MGMT 300 Ch 4 – Flashcards
40 test answers
Unlock all answers in this set
Unlock answers 40question
"good" market segments are those which are
answer
All of the above
Unlock the answer
question
____ aims at one or more homogenous segments and try to develop a different marketing mix for each segment
answer
segmenters
Unlock the answer
question
Segmenting
answer
tries to aggregate together individuals who have similar needs and characteristics
Unlock the answer
question
Saying that a good product market segment should be substantial means
answer
it should be large enough to be profitable
Unlock the answer
question
_______ 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
answer
market segmentation
Unlock the answer
question
The first step in the seven-step approach for segmenting product-markets is to
answer
select the broad product-market
Unlock the answer
question
Which of the following is not one of the target marketing approaches for developing market orientated strategies in a broad market
answer
Exclusive
Unlock the answer
question
Market segmentation
answer
tries to identify homogeneous submarkets within product market
Unlock the answer
question
Electro Technologies Inc has limited capital and wants to reduce
answer
single target market
Unlock the answer
question
A large firm with ample resources wants to minimize the risk of inviting
answer
multiple target market approach
Unlock the answer
question
when Procter and Gamble offers both Pantene and Vidal Sassoon shampoos to its customers, which target market approach is P&G using
answer
multiple
Unlock the answer
question
a firms "relevant market for finding opportunities should"
answer
be bigger than the firms present product-market-but not so big that the firm could not be and important competitor
Unlock the answer
question
Watson's bakery found five different market segments among
answer
combined target market
Unlock the answer
question
Which of the following criteria should a marketing manager use when segmenting a broad product-market
answer
The people in different segments should be as heterogenous as possible with respect to their likely response to marketing mix variables
Unlock the answer
question
Positioning is a marketing management aid which refers to
answer
how customers think about proposed and or present brands in a market
Unlock the answer
question
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
answer
a single target-market approach
Unlock the answer
question
When deciding how far to carry the segmenting process
answer
profit should be the balancing point-determinging how unique a marketing mix the firm can offer to some target market
Unlock the answer
question
Compared to a product-market a generic market
answer
Has sellers offering a more diverse set products
Unlock the answer
question
Segmenting dimensions
answer
help guide marketing mix planning
Unlock the answer
question
A combined target market approach
answer
may not satisfy customers as well as the multiple target market approach
Unlock the answer
question
Which of the following is the best example of a product market
answer
the MP3 player market
Unlock the answer
question
A market manager has just learned about generic markets. this may lead the manager
answer
all of the above
Unlock the answer
question
A ______ is relatively homogeneous group of customer who will respond to a marketing mix in a similar way
answer
market segment
Unlock the answer
question
Clustering techniques
answer
try to find similar patterns within sets of data
Unlock the answer
question
Positioning
answer
helps strategy planners understand how customers think about various brands or products in relation to each other.
Unlock the answer
question
A product market is a market in which
answer
sellers offer very close substitution ways of satisfying potential customers' needs.
Unlock the answer
question
Qualifying dimensions in contrast to determining dimensions
answer
indicate whether a person might be a potential customer but do not show which product or brand that person might buy
Unlock the answer
question
A _____ is market with very similar needs and sellers offering various close substitute ways of satisfying those needs
answer
product market
Unlock the answer
question
Regarding segmenting, as opposed to combining
answer
segmenters try to satisfy consumers "very well" instead of "pretty well"
Unlock the answer
question
The segmenting step of the segmentation process
answer
looks for similarities in needs
Unlock the answer
question
Which of the following is a consumer market demographic dimension
answer
all of the above are examples
Unlock the answer
question
Which of the following offers a firm the greatest potential for profit
answer
any of the above-depending on the situation
Unlock the answer
question
the first step in marketing segmentation should be
answer
defining some broad product-markets where you may be able to operate profitability
Unlock the answer
question
Ideally, product-markets should be described in terms of
answer
all of the above
Unlock the answer
question
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
answer
personality
Unlock the answer
question
A market consists of
answer
Both a and c
Unlock the answer
