mktg ch 8 – Flashcard
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In the context of consumer market segmentation, _____ are characteristics of individuals, groups, or organizations that are used by marketers to divide a total market into segments.
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variables
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Within a market, a _____ is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.
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market segment
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Which of the following statements is true of the process of positioning a product?
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It influences potential customers' overall perception of a brand.
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_____ is a type of market segmentation that divides a market by the amount of product bought or consumed.
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Usage-rate segmentation
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Marketers who want to make sure that consumers are treated as unique individuals with distinct needs and wants will be most successful if they follow the customer relationship management trend of _____.
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personalization
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The first step in segmenting a market is:
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selecting a market or product category for study.
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_____ entails tracking interactions with customers to optimize customer satisfaction and long-term company profits.
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Customer relationship management
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Which of the following is a disadvantage of a concentrated targeting strategy?
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It increases the risk of negative consequences from small or shrinking segments.
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The process of dividing a market into meaningful, relatively similar, and identifiable groups is called _____.
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market segmentation
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Customer relationship management (CRM) is implemented in firms to:
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optimize customer satisfaction.
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Jenkins Casuals Inc. is a chain of apparel stores. When it is summer in the state of Wayton, it announces a sale on T-shirts, shorts, and bathing suits. At the same time, it announces a sale on scarves and winter jackets in the states of Esnos and Ofrela that experience winter. This technique used by Jenkins Casuals Inc. is an example of _____.
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geographic segmentation
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Which of the following statements is true of customer relationship management (CRM)?
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CRM personalizes customers' experience according to their needs.
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Magnira Inc. launched its latest beauty care products. The television advertisements promoted that it has been specially formulated for people who have acne. In this case, Magnira Inc. uses a(n) _____.
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concentrated targeting strategy
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Harlose Perfumes sends Paulette, a customer, a discount coupon worth $25 on the perfume she frequently purchases from the company's retail outlet. This customer relationship management technique focuses on the _____ trend.
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loyalty
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Which of the following statements is true of the purchasing profile known as optimizers?
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They consider numerous suppliers and study all proposals carefully before selecting.
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A concentrated targeting strategy differs from a multisegment targeting strategy in that a concentrated targeting strategy:
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involves selecting a market niche for targeting its marketing efforts.
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In the context of marketing strategies, positioning rests on the assumption that:
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consumers compare products based on their important features.
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Ortiz Inc., a nutritional drinks manufacturer, is perceived by many consumers as a producer of nutritional drinks meant only for children. In order to change this perception, it made a few changes to its drinks and promoted them emphasizing that its products will suit people of all age groups. This effectively changed people's opinion of Ortiz Inc.'s nutritional drinks, and the company's customer base increased. In this scenario, which of the following strategies has Ortiz Inc. used?
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Repositioning
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In a buying process, _____ contact familiar suppliers and place the order with the first one to satisfy product and delivery requirements.
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augmenters
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A target market is a group of people or organizations:
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for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group.
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Which of the following characteristics is essential for a group of people or organizations to be considered a market?
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Willingness to exchange resources for desired products
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Marketing mixes are designed, implemented, and maintained with the prime intention of:
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bringing about a mutually satisfying exchange relationship with a market.
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Which of the following is an advantage of multiple-variable market segmentation?
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It is more precise than single-variable segmentation
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Which of the following is true of the criteria of a market segmentation scheme?
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Segments must be identifiable and their size measurable.
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A firm can earn the loyalty of its customers by:
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rewarding and thanking them at every purchase occasion
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In the 1950s, Kellyn Derma, a skin care company, produced only one type of lotion targeting the entire skin care market. Today, it produces different types of creams and lotions to suit different age groups and different skin types. In this case, Kellyn Derma has successfully used the strategy of _____.
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market segmentation
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In the context of strategies for selecting target markets, a firm that chooses to serve two or more well-defined market segments and develops a distinct marketing mix for each has a(n) _____.
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multisegment targeting strategy
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Sanders Inc. is a multinational company that specializes in manufacturing and selling cameras. It launches its latest product Lunar 5.0 that becomes highly successful in the market. However, this leads to a significant decline in the sales of Sanders Inc.'s other cameras. This scenario exemplifies _____.
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cannibalization
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In the context of strategies for selecting target markets, which of the following is an advantage of an undifferentiated targeting strategy?
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It offers potential savings on production or marketing costs.
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In the context of strategies for selecting target markets, which of the following is a problem associated with an undifferentiated targeting strategy?
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It makes a company more susceptible to competitive inroads.
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In the context of selecting target markets, which of the following types of marketing mixes is used by a firm that uses an undifferentiated targeting strategy?
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One marketing mix for the entire market
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Which of the following is a similarity between a supermarket and a stock market?
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Both comprise people who have the ability to buy the products they seek
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A marketer who wishes to appeal to more than one segment of a market must:
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develop different marketing mixes for each segment.
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Cruz Gray Inc. positions its beauty and skin care products as the only products in the market that are 100 percent natural and are not tested on animals. This gives them a significant advantage over its competitors. Given this information, which of the following strategies is Cruz Gray Inc. using to position its products?
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Product differentiation
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Marketers segment a market for:
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identifying groups of customers with similar needs and to analyze the characteristics and buying behavior of these groups.
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A company pursuing a psychographic market segmentation strategy will be most interested in the _____ of its potential customers.
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lifestyle
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An undifferentiated targeting strategy differs from a multisegment targeting strategy in that the undifferentiated targeting strategy:
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views the market as one big market with no individual segments.
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Advertisements for Reldex Tissues emphasize the product's resistance to shredding. Given this information, which of the following positioning bases is focused by Reldex Tissues?
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Attribute
