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MKT 320 Final exam – Flashcards

Q: Segmentation, targeting, and positioning

are part of a firm\'s marketing strategy.

Lewis Gardner

8 July 2022

question

In addition to calculating the potential profitability of a market segment, marketers will also consider what?

answer

customer loyalty, defection rates, the cost of replacing customers, likely future sales to customers.

question

Airlines were among the first retailers to embrace loyalty segmentation when they created what?

answer

frequent flyer programs.

question

Toothpastes sold in supermarkets and pharmacies promise various results, such as whiter teeth, protection against gum disease, tartar control, or fresh breath. Toothpaste marketers are using __________ segmentation.

answer

benefit

question

Firms might use multiple segmentation methods to ?

answer

tailor communications, design products, determine the substance of the marketing message

question

NASCAR redirected its marketing efforts when a survey indicated that almost 50 percent of race fans were female. This is an example of __________ segmentation.

answer

demographic

question

Four frequently used targeting strategies are the micromarketing, undifferentiated, differentiated, and __________ targeting strategies.

answer

concentrated

question

Many companies use the Internet to allow consumers to design customized products; for example, Nike allows customers to order shoes with custom color combinations. This is a form of what?

answer

micromarketing.

question

Adidas Group owns Reebok, Rockport, and Greg Norman brands. Adidas uses the different brands to pursue a(n) __________ strategy.

answer

differentiated targeting

question

Alex has found that both commercial and residential real estate buyers respond positively to his marketing communication message. Alex has identified __________ that respond similarly to his marketing efforts.

answer

market segments

question

Segmentation, targeting, and positioning

answer

are part of a firm's marketing strategy.

question

When entering a foreign market, the least risky strategy

answer

exporting

question

Which of the following is NOT one of Hofstede's cultural dimensions?

answer

Certainty assurance

question

Which of the following are the major trade agreements affecting global marketing?

answer

ASEAN, CAFTA, NAFTA, EU

question

Exchange controls refers to the regulation of a country's .....?

answer

currency exchange rate

question

Tariffs protect domestic producers by what?

answer

making imported products more expensive.

question

When considering global marketing opportunities in Bangladesh, Tom asked the question, "How will we get it there?" Tom is concerned about __________ capabilities in Bangladesh

answer

infrastructure

question

The Big Mac Index is a novel measure of what?

answer

purchasing power parity

question

The most common measure of market potential of an economy is a country's what?

answer

GDP

question

To determine the market potential for its particular product or service, a firm should use ?

answer

as many measures as it can obtain

question

Globalization refers to the process by which goods, services, capital, people, and ideas that......

answer

flow across national borders

question

Which of the following is NOT one of the roles typically played by one of the members of a buying center?

answer

Auctioneer

question

While consumers weigh postpurchase dissonance, business buyers.......?

answer

conduct vendor analysis

question

During the RFP stage, B2B buyers.......?

answer

invite suppliers to bid on supplying what is requested

question

After need recognition, a business develops __________ that suppliers might use to develop their proposals.

answer

product specifications

question

The first stage of the B2B buying process is what?

answer

need recognition

question

Marketing research includes all of the following:

answer

recording data, interpreting data, analyzing data, collecting data.

question

After a year in business, Tyrone hired a market research company to analyze his sales data and tell him which groups of customers were the most profitable to his firm. Tyrone will probably use the results of this research to?

answer

define market segments, adjust positioning strategies, change product offerings,adjust prices.

question

Retail checkout scanning systems create a tremendous amount of purchasing information usually stored in a company's what?

answer

data warehouse

question

From charitable giving to medical records to Internet tracking, consumers are more anxious than ever about?

answer

preserving their right to privacy

question

Academic researchers often jump at the opportunity to conduct a research study, curious to learn more and address unanswered questions for the sake of general knowledge. Business people tend to be more cautious before embarking on a marketing research study, recognizing that research is often what?

answer

expensive and time consuming

question

Market research begins with what?

answer

defining objectives and research needs

question

Company sales invoices, census data, and trade association statistics are examples of what?

answer

secondary data

question

The major advantage of primary data collection is that what?

answer

it can be tailored to meet the specific research needs

question

The major disadvantages of primary data collection are that what?

answer

it takes more time to collect than secondary data and is more costly

question

A(n) __________ is a small group of people brought together for an intensive discussion of a topic.

answer

focus group

question

A product is __________ that can be offered through a voluntary marketing exchange.

answer

anything of value to consumers

question

A __________ is a group of associated items that consumers tend to use together or think of as part of a group of similar products.

answer

product line

question

A __________ is a name, symbol, design, or term that identifies a seller's good or service as distinct from those of other sellers.

answer

brand

question

A firm's product mix breadth is its what?

answer

number of product lines

question

__________ is the number of items within a product line.

answer

Product line depth

question

For many years, General Electric had a corporate strategy of being among the top three firms in any market in which it operated; if it could not achieve a top-three position, it would exit the market. This strategy often resulted in the company __________ when certain product lines failed to meet this expectation.

answer

decreasing product mix breadth

question

One important purpose of a brand is to what?

answer

increase consumer recognition and awareness of product offerings.

question

Brands are assets that can be legally protected through what?

answer

copyrights and trademarks

question

__________ is the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.

answer

Brand equity

question

A personal digital assistant programmed with key customers' birthdates, wine preferences, and food allergies is a(n) __________ tool.

answer

CRM

question

Which of the following is NOT one of the benefits to a firm of new product development?

answer

Reduced costs of production.

question

Even if they succeed, new-to-the-world products are what?

answer

not adopted by everyone at the same time.

question

The process by which the use of a new product or service spreads throughout a market group is referred to as what?

answer

diffusion of innovation

question

Which of the following is NOT one of the five groups in the diffusion of innovation curve?

answer

Non-adopters

question

The ________________ diffusion of innovation group is crucial because few new products can be profitable until this large group buys them.

answer

early majority

question

The _________________ diffusion of innovation group is the last large group of consumers to adopt a new product or service.

answer

late majority

question

Samples are often used for new products when _________________ will influence the diffusion of the product.

answer

trialability

question

___________________ involves taking apart a product, analyzing it, and creating an improved product that does not infringe on the competitor's patents.

answer

Reverse engineering

question

Before the development of computer-assisted design software, many firms handcrafted ______, wooden or clay models that served as rough physical representations of the new product.

answer

prototypes

question

Before Segway manufactured their two-wheeled people movers, they built a prototype and had staff engineers test it for performance and stability. At this stage, Segway was involved in what?

answer

alpha testing

question

A service is any intangible offering that involves a deed, performance, or effort that what?

answer

cannot be physically possessed

question

Many product dominant firms use quality service

answer

to maintain a sustainable competitive advantage

question

Along the service-product continuum, which of the following would be considered the most service dominant?

answer

doctor's office

question

Along the service-product continuum, which of the following would be considered the most product dominant?

answer

grocery store

question

Medical services, assisted living care, and active senior travel are all examples of what?

answer

services an aging population will increase their demand for

question

The marketing of services differs from product marketing because services are all of these EXCEPT what?

answer

renewable

question

When marketers state that services are __________, they are referring to the fact that services are produced and consumed at the same time.

answer

inseparable

question

When marketers state that services are __________, they are referring to the fact that services cannot be stored for use in the future.

answer

perishable

question

Because services like cruises and car rentals are perishable, many marketers use what?

answer

pricing strategies to match supply with demand.

question

The Gaps Model is designed to highlight those areas where....?

answer

customers believe they are getting less or poorer service than they should

question

The full price of a product or service includes all of the following EXCEPT:

answer

the price of alternative products and services

question

If firms price their products too low, it may what?

answer

signal poor quality

question

Which of the following is NOT one of the Five Cs of pricing?

answer

Collaboration

question

A demand curve shows the relationship between ___________________ in a period of time.

answer

price and demand

question

_________________ measures consumers' sensitivity to price changes.

answer

Price elasticity of demand

question

Variable costs, primarily labor and materials, are those costs that vary with what?

answer

production volume

question

The break-even point is estimated by what?

answer

dividing fixed costs by contribution per unit

question

If the fixed costs of manufacturing a new cell phone are $10,000, the sales price is $60, and variable cost per unit is $20, the break-even point is what?

answer

250 units

question

A reference price is what?

answer

the price against which buyers compare the actual selling price

question

Charging a relatively high price for new and innovative products to those consumers most willing and able to pay the high price is called price what?

answer

skimming

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question

In addition to calculating the potential profitability of a market segment, marketers will also consider what?

answer

customer loyalty, defection rates, the cost of replacing customers, likely future sales to customers.

question

Airlines were among the first retailers to embrace loyalty segmentation when they created what?

answer

frequent flyer programs.

question

answer

benefit

question

Firms might use multiple segmentation methods to ?

answer

tailor communications, design products, determine the substance of the marketing message

question

NASCAR redirected its marketing efforts when a survey indicated that almost 50 percent of race fans were female. This is an example of __________ segmentation.

answer

demographic

question

Four frequently used targeting strategies are the micromarketing, undifferentiated, differentiated, and __________ targeting strategies.

answer

concentrated

question

Many companies use the Internet to allow consumers to design customized products; for example, Nike allows customers to order shoes with custom color combinations. This is a form of what?

answer

micromarketing.

question

Adidas Group owns Reebok, Rockport, and Greg Norman brands. Adidas uses the different brands to pursue a(n) __________ strategy.

answer

differentiated targeting

question

answer

market segments

question

Segmentation, targeting, and positioning

answer

are part of a firm's marketing strategy.

question

When entering a foreign market, the least risky strategy

answer

exporting

question

Which of the following is NOT one of Hofstede's cultural dimensions?

answer

Certainty assurance

question

Which of the following are the major trade agreements affecting global marketing?

answer

ASEAN, CAFTA, NAFTA, EU

question

Exchange controls refers to the regulation of a country's .....?

answer

currency exchange rate

question

Tariffs protect domestic producers by what?

answer

making imported products more expensive.

question

When considering global marketing opportunities in Bangladesh, Tom asked the question, "How will we get it there?" Tom is concerned about __________ capabilities in Bangladesh

answer

infrastructure

question

The Big Mac Index is a novel measure of what?

answer

purchasing power parity

question

The most common measure of market potential of an economy is a country's what?

answer

GDP

question

To determine the market potential for its particular product or service, a firm should use ?

answer

as many measures as it can obtain

question

Globalization refers to the process by which goods, services, capital, people, and ideas that......

answer

flow across national borders

question

Which of the following is NOT one of the roles typically played by one of the members of a buying center?

answer

Auctioneer

question

While consumers weigh postpurchase dissonance, business buyers.......?

answer

conduct vendor analysis

question

During the RFP stage, B2B buyers.......?

answer

invite suppliers to bid on supplying what is requested

question

After need recognition, a business develops __________ that suppliers might use to develop their proposals.

answer

product specifications

question

The first stage of the B2B buying process is what?

answer

need recognition

question

Marketing research includes all of the following:

answer

recording data, interpreting data, analyzing data, collecting data.

question

answer

define market segments, adjust positioning strategies, change product offerings,adjust prices.

question

Retail checkout scanning systems create a tremendous amount of purchasing information usually stored in a company's what?

answer

data warehouse

question

From charitable giving to medical records to Internet tracking, consumers are more anxious than ever about?

answer

preserving their right to privacy

question

answer

expensive and time consuming

question

Market research begins with what?

answer

defining objectives and research needs

question

Company sales invoices, census data, and trade association statistics are examples of what?

answer

secondary data

question

The major advantage of primary data collection is that what?

answer

it can be tailored to meet the specific research needs

question

The major disadvantages of primary data collection are that what?

answer

it takes more time to collect than secondary data and is more costly

question

A(n) __________ is a small group of people brought together for an intensive discussion of a topic.

answer

focus group

question

A product is __________ that can be offered through a voluntary marketing exchange.

answer

anything of value to consumers

question

A __________ is a group of associated items that consumers tend to use together or think of as part of a group of similar products.

answer

product line

question

A __________ is a name, symbol, design, or term that identifies a seller's good or service as distinct from those of other sellers.

answer

brand

question

A firm's product mix breadth is its what?

answer

number of product lines

question

__________ is the number of items within a product line.

answer

Product line depth

question

answer

decreasing product mix breadth

question

One important purpose of a brand is to what?

answer

increase consumer recognition and awareness of product offerings.

question

Brands are assets that can be legally protected through what?

answer

copyrights and trademarks

question

__________ is the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.

answer

Brand equity

question

A personal digital assistant programmed with key customers' birthdates, wine preferences, and food allergies is a(n) __________ tool.

answer

CRM

question

Which of the following is NOT one of the benefits to a firm of new product development?

answer

Reduced costs of production.

question

Even if they succeed, new-to-the-world products are what?

answer

not adopted by everyone at the same time.

question

The process by which the use of a new product or service spreads throughout a market group is referred to as what?

answer

diffusion of innovation

question

Which of the following is NOT one of the five groups in the diffusion of innovation curve?

answer

Non-adopters

question

The ________________ diffusion of innovation group is crucial because few new products can be profitable until this large group buys them.

answer

early majority

question

The _________________ diffusion of innovation group is the last large group of consumers to adopt a new product or service.

answer

late majority

question

Samples are often used for new products when _________________ will influence the diffusion of the product.

answer

trialability

question

___________________ involves taking apart a product, analyzing it, and creating an improved product that does not infringe on the competitor's patents.

answer

Reverse engineering

question

Before the development of computer-assisted design software, many firms handcrafted ______, wooden or clay models that served as rough physical representations of the new product.

answer

prototypes

question

Before Segway manufactured their two-wheeled people movers, they built a prototype and had staff engineers test it for performance and stability. At this stage, Segway was involved in what?

answer

alpha testing

question

A service is any intangible offering that involves a deed, performance, or effort that what?

answer

cannot be physically possessed

question

Many product dominant firms use quality service

answer

to maintain a sustainable competitive advantage

question

Along the service-product continuum, which of the following would be considered the most service dominant?

answer

doctor's office

question

Along the service-product continuum, which of the following would be considered the most product dominant?

answer

grocery store

question

Medical services, assisted living care, and active senior travel are all examples of what?

answer

services an aging population will increase their demand for

question

The marketing of services differs from product marketing because services are all of these EXCEPT what?

answer

renewable

question

When marketers state that services are __________, they are referring to the fact that services are produced and consumed at the same time.

answer

inseparable

question

When marketers state that services are __________, they are referring to the fact that services cannot be stored for use in the future.

answer

perishable

question

Because services like cruises and car rentals are perishable, many marketers use what?

answer

pricing strategies to match supply with demand.

question

The Gaps Model is designed to highlight those areas where....?

answer

customers believe they are getting less or poorer service than they should

question

The full price of a product or service includes all of the following EXCEPT:

answer

the price of alternative products and services

question

If firms price their products too low, it may what?

answer

signal poor quality

question

Which of the following is NOT one of the Five Cs of pricing?

answer

Collaboration

question

A demand curve shows the relationship between ___________________ in a period of time.

answer

price and demand

question

_________________ measures consumers' sensitivity to price changes.

answer

Price elasticity of demand

question

Variable costs, primarily labor and materials, are those costs that vary with what?

answer

production volume

question

The break-even point is estimated by what?

answer

dividing fixed costs by contribution per unit

question

If the fixed costs of manufacturing a new cell phone are $10,000, the sales price is $60, and variable cost per unit is $20, the break-even point is what?

answer

250 units

question

A reference price is what?

answer

the price against which buyers compare the actual selling price

question

Charging a relatively high price for new and innovative products to those consumers most willing and able to pay the high price is called price what?

answer

skimming

MKT 320 Final exam – Flashcards

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