MKT chpt 7-12 complete questions and answers graded A+

1) When a company identifies the parts of the market it can serve best and most profitably, it is practicing ________. Market Targeting 2) What are the four steps, in order, to designing a customer-driven marketing str ...

1) When a company identifies the parts of the market it can serve best and most profitably, it is practicing ________. Market Targeting 2) What are the four steps, in order, to designing a customer-driven marketing strategy? market segmentation, targeting, differentiation, and positioning 3) Through market segmentation, companies divide large, heterogeneous markets into smaller segments that can be reached more ________ with products and services that match their unique needs both efficiently and effectively 4) Even though several options are available at any one time, there ________ to segment a market. Is no single way 5) Your firm has decided to localize its products and services to meet local market demands. A good approach to use would be ________ segmentation geographic 6) Pendergraff Pet Supplies divides the pet market according to the owners' race, occupation, income, and family life cycle. What type of segmentation does Pendergraff use? Demographic 7) Through talking to numerous competitors at a regional trade show, you learn that most of them use the most popular base for segmenting markets. What is it? demographic 8) Demographic variables are so frequently used in market segmentation because they ________. are easy to measure in comparison to many other methods 9) Marketers must be most careful to guard against which of the following when using age and life cycle segmentation? stereotyping 10) When Positive Image, Inc., caters to clothing, cosmetics, and toiletries markets, it is most likely using which type of segmentation? gender 11) Marketers of automobiles, financial services, and travel are most likely to use which of the following types of segmentation? income 12) The division of buyers into groups based on their knowledge, attitudes, uses, or responses to a product is ________ segmentation. Behavioral 13) Many marketers believe that which of the following variables are the best starting point for building marketing segments? behavioral 14) Which type of segmentation centers on the use of the word when, such as when consumers get the idea to buy, when they actually make their purchase, or when they use the purchased item? occasion 15) Markets can be segmented into groups of nonusers, ex-users, potential users, first-time users, and regular users of a product. This method of segmentation is called ________. user status 16) Consumers can show their allegiance to brands, stores, or companies. Marketers can use this information to segment consumers by ________. loyalty status 17) By studying its less loyal buyers, a company can detect which brands are most ________ its own. competitive with 18) Many firms make an effort to identify smaller, better-defined target groups by using ________. multiple segmentation bases 19) Consumer and business marketers use many of the same variables to segment markets. Business marketers use all of the following EXCEPT ________. brand personalities 20) As in consumer segmentation, many marketers believe that ________ and ________ segmentation provide the best basis for segmenting business markets. benefits; buying behavior 21) International Drilling Company segments its foreign markets by their overall level of economic development. This firm segments on what basis? economic factors 22) Lexus targets wealthy consumers with similar needs and buying behaviors, even though the consumers are located in different countries. This is an example of ________. intermarket segmentation 23) When the size, purchasing power, and profiles of a market segment can be determined, it possesses the requirement of being ________. measurable 24) When a business market segment is large or profitable enough to serve, it is termed ________. substantial 25) When an effective program can be designed for attracting and serving a chosen segment, the segment is best described as ________. actionable 26) You have discovered that the segments you are targeting are conceptually distinguishable and respond differently to different marketing mix elements and programs. These segments are ________. differentiable 27) To evaluate the different market segments your company serves, you would look at all of these factors EXCEPT which one? company values 28) Barney Hopkins has compiled a list of things that make segments more attractive. Which one of the following items should NOT be on the list? competition with superior resources 29) Which of the following is NOT one of the reasons a segment would be less attractive to a company? concentrated market 30) In general, a company should enter only segments in which it can ________ and ________. offer superior value; gain advantages over competitors 31) Mass marketers, such as Target and Venture Stores, often ignore market segment differences and target the whole market with one offer. What is their approach to segmenting? undifferentiated marketing 32) The 55-year-old baby boomers share common needs in music and performers. When a music company decides to serve this group, the group is called a(n) ________. target market 33) When New Port Shipping uses segmented marketing, it targets several segments and designs separate offers for each one. This approach is called ________ marketing. differentiated 34) Developing a strong position within several segments creates more total sales than ________ marketing across all segments. undifferentiated 35) ByWay Ventures chose a differentiated marketing strategy. The company had to weigh ________ against ________ when selecting this strategy. increased sales; increased costs 36) Procter & Gamble sells six brands of laundry detergent in the United States, each designed for one of six laundry segments Procter & Gamble has identified. Together, these six brands take 62% of market share. Which of the following is a disadvantage of Procter & Gamble's differentiated marketing strategy? increased costs for separate marketing plans for each brand 37) Successful niche marketing relies on a firm's ________ and its ________. greater knowledge of customers' needs; special reputation 38) Using concentrated marketing, the marketer goes after a ________ share of ________. large; one or a few niches 39) Niche marketing offers smaller companies the opportunity to compete by focusing their limited resources on serving niches that may be ________ or ________ larger companies. unimportant to; overlooked by 40) Today, the low cost of setting up shop ________ makes it even more profitable to serve very small niches. on the Internet 41) Which of the segmenting strategies carries higher-than-average risks in consumer markets? concentrated 42) As You Like It, Inc., customizes its offers to each individual consumer. This practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations is referred to as ________ marketing. micro 43) ________ tailors brands and promotions to the needs and wants of specific cities, neighborhoods, and even stores. Local marketing 44) Which of the following is the narrowest marketing strategy? local marketing 45) Which of the following is NOT a drawback of local marketing? Supporting technologies are expensive.