MKG 300 Ch. 4 – Flashcards
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Which of the following is most likely to happen in a generic market?
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broadly similar needs and sellers offering various, often diverse, ways of satisfying those needs
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A ______________ market is a market with broadly similar needs and sellers offering various and often diverse-ways of satisfying those needs.
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Generic
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A generic market
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is a market with broadly similar needs and sellers offering various, often diverse, ways of satisfying those needs
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A transistor radio, an MP3 player, and a portable CD player might compete in the same
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Generic Market
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A "product-market" is a market in which:
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final goods or services are offered for purchase by consumers, businesses, and the public sector.
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Which of the following is NOT true of a product-market?
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Customer Needs, Customer Types, and Geographic Area
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A firm's "relevant market for finding opportunities" should ______.
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be bigger than the firm's present product-market—but not so big that the firm couldn't expand and be an important competitor.
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The customer type component of the product-market should include: ______.
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final consumer or user of a product type
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Why are product-market boundaries important?
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give each company a focus that sharpens marketing strategy.
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The disaggregating step in market segmentation involves ______.
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brainstorming about very different solutions to various generic needs and selecting some broad areas—broad product-markets—where the firm has some resources and experience
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The marketing management team for Dada Motors brainstormed a variety of solutions to the problem of how to transport people in the world. This process came during the ______ step in the market segmentation process.
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disaggregating
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Market segmentation
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two-step process of (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.
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Marketing managers want market segments to have each of the following characteristics EXCEPT:
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As numerous as possible
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Jazzy Tile Co. segmented its broad product-market and decided to aim at two different segments, offering each segment a different marketing mix. Jazzy Tile Co. is following the ______________ approach.
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Multiple Target
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The combined target market approach:
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two or more submarkets into one larger target market as a basis for one strategy.
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Having segmented its broad product-market, Blue Chip, Inc. feels that three segments are similar enough that-together-they can be treated as one large target market and offered the same marketing mix. Blue Chip, Inc. is following the ______________ approach.
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combined total market approach
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A producer of electrical components combined electrical supply wholesalers and manufacturers of electrical equipment into the same market segment-one of several segments it was targeting. Soon it lost the manufacturers' business to a competitor. It seems that the firm failed to consider the risk of ______.
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Too much aggregating
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Segmenters, in contrast to combiners:
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tries to identify homogeneous submarkets and develop different marketing mixes for each submarket.
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Which of the following statements about is characteristic of market-oriented strategy planning is Answer: True?
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both segmenters and combiners can be target marketers.
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Which of the following statements iterates that combiners make compromises in developing the marketing mix?
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the marketing mix is selected to work fairly well with each segment.
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Which of the following tasks should a segmenter be involved in?
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usually fine-tune their marketing mixes for each target market—perhaps making basic changes in the product itself—because they want to satisfy each segment very well.
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Segmenting dimensions
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help guide marketing mix planning.
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Target market dimensions should influence all the following strategy decisions except:
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behavioral, Geographic location, and Demographic .
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Which of the following would be a determining dimension for a customer who needs to buy a marketing textbook for school?
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Behavioral
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Strategy decisions pertaining to product features, packaging, product line assortment, and branding will be most affected by which target market dimension?
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Behavioral needs and attitudes of consumers
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BEHAVIORAL (rather than DEMOGRAPHIC) segmenting dimensions include:
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Needs, thoughts, rate of use, brand familiarity, info required
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Coorgs Coffee, Inc. has substantial market share in South America but seeks growth. Its managers want to expand into North America and target cities with populations of 50,000-99,999. Identify the segmenting dimension most probably being used by Coorgs Coffee.
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Geographic
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When Hallmark stores offer a product line that includes everything you need to have a Spiderman theme birthday party, what is the primary segmenting dimension that Hallmark is using
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Benefits sought
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Deciding whether a group of customers should be included in a target market is the purpose of _____ dimensions.
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qualifying
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Compared to qualifying dimensions, determining dimensions
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are usually much more specific, and are more likely to be related to the specific brand selected.
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Which of the following is MOST LIKELY to be a DETERMINING dimension with respect to purchase of a particular brand of coffee?
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Taste
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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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When moving to international markets, some firms insist that local operations and decisions should be handled by natives because: ______
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they have own unique cultures
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Clustering techniques applied to segmenting markets ______.
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Usually require computers to group people based on data from market research.
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When a customer orders a book at Amazon.com, the online retailer recommends related books that have been purchased by other customers who bought that book. Amazon is using a(n)
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Cluster technique
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Alpine Auto Repair keeps a record of customer oil changes and sends a reminder postcard to its customers when it's time for the next oil change. This is an example of a ______ system.
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customer relationship management
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Customer relationship management (CRM) helps consumer marketers ______.
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profiling prospects, understanding their needs, and in building relationships with them by providing the most suitable products and enhanced customer service
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When a company becomes aware that a new product is being test marketed by one of its ompetitors in St. Louis, it decides to create a similar product and rush it to market. This company can be described as a(n) ______.
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Me-too Imitator
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"Positioning" is a marketing management aid that refers to:
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how customers think about proposed and/or present brands in a market
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"Positioning"
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helps strategy planners see how customers view competitors' offerings
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Positioning" might cause a marketing manager to:
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Any of the above
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Which of the following statements is True regarding positioning?
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None of the above
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Business-to-business markets, with very large customers, have typically ______.
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Have more complex decision making
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When PepsiCo asked its advertising agency to develop an advertising program for its Mountain Dew soft drink, it gave the agency a statement describing the age and fun-loving spirit of its target market and the one-of-a-kind citrus flavor of the new product, what type of statement was this?
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positioning statement
