mini test 4 COMBINED (1,2,R1,R2,R3,3,4,R4) – Flashcards

Which of the following is a condition that must be met before you can consider a group of people to be a market segment? Select one: a. They must be able to communicate with each other. b. There must be a large number of people in the segment. c. They must be from a similar ethnic background.. d. They must be the same as each other. e. The market potential of the group must be large enough to make it economically viable.

What is the relationship between the law of truly large numbers and market segmentation? Select one: a. The law of large numbers is an abstract concept that helps us understand why market segmentation works. b. The law of large numbers is the same thing as market segmentation. c. There has to be a large number before you can have a market segment. d. The law of large numbers determines how many market segments will be possible. e. The law of large numbers deals with people while market segments deals with products.

The fact that people different people might use the same product for different reasons is a problem when it comes to segmentation based on buyer behavior. Select one: True False

The 80/20 principle holds that...? Select one: a. 80 pecent of your effort should be in determining the segments and 20 percent of your effort should be in developing the target markets. b. You will have four times as many losing segments as you will have winning segments c. You can fool 80 percent of the people some of the time and you can fool 20 percent of the people all of the time. d. 20 percent of all customers generate 80 percent of the demand e. 20 percent of youreffort should be in developing segments and 80 percent of your effort should be in developing target markets.

Roxanne has completed her positioning analysis and now understands why her line of adult milk beverages has been performing so badly. There are too many competitors out there and she hasn't been able to gain market share from the category leader - Bruce's Power Gulp, a vitamin enhanced milk beverage. She believes there are people out there who would prefer a less-processed product at a lower price. She decides to change her advertising slogan to "The Fresh Alternative to enhanced milk beverages". Roxanne is trying to? Select one: a. Make people believe that the market leader is selling an unhealthy drink b. Reposition her product against itself c. Reposition her product against the competition d. Reduce her production costs e. She is trying to do all of these things.

One of the advantages of the three circles positioning framework is that it shows you where your competitors are wasting their time. Select one: True False

When retrieving memories, most people access the exemplar and up to two additional memories in the category. Select one: True False

Roxanne has completed her positioning analysis and has decided that she needs to reposition her product to a more attractive segment. In order to do this she needs to consider? Select one: a. Does she have the money to make the change b. What changes she will need to make to the product c. Whether the organization can support the new product position d. What are her competitors likely to do when they notice she is changing her strategy e. She needs to consider all of these things.

In the three circles positioning framework presented in class, what does "the bar" represent? Select one: a. Products you do not need to carry because there are planty of businesses who will provide them b. Opportunities to differentiate your product based on industry standards c. Areas where you need to be competitive, but will not give you a competitive advantage d. A place to go to overhear conversations about your competitors' products. e. Areas that are more important to your customers than to your competitors' customers

Psychographics, the practice of combining psychology, lifestyle and demographic information to segments markets can provide useful insight about consumer motivations and buying patterns. One of the weaknesses of using this approach for market segmentation is that it is difficult to ___________ psychographic segments. Select one: a. Spell b. Measure c. Find useful differences between d. Define e. Reach

Marketers recognize that people living in one part of the country may have tastes that are different than people in other parts of the country. For example, when traveling in the southern United States, Iced tea is served with the sweetener already in it while in the Northern states, iced tea is served unsweetened. These differences are the reason that __________ segmentation can be useful for many products. Select one: a. Statistical b. Buying situation c. Demographic d. Geographic. e. Psychographic.

The VALS system identifies eight consumer segments based on (1) ____________ and (2) _______________? Select one: a. Psychographic, buying patterns b. Psychographic, demographic c. Primary motivation, personality type d. Primary motivation, resources e. Primary motivation, secondary motivation

The fact that people different people might use the same product for different reasons is a problem when it comes to segmentation based on buyer behavior. Select one: True False

Every time you compare your product to a competitor's, you are promoting your competitor's product. Select one: True False

____________ is understanding how customers perceive your product and managing their perceptions relative to competing products? Select one: a. Rebranding b. Positioning c. Segmentation. d. Target marketing e. Deception

In the three circles positioning framework presented in class, what area of the chart indicates how you are currently differentiated in the marketplace? Select one: a. Competitor unique position b. Your products c. Your unique position d. The "bar" e. Customers' needs

Which of the following sources of information is frequently ignored when determining a company's actual market position? Select one: a. Complaints from dissatisfied customers. b. Information provided by the company's advertising agency. c. Information provided by retailers who sell your product. d. The judgment of top executives. e. Information about how the product is selling.

Age cohorts are an effective basis for market segmentation because Select one: a. Age is a better indicator of consumption patterns than is gender. b. Baby boomers were born after World War II c. It is easy to determine a person's age d. Children have more disposable income now then they did after World war II e. People in the same age group share many similar experiences which could affect their consumption patterns

According to Michael Porter, there are three fundamental marketing strategies. Why is this important to understand in a discussion of market segmentation? Select one: a. Because there is only room for one low-cost producer in an industry, everyone else will need to segment their markets in order to keep their costs competitive with the low cost producer. b. Because there is only room for one low-cost producer in an industry, everybody else will need to use a differentiation or focus strategy. Market segmentation is a tool you can use to help differentiate your product. c. Because there is only room for one low-cost producer and one differentiated product in an industry, businesses need to use segmentation to determine which strategy will be best for their product. d. Because all strategies require appropriate market segmentation in order to be successful.

According to Michael Porter's theory discussed in class, which is best strategy to use when you are not the low cost producer in an industry? Select one: a. Go after the mass market. b. Become the second lowest cost producer. c. Differentiate your product. d. Create economies of scale through advertising. e. Reduce your marketing expenditures to compensate for your increased costs.

What is the easiest way to become the category leader for a product category? Select one: a. Start at the back of the category and develop a plan to surpass each product in the category until you are the leader. b. Spend more on advertising than the category leader. c. Make your packaging look the same as the category leader to gain spillover benefits from the category leader's advertising. d. Identify the weakest attributes of the category leader and design a product that is better than the category leader Incorrect e. Develop a brand new product that is different from anything else on the market.

In the three circles positioning framework presented in class, which area represents the area for creating an attractive new position in the marketplace? Select one: a. All of these are areas for creating an attractive new position in the marketplace. b. The "bar" c. Their unique position d. Opportunity to strengthen position e. Your unique position

The three steps for developing a market position (or for developing any strategy, really) are? Select one: a. Figure out where you are now, figure out where you want to end up, develop a plan to get you from where you are to where you want to be. b. Determine your current situation, do a cost/benefit analysis of the desirability of changing, implement and evaluate the plan. c. Determine which positions look attractive, select the position you want to achieve, develop a plan to achieve the position. d. Define the problem, hire consultants, implement their recommendations. e. Ready, fire, aim.

Roxanne has completed her positioning analysis and believes she understands why her adult milk beverage has been performing so badly. Her product was the first product to use aseptic packaging, which allows milk to be stored at room temperature for long periods of time. Introduced in 1999, the product was positioned as a survival food because everybody was worrying about Y2K problems at the turn of the century. Today people are more concerned about nutrition and her aseptic milk is very low in fat. To take advantage of this, she changes her advertising slogan from "It will keep you alive in the next century" to "A healthy beverage, ready and waiting". Roxanne is trying to? Select one: a. She is trying to do all of these things. b. Reposition her product against the competition c. Make people believe that the market leader is selling an unhealthy drink d. Reposition her product against itself e. Reduce her production costs

Which of the following is NOT a way perceptual maps can help you with your positioning strategy? Select one: a. Understand where your products are positioned relative to competitive produtcts. b. Determine how crowded a market position might be. c. Identify changes that can be made to product attributes to improve your competitive position d. Determine which of two alternative products your customers will prefer. e. Identify areas where there unmet needs

Many small businesses choose to segment their customers geographically because they can effectively to communicate with their customers using __________? Select one: a. NAICS codes. b. Trade publications c. Local media d. Cultural differences. e. Shelter magazines.

he three circles positioning framework presented in class suggests using all of the following EXCEPT ___________ to help clarify a market position? Select one: a. Related industries b. Customer needs c. Company's offerings d. Competitor offerings e. Points of difference

What is the hard way to become the category leader? Select one: a. Use the marketing mix to improve your position in an existing category. b. Find an attribute that nobody else is talking about and develop a market position featuring that unique attribute. c. Spend money on advertising to make consumers think your product is superior when, in fact, it is not. d. To acquire the leading products in the category through merger and acquisition. e. To close your eyes and wish really, really hard that you are the category leader; then open your eyes and see if you have become the category leader.

The three steps for developing a market position (or for developing any strategy, really) are? Select one: a. Determine which positions look attractive, select the position you want to achieve, develop a plan to achieve the position. b. Determine your current situation, do a cost/benefit analysis of the desirability of changing, implement and evaluate the plan. c. Figure out where you are now, figure out where you want to end up, develop a plan to get you from where you are to where you want to be. d. Ready, fire, aim. e. Define the problem, hire consultants, implement their recommendations.

Iago and Desdemona were merchants selling a variety of goods in Venice Beach. They felt they had saturated the local market and were thinking of expanding their business to a nearby community. What factors should they consider as they decide which geographic segment to enter next? Select one: a. Is the community growing or shrinking? b. They should consider all of these factors. c. Can they save money by serving both communities out of the same warehouse? d. Is there a market for their products in the new community? e. Are there competitors already in place in the new market?

A(n) ______________ targeting strategy develops more than one distinct marketing mix? Select one: a. Undifferentiated b. Multisegment c. Pretentious d. Concentrated e. One-to-one

What do we mean when we say a market segment is "reachable"? Select one: a. We mean all of these things when we say a market segment is "reachable." b. There is a way for people in the segment to contact the manufacturer in case there is a problem. c. People in the segment are open to new ideas. d. There is a way of communicating with people in the segment. e. People in the segment use social media.

Which of the following is NOT a good source of information to use in understanding your current market position? Select one: a. Critical articles published in newspapers. b. Self knowledge c. The results of market research studies. d. Complaints from unhappy customers. e. A SWOT analysis.

Roxanne has completed her positioning analysis and has decided that there is an opportunity to create an adult milk beverage that is enhanced with vitamins. Currently, her company does not make such a product, nor for that matter do any of her competitors. Roxanne has the opportunity to? Select one: a. Reposition the industry around vitamin enhanced milk beverages. b. She can do all of these things. c. Save on advertising costs because there are no competitors in her segment. d. Create a new category by introducing a product that is different from anything else on the market. e. Charge higher prices because there are no competitors in this segment

OK, so you have successfully divided the potential market into three target market segments. What do you do next? Select one: a. Subdivide each segment into usable market niches b. Congratulate yourself on a job well done and ask your boss for a raise. c. Develop a low cost strategy for each market. d. Create specific product/market offerings to satisfy unmet needs in each segment e. Identify ways that potential customers in each segment are similar to each other with respect to your product

A ______________ is a means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands relative to its own and then take marketing action? Select one: a. Brand family b. Mental picture c. Point of purchase display d. Market position e. Perceptual map

A(n) ______________ targeting strategy develops more than one distinct marketing mix? Select one: a. Undifferentiated b. Multisegment c. Pretentious d. Concentrated e. One-to-one

What do we mean when we say a market segment is "reachable"? Select one: a. We mean all of these things when we say a market segment is "reachable." b. There is a way for people in the segment to contact the manufacturer in case there is a problem. c. People in the segment are open to new ideas. d. There is a way of communicating with people in the segment. e. People in the segment use social media.

____________ is understanding how customers perceive your product and managing their perceptions relative to competing products? Select one: a. Deception b. Target marketing c. Positioning d. Rebranding e. Segmentation.

Roxanne has completed her positioning analysis and has decided that there is an opportunity to create an adult milk beverage that is enhanced with vitamins. Currently, her company does not make such a product, nor for that matter do any of her competitors. Roxanne has the opportunity to? Select one: a. Reposition the industry around vitamin enhanced milk beverages. b. She can do all of these things. c. Save on advertising costs because there are no competitors in her segment. d. Create a new category by introducing a product that is different from anything else on the market. e. Charge higher prices because there are no competitors in this segment