MKG 300-7 Chapter 4 Review

which of the following is most likely to happen in a generic market
different products that achieve the same purpose- generic brands
a ___ market is a market with broadly similar needs and sellers offering various and often diverse-ways of satisfying those needs
generic
a generic market
looks at markets broadly and from a customer’s viewpoint
a transistor radio, an MP3 Player and a CD player might compete in the same
generic market
a pencil, dictating machine and word processor might compete in the same
generic market
which of the following is LEAST LIKELY to compete in the same generic market with the others?
a product market is a market in which
final goods and services are offered for purchase by consumers, businesses and the public sector.
focusing on the sale of finished goods, it does not include trading in raw or other intermediate materials

customer type
product type
customer needs
geographic area

which of the following is not true of a product market?
information about which specific retailers will sell the product
a firms “relevant market for finding opportunities” should
be bigger than the present product-market but not so large that it couldnt expand and still be an important competitor
the customer type component of the product market should include
identify the final consumer/user of the product
avoid treating intermediaries as a customer-type
customer type
refers to the final consumer or user of the product type
why are product-market boundaries important?
sets the limits of the market in which the product will compete
the disaggregating step in market segmentation involves
brainstorming about very different solutions to various generic needs and selecting some broad areas- broad product markets- where the firm has some resources and experience
the marketing management team for Dada Motors brainstormed a variety of solutions to the problem of how to transport people in the world. This process came during the ___ step in the market segmentation process
disaggregating
market segmentation
is a two step process of naming broad product-markets and segmenting these broad product-markets in order to select a target market and develop suitable marketing mixes
usually fails for first time users because they start with a whole mass market that targets one or two demographic characteristics to divide up the market.
given its interest in the broad product-market for “ready-to-eat, health-conscious snack foods”, which of the following should the Good Health Foods Co. do First
segment the product market to try to identify homogeneous submarkets and select an attractive target market
marketing managers want market segments to have each of the following characteristics EXCEPT
as numerous as possible
Jazzy Tile Co. segmented its broad product-market and decided to aim at two different segments, offering each segment a different marketing mix. Jazzy Tile Co. is following the ___ appproach
multiple target market approac
the combined target market approach
segmenting the market and choosing two or more segments, then treating each as a separate target market needing a different marketing mix
having segmented its broad target market, Blue Chip Inc. feels that three segments are similar enough that together they can be treated as one large target market and offered the same marketing mix
combined target market
a producer of electrical components combined electrical supply wholesales and manufacturers of electrical equipment into the same market segment, one of several segments it was targeting. soon it lost the manufacturer’s business to a competitor. it seems that the firm failed to consider the risk of
too much aggregating
segments, in contrast to combiners
try to aim at a homogeneous submarket of larger product-markets
which of the following statements about characteristics of market-oriented strategy planning is true?
Once a broad product-market is segmented, marketing managers can use one of three approaches to market-oriented strategy planning: (1) the single target market approach, (2) the multiple target market approach, or (3) the combined target market approach.
which of the following statements iterates that combiners make compromises in developing the marketing mix
try to increase the size of their target market by combining two or more segments- look at various submarkets for similarities than differences – extend or modify basic offering to appeal to these combined customers with only one marketing mix
EX: bikes – for exercise and off road adventures – makes compromises with marketing mix because combiners dont try to fine tune each element of the marketing mix to appeal to each customer
which of the following tasks should a segmenter be involved in
fine tune their marketing mixes for each target
market
hope to increase sales by getting a much larger share of the business in the markets they target
build close relationships with customers so there really is no competition
segmenting dimensions
behavioral: needs, benefits sought, thoughts, purchase relationship
geographic: region of the world, region in country, size of city
demographic: income, sex, age, family cycle of life, occupation, education, social class
homogeneous within: the customers in different segments should be as similar as possible in respect to their likely responses to marketing mix variables in their segmenting demension
heterogeneous within: the customers in different segments should be as different as possible with respect to their likely responses to marketing mix variable in their segmenting dimension
substantial: the segment should be big enough to be profitable
operational: the segmenting dimension should be useful for identifying customers and deciding on marketing mix variables MOST IMPORTANT
target marking dimensions should influence all the following strategy decisions except
identify the core benefits that mist be offered to everyone in a product-market
deciding whether they want to serve customers they really dont want to serve
buyer personas
which of the following would be a determining dimension for a customer who needs to buy a marketing textbook
demographic
strategy decisions pertaining to product features, packaging, product line assortment and branding will be most affected by which target market dimension
behavioral needs and attitudes of consumers
behavioral segmenting dimensions include
needs, benefits sought, thought, purchase relationship, rate of use, brand familiarity, RATHER THAN DEMOGRAPHIC: income, gender, age, family life cycle, education, ethnicity
Coorgs Coffee Inc. has substantial market share in south america but seeks growth. Its managers want to ex[and into north america and target cities with populations of 50-99k people. identify the segmenting dimension most probable being used
geographic
when hallmark stores offer a product line that includes everything you need to have a spiderman theme birthday party, what is the primary segmenting dimension they are using
behavioral – benefits sought
deciding whether a group of customer should be included in a target market is the purpose of ___ dimension
demographic
compared to qualifying dimensions, determining dimensions
qualifying: relevant to including customer type in a product market, help identify core benefits. Ex. gas mileage
determining: affect the customers purchase of a product or brand, can be further segmented. Ecx. safety, ingredients in a product
which of the following is most likely to be a determining dimension with respect to purchase of a particular brand of coffee
segmenting international markets (as contrasted with domestic markets)
common international segmentation procedure classifies prospect countries geographically on a single dimension or on a set of multiple socio-economic, political, criteria available from secondary data sources (country as segments – aggregate segmentation)
two stage international segmentation:
-macro-classification of countries into different groups
-micro: consist of segmenting consumers for each country cluster identified into the first step
disaggregate international consumer segmentation: the focus is the individual consumer, one of more segmentation bases chosen and consumer segments then identified terms of consumer similarities with respect to the chosen base. they key problem is that targeting a consumer segment that is geographically dispersed can become a logistical nightmare
when moving to international markets, some firms insist that local operations and decisions should be handled by natives because
the natives have a feel for the market
clustering techniques applies to segmenting markets
usually require computers to group people based on date from market research
alpine auto repair keeps a record of customer oil changes and sends a reminded postcard to its customers when its time for the next oil change. this is an example of a ___ system
customer relationship management
when a customer orders a book at amazon, the online retailer recommends related books that have been purchased by other customers who have bought that book. amazon is using a(n)
positioning / clustering technique
customer relationship management helps consumer markets
keep profitable customers and maximize lifetime revenue from them
when a company becomes aware that a new product is being test marketed by one of its competitors, it decides to create a similar product and rush it to market. this company is a
me-too imitator
positioning is a marketing management aid that refers to
how customers think about proposed and or present brands in the market
positioning
often makes use of techniques such as perceptual mapping
managers make graphs for positioning decisions by asking consumers to make judgments about different brands
helps marketing managers know how customers view the firms offering
positioning might cause a marketing manager to
make a graph asking consumers to make judgments based on other brand
which of the following is false about positioning
issues are especially important when competitors in a market are highly dissimilar
customers have typically ___. business-to-business markets, with very large customers, have typically ___
……..
when pepsi asked its advertising agency to develop an advertising program for its mountain dew soft drink, it gave the agency a statement describing the age and fun-loving spirit of its target market and the one of a kind citrus flavor of the new product, what type of statement is this?
positioning