q2

docx

School

Fort Hays State University *

*We aren’t endorsed by this school

Course

812

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by JusticeScorpionMaster724

 Question 1 1 out of 1 points Which of the following represents the most significant risk to companies using a mass-marketing approach? Selected Answer: They may lose customers to niche marketers. Answers: They may not realize economies of scale. They may overemphasize the benefits of customized products. They may lose customers to niche marketers. They may lose customers to international marketers. They may lose customers who feel that mass marketers are invading their privacy.  Question 2 0 out of 1 points PRIZM is a commonly used segmentation system that groups consumers into: Selected Answer: lifestyle groups and social groups. Answers: lifestage groups and social groups. lifestage groups and behavioral groups. social groups and behavioral groups. lifestyle groups and social groups.  Question 3 1 out of 1 points Specialty retailers like Restoration Hardware, L.L.Bean, and Anthropologie make heavy use of direct mail catalogs. Such catalog marketers typically segment their markets based on three factors, each of which describes the nature of different customers' past purchases and correlates well with future purchases. Abbreviated as RFM, the factors are: Selected Answer: recency, frequency, and monetary value. Answers: recency, frequency, and measurability. recall, familiarity, and measurability. recognition, frequency, and monetary value. recency, frequency, and monetary value.  Question 4 1 out of 1 points

The segmentation process begins by grouping: Selected Answer: customers with similar needs and preferences. Answers: competitors with similar needs and preferences. customers with similar lifetime values. market offerings with similar sales potential. customers with similar needs and preferences. customers with similar demographic profiles.  Question 5 0 out of 1 points A toothpaste manufacturer believes its most likely customers are parents of young children who value a brand with a kid-friendly taste and texture. The company's segmentation is probably based on: Selected Answer: a combination of demographics and psychographics. Answers: psychographics. a combination of demographics and psychographics. behavioral characteristics. a combination of demographics and benefits sought. a combination of behavioral characteristics and benefits sought.  Question 6 0 out of 1 points Firms CANNOT create: Selected Answer: positioning strategies. Answers: consumer segments. segmentation strategies. consumer targets. targeting strategies. positioning strategies.  Question 7 0 out of 1 points In choosing a basis for segmentation, marketers may ask "Who," "What," and "Why" questions

about their customers. "What" variables focus primarily on customer: Selected Answer: Psychographics Answers: Geographics Psychographics Purchase behavior Needs and preferences  Question 8 1 out of 1 points Segmentation and targeting influence a company's resource allocation, potentially affecting strategic decisions in all of the following areas EXCEPT: Selected Answer: mission formulation. Answers: price. advertising. customer management. mission formulation. sales force.  Question 9 1 out of 1 points A firm should consider three key factors when choosing a target segment, including not only the external factors of competition and segment characteristics but also the firm's internal: Selected Answer: resources and competencies. Answers: revenue targets and market share. resources and competencies. strategic and tactical plans. sales goals and market share.  Question 10 1 out of 1 points Rockwell Collins is a manufacturer of avionics and communications systems for corporate aircraft. In response to a general slowdown in the business aviation industry, Rockwell announced cutbacks for the items it makes for small and midsize jets. Based on this information, which of the following segmentation variables is Rockwell most likely to utilize?

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Selected Answer: "Firmographic" Answers: Geographic "Firmographic" Buying approach Psychographic  Question 11 0 out of 1 points Dunkin' Donuts is expanding in several different countries. Its stores offer curry doughnuts in India, dulce de leche doughnuts in Peru, and cherry brandy doughnuts in Germany. This is an example of segmentation based primarily on: Selected Answer: demographics. Answers: demographics. behavior. psychographics. geography. customization.  Question 12 0 out of 1 points During which step in the STP marketing process is a value proposition defined and an action plan developed? Selected Answer: Targeting Answers: Positioning Planning Segmentation Targeting Profiling  Question 13 1 out of 1 points A company that develops artificial flavorings for candy manufacturers uses research to refine its market offerings. Its studies require participants to make repeated comparisons between pairs

of products; in each pair, the products differ on the key attributes of flavoring strength and price. The research approach of this firm is: Selected Answer: conjoint analysis. Answers: latent class analysis. conjoint analysis. cluster analysis. regression analysis. paired comparison analysis.  Question 14 1 out of 1 points For a segmentation to be useful, it must meet several criteria. Which of the following is NOT among these criteria? Selected Answer: Profitable Answers: Identifiable Accessible Profitable Substantial Actionable  Question 15 1 out of 1 points Which of the following is NOT a benefit of segmentation for organizations? Selected Answer: Segmentation makes marketing more convenient. Answers: Segmentation helps identify underserved customers. Segmentation results in better products and services. Segmentation makes marketing more convenient. Segmentation enables targeted promotions.  Question 16 0 out of 1 points The goal of cluster analysis is to group customers and determine the number of groups, or clusters, so that the:

Selected Answer: distance between two customers in a cluster is maximized. Answers: distance between two customers in a cluster is minimized. distance between clusters is averaged. distance between two customers in a cluster is maximized. average distance between clusters is minimized.  Question 17 0 out of 1 points Among the segmentation variables related to purchase behavior is consumers' share of wallet. This term refers to the: Selected Answer: total amount of money that a consumer spends as a share of that consumer's yearly expenditures. Answers: money that a consumer spends with one firm as a share of all the money that the consumer spends in that category. money that a consumer spends with a representative firm as a share of all the money spent by similar consumers. money that a consumer spends with one firm as a share of that consumer's discretionary income. total amount of money that a consumer spends as a share of that consumer's yearly expenditures.  Question 18 1 out of 1 points Burger King, White Castle, and several other chains known for beef patties are targeting young urban professionals who increasingly seek vegetarian foods. These restaurants now offer plant- based "burgers" and other meat substitutes. In this example, segmentation and targeting are primarily influencing the organizations' [blank] strategy. Selected Answer: Product Answers: Product Behavioral Customer management Benefit  Question 19 1 out of 1 points

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Which of the following does the marketing process of segmentation, targeting, and positioning (STP) NOT address? Selected Answer: Potential competitors Answers: Potential customers Differences in customer preferences Potential competitors Which customers to pursue How a firm defines its value proposition for its target customers  Question 20 0 out of 1 points The GolfLife Company built a successful business by offering high-end golf clubs designed to meet the specific needs of experienced players for functionality and durability. The company then shifted its focus to cheaper "value" clubs, sold through discount outlets to novices, experienced golfers, or would-be golfers concerned about price. The "value" strategy failed. Which of the following targeting approaches did GolfLife probably pursue and why was it unsuccessful? Selected Answer: Mass customization Answers: Mass customization Targeting niche segments Targeting all segments Targeting addressable segments  Question 21 1 out of 1 points Which of the following choices is NOT an essential element of a positioning statement? Selected Answer: Comparison to the competition Answers: Most important benefit Comparison to the competition Target market Product category and type  Question 22 0 out of 1 points Line is the most widely used messaging app in Japan, Thailand, and Taiwan. After achieving success

by focusing on chatting, video calling, photo sharing, and other communication functions, the firm leveraged its large customer base to expand beyond these functions. Line now offers online purchasing, delivery, taxi-hailing, and financial services. Of the three major product policy decisions faced by a firm, Line has been primarily engaged in: Selected Answer: Increasing product line depth Answers: Increasing product line depth Widening product accessibility Increasing product line breadth Product line positioning  Question 23 1 out of 1 points A competitive analysis of Starbucks entering new markets includes all of the following EXCEPT: Selected Answer: the number of new coffee drinkers in the United States every year. Answers: the number of new coffee drinkers in the United States every year. the positioning of Burger King selling coffee drinks. McDonald's new store format in Saudi Arabia. espresso drinks being offered by Dunkin' Donuts.  Question 24 0 out of 1 points Procter & Gamble wants to introduce a new line of anti-aging cosmetics in Singapore. Which of the following is NOT a collaborator? Selected Answer: Walgreens stores Answers: Suppliers of ingredients from Japan Outsourced manufacturing in China Walgreens stores Research and Development in the United States  Question 25 1 out of 1 points When looking at key inputs to the pricing decision, the feasible zone includes all of the following EXCEPT:

Selected Answer: true economic value (TEV). Answers: perceived value (PV). cost of goods sold. true economic value (TEV). price. Thursday, February 23, 2023 5:40:43 AM CST

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

q2

Related Documents