Flashcards on MKT Chapter 4

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question
Which of the following types of segmenting dimensions would be the most important if one were particularly interested in knowing why some target market was likely to buy a particular brand within a product-market?
answer
Determining dimensions
question
In a customer survey conducted by Radwheel Motors, it was found that customers purchased the company's cars primarily because of their branding and appearance. Radwheel cars were a status symbol in the survey population. By which type of marketing dimension were Radwheel's purchasers motivated?
answer
Determining dimension
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Which of the following represents a broad product-market within the generic market of outdoor adventures?
answer
People who buy fly fishing equipment for fishing trips
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Segmenting and combining are two alternate approaches to developing market-oriented strategies. Which of the following statements concerning these approaches is true?
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A combiner looks at various submarkets for similarities rather than differences.
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Which of the following statements is true of generic markets?
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The generic market includes only three of four aspects of the product-market definition—customer needs, customer types, and geographic area. It does not include product type.
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Which of the following statements is true of using a combined target market approach to developing market-oriented strategies?
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This approach is especially attractive for firms with limited resources.
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In the context of segmenting a broad product-market, what type of dimensions are relevant to including a customer type in a product-market?
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Qualifying dimensions
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Segmenting:
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tries to aggregate individuals who have similar needs and characteristics.
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Having segmented its broad product-market, Martinez Corp. has decided to treat each of the two chosen submarkets as separate target markets, each requiring different marketing mixes. Which of the following approaches to developing market-oriented strategies is Martinez Corp. applying in this scenario?
answer
Multiple target market approach
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Target marketers who are "combiners":
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use one marketing mix to appeal to multiple submarkets, even though the submarkets have some distinct differences.
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Honda progressed through the steps of the best practices approach to market segmentation. What is the first step in this process?
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Select the broad product-market
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Based only on its features, the Honda Fit would be aimed at which market segment?
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Millennials
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Which of the following segmenting dimensions will have the least impact on which customers the Honda Fit is marketed towards?
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Occupation
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Which of the following is NOT a lifestyle-related customer need and want addressed by the features offered by the Honda Fit?
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Safety features
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Which of the following customer characteristics represents a qualifying segmentation dimension for Honda?
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Driver's license ownership
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_____ is the balancing point that determines just how unique a marketing mix a firm can afford to develop for a particular market segment.
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Profit
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The first step in the market segmentation process involves:
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naming broad product-markets.
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A generic market:
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has all of the above.
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A complete product-market definition includes product type, customer needs, customer types, and _____.
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geographic area
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What is the generic market represented by Yum! Brands?
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Eating places
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The quick service restaurant (QSR) as it fits into the broader category of "dining out," can be considered a:
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product market.
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In addition to age, gender, and income level, another demographic would be:
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truck driver.
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By being different within the Mexican food market, Taco Bell creates unique:
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positioning.
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Mutibranding serves different markets by recognizing:
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the crossover between submarkets.
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Having a different marketing mix for each restaurant name suggests Yum! follows a:
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multiple target market approach.
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