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Exam 9: Market Segmentation, Targeting, and Positioning

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Question 51

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Which of the following statements regarding market segmentation is most accurate?

A) Even if a firm finds only one potential market segment, it should take advantage of the opportunity no matter what.
B) Market segmentation only works for large corporations because small businesses don't have a lot of money either for the process or the corresponding actions.
C) You should not try market segmentation unless you are willing to create or carry additional products.
D) If a business firm goes to the trouble and expense of segmenting its markets, it expects to reveal a way to increase sales, profits, and return investment.
E) Market segmentation strategies work less than 25% of the time, however, for the times it does work, the benefits more than compensate for previous failures.

F) A) and B)
G) A) and C)

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Question 52

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Which of the following statements regarding market segmentation is most accurate?

A) The bases for segmenting markets and the bases of selecting the segments from the alternatives are basically the same.
B) If a new segment is identified as having high growth potential, it is important to alter the company's organizational objectives.
C) The bases for segmenting markets and the bases of selecting the segments are considerably different from one another.
D) Expected growth is entirely dependent upon the marketing actions a firm is willing to take.
E) There are three criteria used for selecting a target segment-potential profits-relative market share-and consensus amongst the firm's decision makers.

F) B) and D)
G) C) and D)

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Question 53

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Market segmentation is only a means to an end.In economist's terms, market segmentation relates supply (the organization's marketing program) to demand (__________) .

Airlines have developed frequent-flier programs to encourage passengers to use the same airline repeatedly.This technique uses

Explain what a market-product grid is and how it is used.

What are the three types of data needed from consumers to develop a perceptual map?

Name Maker is an online company that sells high-end gift wrap printed with custom slogans.A customer can have gift wrap printed with the name of the person celebrating a birthday or the folks who are getting married.This made-to-order gift wrap is priced from $24.95 to $32.95 per 12-foot roll.This is an example of

FIGURE 9-4 -Figure 9-4 above shows the market-product grid for a Wendy's restaurant next to a large urban university campus.Operations and production synergies and efficiencies run __________.

Changing the place an offering occupies in consumers' minds relative to competitive products is referred to as

FIGURE 9-7 -There are five key steps in segmenting and targeting markets, which link market needs of customers to the organization's marketing program.Using Figure 9-7, identify the five-step process in the proper order starting with step 1.

Many companies have cut travel budgets, so that very few business people are authorized to fly first class.Despite the shrinking pool of business-class travelers, British Airways (BA) has grown market share for its transatlantic business class by offering greater comfort.Promotions to frequent fliers stress that passengers can sleep in fully reclining seats and arrive refreshed to carry out a full day's schedule.BA's strategy is an example of

FIGURE 9-5 -In the Apple market-product grid shown above in Figure 9-5, for its PCs, the "iMac" is popular among all the segments Apple can target.This allows Apple to enjoy __________.

Market segmentation involves aggregating prospective buyers into groups that (1) will respond similarly to a marketing action and (2)

A marketing manager must be able to put a market segmentation plan into effect.This means being able to recognize the characteristics of potential buyers in a market and then __________ without encountering excessive costs.

The axes on a perceptual map are

To create a __________ strategy, nikeid.com allows customers to visit its Web site and design a sneaker to their own personal specifications.

Segmentation based on some observable actions or attitudes by prospective customers-such as where they buy, what benefits they seek, how frequently they buy, and why they buy is referred to as

A basic test of the usefulness of the market segmentation process is whether it leads to tangible marketing actions that can

Street & Smith publishes the same baseball magazine with exactly the same stories but with 16 different covers to appeal to baseball fans in 16 different regions of the U.S.Four samples are shown in Figure 9-2 above.What is the market segmentation strategy?

The third step in segmenting and targeting markets is to __________.