MKT 600: Database #4 – Flashcards
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1. A complete product-market definition includes a four-part description comprising of all of the following except:
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Marketing Mix
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2. 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 be an important competitor.
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3. Behavioral (rather than demographic) segmenting dimensions include:
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Purchase relationship
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4. if a company plans to sell its products to a market segment consisting of "ongoing personalities," this would NOT be good market segment primarily because of which of the following criteria?
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Operational
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5. The main difference between naming broad product-markets and market segmentation is:
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naming involves breaking down markets, while segmentation involves aggregating customers with similar needs.
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6. A combined target market approach:
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may not satisfy customers as well as the multiple target market approach.
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7. The segmenting step of the segmentation process:
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looks for similarities in needs.
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8. Watson's Bakery found five different market segments among customers for its bakery goods. When developing a market-oriented strategy, the marketing manager used a _____ approach, putting two target markets together and developing a single marketing mix that would meet the needs of the new larger segment.
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Combined target market
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9. 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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10. Sanders Beverages, Inc., is targeting non-juice drinkers with a new line of healthy fruit juices. Identify the segmenting dimension most likely being used by Sanders Beverages.
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Behavioral
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11. 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 target market
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12. A generic market:
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might involve completion among skis, roller blades, bicycles, and ice skates.
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13. 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 market
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14. Tom and Sally Jones are preparing to purchase a new car. He currently has a Toyota Camry and she has a Honda Accord. They now have two children under age 5, so they plan to trade in Sally's car to purchase a minivan. Sally and Tom decided on a Honda Odyssey because Sally is familiar with Hondas and thinks they are very reliable. In this purchase situation, Tom and Sally's family life cycle stage is a ________ segmentation dimension, and the benefit Sally seeks (reliability) is a ____________ segmentation dimension.
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Demographic, behavioral
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15. Given its interest in the broad product-market for 'ready-to-eat, health-conscious snack foods,' which of the following should the GoodHealth Foods Co. do FIRST?
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Segment the product-market to try to identify homogenous submarkets and select an attractive target market.
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16. Market segmentation:
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tries to identify homogenous submarkets within a product-market.
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17. The combined target market approach:
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tries to improve the general appeal of a firm's basic marketing mix rather than tailor it to meet the strongly felt needs of some people.
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18. 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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19. Which of the following is the best example of a "product-market?"
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The young adult exercise market
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20. Regarding segmenting, as opposed to combining:
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Segmenters try to satisfy consumers 'very well' instead of 'pretty well'
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21. 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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22. When deciding how far to carry the segmenting process,
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profit should be the balancing point-determining how unique a marketing mix the firm can offer to some target market.
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23. Saying that a "good" product-market segment should be substantial means
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it should be large enough to be profitable.
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24. Gina Williams wanted to start a decorating business. She identified several possible target markets, but decided to serve a market composed of recently married couples that owned their first home. Gina appears to be following:
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A single target market approach.
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25. A product-market is one in which
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products that are close substitutes for each other compete for customers by trying to satisfy very similar needs.
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26. Which of the following is a possible danger when using a combining approach to target marketing?
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Competitors may do a better job appealing to submarkets.
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27. A large firm with ample resources wants to minimize the risk of "inviting" competitors to "chip away" at its target market(s). It has segmented its broad product-market and identified several homogeneous submarkets--each of which is large enough to offer attractive sales and profit potential. Which of the following approaches should the firm use?
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Multiple target market approach.
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28. 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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29. When major airlines target business travelers because they travel often and typically pay at least three times the price for a ticket as leisure travelers, these airlines are segmenting the market primarily on:
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Rate of use
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30. In a generic market
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Sellers offer various, often diverse, ways of satisfying broadly similar needs.
