MGMT 300 Ch 4 – Flashcards
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______ segmenting dimensions help decide whether a person might be a potential customer- but not which specific products or brands that person might buy
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qualifying
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Segmenting international markets (as contrasted with domestic markets)
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may be more difficult because critical data may not be available or dependable
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Alpine Auto Repair keeps a record of customer oil changes and sends a reminder postcard to its customers when its time for the next oil change. This is an example of a ___ system
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customer relationship management
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Which of the following is least likely to complete in the same generic market with the others
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Potato chips
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"good" market segments are those which are
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All of the above
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____ aims at one or more homogenous segments and try to develop a different marketing mix for each segment
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segmenters
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Segmenting
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tries to aggregate together individuals who have similar needs and characteristics
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Saying that a good product market segment should be substantial means
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it should be large enough to be profitable
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_______ is the process of naming broad product markets and then segmenting these broad product markets in order to select target markets and develop suitable marketing mixes
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market segmentation
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The first step in the seven-step approach for segmenting product-markets is to
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select the broad product-market
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Which of the following is not one of the target marketing approaches for developing market orientated strategies in a broad market
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Exclusive
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Market segmentation
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tries to identify homogeneous submarkets within product market
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Electro Technologies Inc has limited capital and wants to reduce
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single target market
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A large firm with ample resources wants to minimize the risk of inviting
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multiple target market approach
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when Procter and Gamble offers both Pantene and Vidal Sassoon shampoos to its customers, which target market approach is P&G using
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multiple
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a firms "relevant market for finding opportunities should"
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be bigger than the firms present product-market-but not so big that the firm could not be and important competitor
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Watson's bakery found five different market segments among
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combined target market
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Which of the following criteria should a marketing manager use when segmenting a broad product-market
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The people in different segments should be as heterogenous as possible with respect to their likely response to marketing mix variables
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Positioning is a marketing management aid which refers to
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how customers think about proposed and or present brands in a market
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Gina Williams wanted to start a decorating business. She identified several possible target markets, but decided to serve a market composed of recently married couple that owned the first home. Gina appears to be following
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a single target-market approach
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When deciding how far to carry the segmenting process
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profit should be the balancing point-determinging how unique a marketing mix the firm can offer to some target market
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Compared to a product-market a generic market
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Has sellers offering a more diverse set products
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Segmenting dimensions
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help guide marketing mix planning
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A combined target market approach
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may not satisfy customers as well as the multiple target market approach
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Which of the following is the best example of a product market
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the MP3 player market
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A market manager has just learned about generic markets. this may lead the manager
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all of the above
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A ______ is relatively homogeneous group of customer who will respond to a marketing mix in a similar way
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market segment
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Clustering techniques
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try to find similar patterns within sets of data
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Positioning
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helps strategy planners understand how customers think about various brands or products in relation to each other.
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A product market is a market in which
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sellers offer very close substitution ways of satisfying potential customers' needs.
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Qualifying dimensions in contrast to determining dimensions
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indicate whether a person might be a potential customer but do not show which product or brand that person might buy
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A _____ is market with very similar needs and sellers offering various close substitute ways of satisfying those needs
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product market
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Regarding segmenting, as opposed to combining
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segmenters try to satisfy consumers "very well" instead of "pretty well"
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The segmenting step of the segmentation process
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looks for similarities in needs
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Which of the following is a consumer market demographic dimension
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all of the above are examples
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Which of the following offers a firm the greatest potential for profit
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any of the above-depending on the situation
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the first step in marketing segmentation should be
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defining some broad product-markets where you may be able to operate profitability
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Ideally, product-markets should be described in terms of
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all of the above
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Which of the following segmenting dimensions probably would be least likely to result i segments that would meet the criteria that product-market segments should be operational
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personality
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A market consists of
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Both a and c
