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Targeting Attractive Market Segments

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Chapter 06

Targeting Attractive Market Segments

 
Multiple Choice Questions
 

1. _____ is the process by which a market is divided into distinct subsets of customers with similar needs and characteristics that lead them to respond in similar ways to a particular product offering and marketing program. 
A. Market capitalization
B. Market segmentation
C. Brand positioning
D. Marketing mix

Answer:

Level of Difficulty: Easy

Page: 141

 

2. _____ entails designing product offerings and marketing programs that can establish an enduring competitive advantage in the target market by creating a unique brand image, or position, in the customer’s mind.

A. Brand positioning
B. Market segmentation
C. Brand preference
D. Brand dilution

Answer:

Level of Difficulty: Easy

Page: 141

 

3. Identify the scenario emphasizing the impact of income on consumer markets that are segmented demographically.

A. MobServ, a mobile service provider, focusing attention on the 65-plus segments to improve market penetration
B. CarsForWomen Inc. launching an online information service aimed at women to directly influence eight out of ten vehicle purchases
C. Cyan Mobiles launching a subsidiary to create an ultra-exclusive mobile telephone targeting customers who buy luxurious products
D. GloGarments creating needs for specialized goods and services due to increase in the number of men opting for neon clothing

Answer:

Level of Difficulty: Hard

Page: 145

 

4. Carol’s Trio, an upscale retail chain, stocks and sells only Spanish, German, and French products. Trio is an example of segmenting a market by _____.

A. age

B. ethnic origin

C. education

 

 

D. income

Answer:

Level of Difficulty: Easy

Page: 145

 

5. _____ divides the market according to the characteristics of the buying organization using attributes such as age of firm, firm size, and industry affiliation.

A. Microsegmentation

B. Geographic segmentation

C. Behavioral segmentation

D. Macrosegmentation

Answer:

Level of Difficulty: Easy

Page: 146

 

6. In _____, customers are grouped by the characteristics of the individuals who influence the purchasing decision.

A. microsegmentation

B. geographic segmentation

C. demographic segmentation

D. macrosegmentation

Answer:

Level of Difficulty: Easy

Page: 146

 

7. AdventureBikes targets wilderness enthusiasts and introduced special robust bikes for them. PowerDrink’s target market comprises tennis players who need to replenish water and salts lost through perspiration. These are examples of _____ segmentation that is based on target consumers’ activities.

A. demographic

B. geographical

C. geodemographic

D. behavioral

Answer:

Level of Difficulty: Medium

Page: 147

 

8. When consumers evaluate product alternatives on the basis of desired characteristics and how valuable each characteristic is to them, it is referred to as _____.
A. benchmarking
B. productivity paradox
C. choice criteria
D. paradox of thrift

Answer:

Level of Difficulty: Easy

 

 

Page: 147

 

9. Which of the following statements is true of behavioral segmentation?

A. It is useful in assessing the size and market potential of a market segment defined by a particular trade area.

B. It identifies a common purchasing structure across all organizational markets.

C. It is based on who the target customers are and where they live.

D. It identifies new markets even among homogeneous demographic groups when segmented by lifestyle.

Answer:

Level of Difficulty: Medium

Page: 148

 

10. Which of the following is true of principle-oriented consumers?
A. They are motivated by abstract and idealized criteria.
B. They shop for products that demonstrate the consumer's success.
C. They are guided by the need for social or physical activity and variety.
D. They are motivated by risk-taking.

Answer:

Level of Difficulty: Medium

Page: 149

 

11. A(n) _____ consumer shops for products that demonstrate the consumer’s success.

A. principle-oriented

B. action-oriented

C. resource-oriented

D. status-oriented

Answer:

Level of Difficulty: Easy

Page: 149
 
12. _____ is the degree to which buying activity is centralized and influences a buyer to consider all transactions with a given supplier on a global basis, to emphasize cost savings, and to minimize risk. 
A. Brand parity
B. Purchasing structure
C. Choice criteria
D. Purchasing influence

Answer:

Level of Difficulty: Easy

Page: 149

 

13. A(n) _____ refers to a recurring buying situation handled on a routine basis.

A. straight rebuy

B. old rebuy

 

 

C. modified rebuy

D. new buy

Answer:

Level of Difficulty: Easy

Page: 150

 

14. Which of the following buying situations occurs when some element, such as price or delivery schedules, has changed in a client–supplier relationship? 
A. A straight rebuy
B. An old rebuy

C. A modified rebuy

D. A new buying situation

Answer:

Level of Difficulty: Easy

Page: 150

 

15. What is the first step in constructing a market attractiveness/competitive position matrix for evaluating potential target markets?

A. Selecting market attractiveness and competitive position factors

B. Choosing segments to target and allocate resources

C. Rating segments on each factor and plotting results on matrices

D. Projecting future position for each segment

Answer:

Level of Difficulty: Easy

Page: 152
 

16. In which of the following steps of evaluating potential target markets is the market-attractiveness/competitive-position matrix plotted?

A. Choosing segments to target and allocating resources

B. Projecting future position for each segment

C. Rating segments on each factor

D. Assigning numerical weights to the factors

Answer:

Level of Difficulty: Medium

Page: 154-155

 

17. Based on the market attractiveness/competitive position matrix, which of the following strategies should a firm consider when the market attractiveness is moderate and the competitive position is weak? 
A. It should expand without high risk or minimize investment and focus on operations.
B. It should withdraw if indications of sustainable growth are lacking.

C. It should emphasize profitability by increasing productivity.

D. It should seek ways to increase current earnings without speeding market's decline.

Answer:

Level of Difficulty: Hard

 

 

Page: 157

 

18. Based on the market attractiveness/competitive position matrix, which of the following strategies should a firm consider when the market attractiveness is low and the competitive position is strong?

A. It should build selectively on strengths and invest to improve position only in areas where risk is low.

B. It should emphasize profitability by increasing productivity and build up ability to counter competition.

C. It should protect current strengths of the firm and seek ways to increase current earnings without speeding market’s decline.

D. It should invest more to grow at a maximum rate and concentrate on maintaining strength.

Answer:

Level of Difficulty: Easy

Page: 157

 

19. Based on the market attractiveness/competitive position matrix, which of the following strategies should a firm consider when the market attractiveness is high and the competitive position is strong?

A. It should protect existing strengths and invest to improve position only in areas where risk is low.

B. It should defend its current position and stop all further investments.

C. It should sell when possible to maximize cash value and cut fixed costs in the meantime.

D. It should invest more to grow at a maximum rate and concentrate on maintaining strengths.

Answer:

Level of Difficulty: Easy

Page: 157

 

20. Which of the following is true of a mass-market strategy?

A. It involves serving one or more segments with customers seeking somewhat-specialized benefits from a product.

B. It works on the principle that an undifferentiated marketing strategy generates more sales than a differentiated strategy.

C. It involved using a differentiated marketing strategy to decrease manufacturing and promotion costs.

D. It involves designing a single product-and-marketing program that will appeal to the largest number of consumers.

Answer:

Level of Difficulty: Medium

Page: 157

 

21. Which of the following market strategies is often favored by smaller companies to avoid direct confrontations with larger firms while building volume and share?

A. A niche-market strategy

B. A growth-market strategy

 

 

C. A resource-market strategy

D. A mass-market strategy

Answer:

Level of Difficulty: Medium

Page: 158

 

Essay Questions
 

22. What are the steps in a market segmentation process?

Level of Difficulty: Medium

Page: 143–144

 

23. Briefly discuss the market attractiveness and competitive position factors.

 

sustainable competitive advantage is often a trap.

Level of Difficulty: Medium

Page: 153

 

24. Explain niche-market and growth-market strategies with relevant examples. 

Answer: Niche-market strategy involves serving one or more segments that, while not the largest, consist of a sufficient number of customers seeking somewhat-specialized benefits from a good or service. For example, overall coffee consumption is down in some countries, but the sales of gourmet coffees in coffee bars such as Starbucks or Coffee Republic have boomed in recent years. Businesses pursuing a growth-market strategy often target one or more fast-growth segments, even though these segments may not currently be very large. It is a strategy often favored by smaller companies to avoid direct confrontations with larger firms while building volume and share. Such a strategy usually requires strong R&D and marketing capabilities to identify and develop products appealing to newly emerging user segments, plus the resources to finance rapid growth. The problem, however, is that fast growth, if sustained, attracts large competitors. This happened to Apple when IBM entered the personal computer industry. The goal of the early entrant is to have developed an enduring competitive position via its products, service, distribution, and costs by the time competitors enter.

Level of Difficulty: Hard

Page: 157–159

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[Solved] Targeting Attractive Market Segments

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  • Submitted On 06 Mar, 2018 09:20:55
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Chapter 06 Targeting Attractive Market Segments Multiple Choice Questions 1. _____ is the process by which a market is divided into distinct subsets of customers with similar needs and characteristics that lead them to respond in similar ways to a particular product offering and marketing program. A. Market capitalization B. Market segmentation C. Brand positioning D. Marketing mix Answer: Level of Difficulty: Easy Page: 141 2. _____ entails designing product offerings and marketing programs that can establish an enduring competitive advantage in the target market by creating a unique brand image, or position, in the customer’s mind. A. Brand positioning B. Market segmentation C. Brand preference D. Brand dilution Answer: Level of Difficulty: Easy Page: 141 3. Identify the scenario emphasizing the impact of income on consumer markets that are segmented demographically. A. MobServ, a mobile service provider, focusing attention on the 65-plus segments to improve market penetration B. CarsForWomen Inc. launching an online information service aimed at women to directly influence eight out of ten vehicle purchases C. Cyan Mobiles launching a subsidiary to create an ultra-exclusive mobile telephone targeting customers who buy luxurious products D. GloGarments creating needs for specialized goods and services due to increase in the number of men opting for neon clothing Answer: Level of Difficulty: Hard Page: 145 4. Carol’s Trio, an upscale retail chain, stocks and sells only Spanish, German, and French products. Trio is an example of segmenting a market by _____. A. age B. ethnic origin C. education D. income Answer: Level of Difficulty: Easy Page: 145 5. _____ divides the market according to the characteristics of the buying organization using attributes such as age of firm, firm size, and industry affiliation. A. Microsegmentation B. Geographic segmentation C. Behavioral segmentation D. Macrosegmentation Answer: Level of Difficulty: Easy Page: 146 6. In _____, customers are grouped by the characteristics of the individuals who influence the purchasing decision. A. microsegmentation B. geographic segmentation C. demographic segmentation D. macrosegmentation Answer: Level of Difficulty: Easy Page: 146 7. AdventureBikes targets wilderness enthusiasts and introduced special robust bikes for them. PowerDrink’s target market comprises tennis players who need to replenish water and salts lost through perspiration. These are examples of __...
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