Chapters 5 & 6 Quiz MARK 3300

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University of Texas, Rio Grande Valley *

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3300

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Marketing

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Feb 20, 2024

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docx

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Uploaded by ColonelNewtMaster52

1.Market segmentation is the process of _______. excluding certain classes of consumers dividing a market into smaller, more defined categories adding segments of consumers to increase the overall market reducing costs associated with marketing efforts 2.Segmentation can be beneficial for consumers because they _______. can enjoy buying virtually identical products from different companies won’t be pressured to exhibit brand loyalty are likely to receive 10,000 more advertising messages per day won’t be flooded with messages that aren’t pertinent to them 3.What is one of the advantages to the business of using market segmentation? Greater focus on the customers who matter most Limited product development Diffused brand loyalty Increased market size 4.Iconic wedding gown designer Vera Wang uses multiple segmentation bases to more accurately reach those who are planning a wedding. Which two variables are most important to Vera Wang’s business success? Demographic (gender) and behavioral (occasion) Geographic (language) and demographic (life cycle) Psychographic (lifestyle) and geographic (location) Demographic (age) and behavioral (usage)

5.Firmographics are used to segment business customers. Firmographics describe business characteristics in the way _______ describe final consumer characteristics. psychogr aphics geographi c factors demograp hics behaviora l factors 6._____ allow(s) marketers to listen to and assess the needs of the market and to discover ways to satisfy the unmet needs of customers, target markets, and prospective clients. Marketing research Marketing listening tools Community conversations Collaboration and ethical behavior 7.Marketing intelligence is essential to businesses trying to identify _______ in the external environment. sustainable variables on-trend company products opportunities and threats internal data 8.Market research analysts are charged with many responsibilities across industries, but the most important role is the ability to do what? Make informed marketing decisions Use Stata or SPSS software Communicate findings occasionally

Understand all business financial reports 9.How might marketers ethically gather external data to use in intelligence analysis? Combine social media, publications, and subscription services Surreptitiously rifle through trash gathered from competitors’ dumpsters Use the dark web Mine data from internal databases 10.What is the major difference between primary and secondary data? Primary data is unique information that is collected by the specific researcher with the current project in mind, and secondary data already exists somewhere. Secondary data from internal documents is always reviewed first, and primary data collection builds on those findings. Secondary or syndicated data must be purchased, and primary data collection is free. Primary data can be collected and accessed quickly, while secondary data is more difficult to compile and analyze.

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Chapters 5 & 6 Quiz MARK 3300

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