Strategies for Effective Market Segmentation in Marketing

> File Edit Tools Help CgNew [@Mode v RDeey v (5 o ~| / v o | 9 Question 1 of 20 > 0/1 = : View Policies Show Attempt History Your Answer Correct Answer Roberto has been working on segmenting the market for his firm’s new ergonomic bicycle. He has narrowed the number of segments by eliminating those that failed to satisfy the five segmentation criteria. He has several segments left, and to get to the target market segments, he needs to identify the attractiveness of the segment and the potential competitors in the market. the strength of the marketing mix. the firm’s goals and resources. the profitability of the segmentation efforts.

< File Edit Tools Help k/_g uew m Mode v V gelay - I; L:J & - K - . / B ’ Question 2 of 20 < > 0/1 = View Policies Show Attempt History Your Answer Correct Answer Mario had two kitchen appliance stores in a mid-sized town, and he used geographic segmentation, particularly focusing on the location of the stores. The results were disappointing. Why do you think this geographic segmentation didn’t work? Geographic segmentation does not account for the key variables in decision making. The stores were likely too close to each other to enable geographic segmentation. There are so many factors such as competition and weather that it would be impossible to analyze the failure definitively. The business was too small to be able to use segmentation effectively.

R File Edit Tools Help CgNew [ Mode v RDey vl [5 5 7|/ ~ & @ | 9 Question 3 of 20 < > View Policies Show Attempt History Your Answer Correct Answer How many positioning statements does a company typically have? None, since a “positioning statement” isn’t a real thing. Companies usually have a positioning statement for their 3 primary sustainable markets. Companies only have one positioning statement since its essentially a mission statement. Companies typically have a positioning statement for each target market.

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R File Edit Tools Help k/_g uew m Mode v ’/ gelay - I; @ & . E - . / > ’ Question 4 of 20 < > 171 = View Policies Show Attempt History Your Answer Correct Answer Emily was beginning her first assignment as an assistant marketer when she examined the segments being used by her new employer. While she had learned the four distinct, broad categories used in segmentation, she found that in practice standard categories are used within industry groups. modern marketers used only three of the four categories. the four categories overlap. these categories are not used in online marketing.

> File Edit Tools Help éguew EMode v */ Delay ~ H L;_‘] 1= < ,,' v / o ’ Question 5 of 20 < > 0/1 = View Policies Show Attempt History Your Answer Correct Answer A manufacturer making high-quality speakers knows some younger consumers buy the speakers for gaming, some older consumers for music reproduction, and some other consumers, both older and younger, for movie viewing. The manufacturer will most likely use what kind of segmentation? Income segmentation Age-based segmentation Behavioural segmentation Psychographic segmentation

. o |[@][=] File Edit Tools Help égﬂew B Mode ~ (~) Delay ~ H L{'j 1S < ,.. v F g v Question 6 of 20 < > 0/1 = : View Policies Show Attempt History Your Answer Correct Answer Sometimes a company will choose a less attractive target market instead of a more attractive one, even if all segmentation criteria are successfully met. Why? The level of competitive pressure is already intense. The company has too many target markets to develop effectively. The company has determined one target market is B2B and the others are B2C. The company has created a reputation for being an underdog.

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< File Edit Tools Help L/_g New EMOde v ’/ gelay - I; H:] & . E - . / . ’ Question 7 of 20 < > 0/1 = View Policies Show Attempt History Your Answer Correct Answer Carrie’s Convenience offers the Calgary community premium groceries at discount prices with more convenience and friendlier service than large chain grocery stores. This is an example of a value proposition. a targeting statement. a target market proposition. a positioning statement.

‘?F" | o || = =R File Edit Tools Help CgNew [@Mode ~ Ry v [F 5 |/ ~ o = | @ Question 8 of 20 < > 171 = View Policies Show Attempt History Your Answer Correct Answer There are five criteria for effective marketing segmentation: 1) identifiable, 2) measurable, 3) substantial, 4) accessible, and 5) responsive. Which of the following segmentation variables best meets the “measurable” criterion? All members of the segment are active on popular social media. The segment represents approximately 200 million people. All members of the segment use cell phones. Members of the segment typically vote Liberal.

p o || & || 238 File Edit Tools Help Cg New [ Mode v (¥ Delay v [ aj el / v =9 Question 9 of 20 < > 171 View Policies Show Attempt History Your Answer Correct Answer Which of the following is an example of repositioning? Hallmark is seeking younger audiences with its movie streaming services. Netflix increased its monthly fees to remain in line with other streaming services. Nordstrom created Nordstrom Rack to appeal to discount-savvy shoppers. Cellular phone companies created simple phones with large buttons for the senior market.

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R File L/_g New EMN’E v ’/ gelay - I; H] & . K - . / . ’ Edit Tools Help Question 10 of 20 < > 171 = View Policies Show Attempt History Your Answer Correct Answer Gnarly Company makes shoes designed for skateboarding. What is the most likely demographic variable Gnarly will segment the market on? Age Lifestyle Climate Physical location

O o || & | =] File Edit Tools Help C@New EMode ~ @y 1 [ o v /v m| 9 Question 11 of 20 < > 1/71 = View Policies Show Attempt History Your Answer Correct Answer Tom was working on developing segments for a new product his firm was launching. He commissioned research to discover what customers really wanted so he could match what his firm could provide. In what stage of the segmentation process was he? Marketing research and analysis Product differentiation Defining the broad market Market planning

?‘{‘ iDH@ File Edit Tools Help C@New EMode ~ Py v [ 51 v v m | 9 Question 12 of 20 < > View Policies Show Attempt History Your Answer Correct Answer What is the general rule for how many segments to focus on at a time? Companies should focus on all segments for which the required return on investment can be made. Companies should eliminate half of the segments by focusing on the most attractive 50%. Companies should focus on the three most attractive segments. Companies should focus on the most attractive segment.

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> File Edit Tools Help Rrew B - Qo @A B & - JFH s =] 0 ;Dh@niz‘ Question 13 of 20 < > 0/1 View Policies Show Attempt History Your Answer Correct Answer Which of the following statements most accurately describes targeting? The attractiveness of specific market segments depends upon potential competitive pressures. Focusing on two or more market segments at once allows companies to use resources efficiently and effectively. Target marketing is best used to determine viable and attractive customer bases. Effective marketing strategies often place individual customers in two or more market segments at one time.

File Edit Tools Help k/_g uew m Mode v ’/ gelay - I; @ & . E - . / > ’ 1 — Question 14 of 20 < > 171 = View Policies Show Attempt History Your Answer Correct Answer Bragg Company is going through the market segmentation process. They divide customers into two groups: 1) those over 50, and 2) those under 50. This is an example of behavioural segmentation. demographic segmentation. psychographic segmentation. geographic segmentation.

= File Edit Tools Help Gguew =] Mode ~ " Delay ~ H L;] o Y , v / - ’ Question 15 of 20 < > 0/1 = View Policies Show Attempt History Your Answer Correct Answer Matt had a passion for antique tools and decided to turn that passion into a brick and mortar store. He defined the broad market then narrowed it, but then he was stuck. He discussed his problem with his aunt what had years of experience in marketing positionsin a large retailing firm. How could his aunt help him to take the next steps as he did know what to do next? To make tough decisions about which kind of segmentation to use is often a judgment by someone with extensive experience. To be able to determine the next steps, it’s best for a small business to discuss segmentation only with people one can trust. To help start-up firms, larger companies will develop mentorship programs to help the entrepreneur. To be successful, an entrepreneur should get advice from someone of the opposite gender.

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'é‘- ‘ = I @ I % ‘ File Edit Tools Help Ggﬂew Bl Mode ~ (~) Delay ~ Q H-_] 2T ,,-‘ g wm| 9 Question 16 of 20 < > 1/71 = View Policies Show Attempt History Your Answer Correct Answer Lawrence was monitoring the results of his demographic segmentation campaign for his mid-sized firm, and while it was doing okay, it felt it could be better. He was reluctant to go to psychographics as a basis for his segmentation effort because he felt customers would feel this was an invasion of their privacy. he knew psychographics required sophisticated research to develop, which was beyond the capacity of his firm. psychographics works well with services but is not generally applicable to products. no one in the marketing area had a degree in psychology to support the segmentation.

= File Edit Tools Help Ggﬂew mMode v [~ Delay ~ g L\:J =l ,.‘ v / *wi ’ Question 17 of 20 < > View Policies Show Attempt History Your Answer Correct Answer Why is it important to define the broad market during the segmentation process? To determine how many segmentation variables are needed To determine the markets in which you will and will not participate To set parameters for segmentation To determine the uniqueness of your market segment

= File Edit Tools Help CgNew [ Mode v Ry v [ o ~| ,/ ~ & = | 9 Question 18 of 20 < > 1/71 = i View Policies Show Attempt History Your Answer Correct Answer Jim needed to reduce the number of segments he had identified as his firm had limited resources and wanted to concentrate its efforts. In addition to looking at how attractive a segment appeared to be, he also needed to consider whether the segment was consistent with the firm’s goals and objectives. being dominated by a competitor. consistent with the firm’s communications plan to reach them. supported by quantitative research.

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> File Edit Tools Help Cg New mMode v *’ Delay ~ g H-J = T ,..‘ v / E ’ Question 19 of 20 < > View Policies Show Attempt History Your Answer Correct Answer Which statement best describes demographic segmentation? It is often the first approach companies use. Individual traits are more often effective than combinations of traits. It includes customers in different stages of the buying process. It is often difficult for marketers to measure and assign.

> File Edit Tools Help Ggﬂew [#)] Mode ~ [~ Delay ~ g LL‘J Bl - ,...‘ v / E 4 n@uzg} Question 20 of 20 < View Policies Show Attempt History Your Answer Correct Answer Which of the following is the best example of behavioural market segmentation? Silver Fitness Centres cater to an older clientele. Jenny’s Hair Salons offer a specially priced hair-care package to their best customers. Nycole’s Spas advertise with stylish, female customers in mind. Xiomara’s Nail Salons are all located in upscale, urban areas.

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