluate segment attractiveness (first step)

________ _____________ involves a process of defining the marketing mix so that the target consumers have a clear, distinctive, desirable perception and understanding of what the product does or represents in comparison with competing products.

Market positioning

The Nike swoosh is an example of which of the following positioning tools to create a position for the brand that distinguishes it from its competitors?

Positioning based on symbolism

Market growth, market competitiveness, and market access are all important factors in analyzing which criteria of segment attractiveness?

Profitable

In order for segmentation strategy be successful, the customers in the segment must react similarly and positively to firm's offering, corresponding to which of the following criteria for evaluating segment attractiveness?

Responsive

Which step in the STP process develops descriptions of the different segments, which helps firms better understand the customer profiles in each segment?

Select segmentation method (second step)

Which of the following best describes the notion of "market positioning?"

The place the product occupies in consumer's minds relative to competing products.

When an organization selects a single, primary target market and focuses all its energies on providing a product to fit that markets needs it is using a(n) _____ targeting strategy.

concentrated

Large firms with multiple offerings in a particular product category engage in _____ targeting strategies to obtain a bigger share of the market, increase the overall market for the product categories they sell, and to diversify th

differentiated

General Motors targets several different market segments and designs separate automobile makes and models for each. This is an example of

differentiated marketing.

The _____ indicates where a particular market segment's ideal product lies on the perceptual map.

idea point

The publishing conglomerate, Conde Nast is able to purchase mailing lists of people who have bridal interests, knowing that its Modern Bride magazine customers are somewhat distinct from those who subscribe to GQ. In terms of evaluating segment attractiveness, this is a way of assuring the segment is

identifiable.

Mr. Dennison knows each and every child who comes in to his Kumon reading center, and prides himself on knowing how he can personally address each of their reading challenges. What type of market coverage strategy is Mr. Dennison employing in his business?

micromarketing

Land's End allows customers buying shirts to choose from a variety of fabrics, types of collar and sleeve, based on the customer's specific measurements, capitalizing on new technologies to mass customize its products and services. This is an example of

micromarketing.

Behavioral segmentation based on when a product or service is purchased or consumed is called _____ segmentation.

occasion

Jack describes himself as having a strong need to belong to a group, which motivates him to seek out activities that involve others. Marketers would use this type of information when developing _____ segments.

phychographic

Volvo is known for its superior safety and performance features. They focus their communication efforts to reinforce this perception. This is an example of

positioning based on product attributes.

In order for the ______ criteria to be met when evaluating segment attractiveness, the consumer must know the product or service exists, understand what it can do for him or her, and recognize how to buy it.

reachable

When everyone might be considered a potential user of its product, a firm likely uses a(n) _____ targeting strategy.

undifferentiated

The positioning strategy can help communicate a brand's _____, representing the unique value provided to customers.

value proposition