Question 1

A market segment profile provides customers with an understanding of how a business can use its capabilities.

Accepted Answer

A) True 
 B)False  False

Question 2

To find a target market, a firm can use the:

Accepted Answer

A)   total market strategy and the undifferentiated strategy.
B)   product differentiation strategy and the customer differentiation strategy.
C)   demographic strategy and the psychographic strategy.
D)   socioeconomic strategy and the psychological strategy.
E)   undifferentiated strategy, the concentrated strategy, and the differentiated strategy.

Question 3

A person who has buying power also has the authority to buy.

Accepted Answer

A) True 
 B)False

Question 4

Several conditions must exist for market segmentation to be successful. These conditions include all of the following except:

Accepted Answer

A)   the total market should be divided so that segments can be compared on sales potential, costs, and profits.
B)   customers' needs for the product must be homogeneous.
C)   the company must be able to reach the chosen segment with a particular marketing mix.
D)   segments must be identifiable and divisible.
E)   at least one segment must have enough profit potential to justify developing and maintaining a special marketing mix for that segment. B

Question 5

Which of these statements is not true about business markets?

Accepted Answer

A)   the purchase may be made to resell the item
B)   the purchase is always made by more than one individual
C)   the purchase may be made to use in general daily operations
D)   the purchase may be made to use in production of another product
E)   they can also be referred to as organizational markets

Question 6

The ability to purchase a product is a function of ______

Accepted Answer

A)   buying power.
B)   desire.
C)   willingness.
D)   authority.
E)   needs.

Question 7

Segmentation variables are characteristics of individuals, groups, or organizations in a total market.

Accepted Answer

A) True 
 B)False  True

Question 8

Using an example compare and contrast the undifferentiated and differentiated approach to the market segmentation.

Accepted Answer

Segmentation is a popular approach to id...

Question 9

What are the conditions under which an undifferentiated targeting strategy is effective? Why are these conditions essential?

Accepted Answer

The essence of value added is generally ...

Question 10

The four requirements of a market are that the individuals in the market must have a need for the product and the ability, willingness, and authority to buy it.

Accepted Answer

A) True 
 B)False

Question 11

A market segment profile deals primarily with demographic characteristics.

Accepted Answer

A) True 
 B)False

Question 12

When marketing research shows that a group of people does not desire a particular product, the people in that group:

Accepted Answer

A)   are a market.
B)   do not have the ability to purchase the product.
C)   do not have the authority to purchase the product.
D)   are not a market for the product.
E)   are a market but will not purchase the product.

Question 13

Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products is a(n) :

Accepted Answer

A)   business market.
B)   market.
C)   undifferentiated market
D)   segmented market
E)   market variable

Question 14

The process of dividing a total market into market groups because people within each group have relatively similar product needs is called:

Accepted Answer

A)   segmentation.
B)   diversification.
C)   target marketing.
D)   concentration.
E)   customization.

Question 15

The concentrated targeting strategy is one in which an organization directs its marketing efforts toward a single market segment through one marketing mix.

Accepted Answer

A) True 
 B)False

Question 16

The five-step process usually used for target market selection includes identifying the appropriate targeting strategy, determining which segmentation variables to use, developing market segment profiles, evaluating relevant market segments, and deciding which targeting strategy to use.

Accepted Answer

A) True 
 B)False

Question 17

Segmentation variables are usually grouped into four categories:

Accepted Answer

A)   demographic, geographic, religion, and income.
B)   geopolitical, income, behavioristic, and psychographic.
C)   attitudes, lifestyles, behaviors, and gender.
D)   geographic, demographic, psychographic, and attitudes.
E)   demographic, geographic, psychographic, and behavioristic.

Question 18

In order to be considered a market, people do not have to have:

Accepted Answer

A)   a need or desire for a particular product.
B)   the ability to purchase the product.
C)   discretionary income to purchase the product.
D)   the willingness to use their buying power.
E)   the authority to buy the specific products.

Question 19

Which of the following is not a characteristic of a consumer market?

Accepted Answer

A)   it consists of purchasers who intend to consume or benefit from the purchased products
B)   they do not buy products for the main purpose of making a profit
C)   they are sometimes referred to as B2C markets
D)   their purchasing decisions are always made by only one individual
E)   each of us belongs to numerous markets of this type

Question 20

One problem with using psychographic variables for segmentation purposes is that they are difficult to measure accurately.

Accepted Answer

A) True 
 B)False

Exam 6: Segmenting, Targeting and Positioning

A market segment profile provides customers with an understanding of how a business can use its capabilities.

Correct AnswerverifiedFalse

To find a target market, a firm can use the:

Correct AnswerverifiedShow Answer

A person who has buying power also has the authority to buy.

Correct AnswerverifiedShow Answer

Several conditions must exist for market segmentation to be successful. These conditions include all of the following except:

Correct AnswerverifiedB

Which of these statements is not true about business markets?

Correct AnswerverifiedShow Answer

The ability to purchase a product is a function of ______

Correct AnswerverifiedShow Answer

Segmentation variables are characteristics of individuals, groups, or organizations in a total market.

Correct AnswerverifiedTrue

Using an example compare and contrast the undifferentiated and differentiated approach to the market segmentation.

Correct AnswerverifiedSegmentation is a popular approach to id...View AnswerShow Answer

What are the conditions under which an undifferentiated targeting strategy is effective? Why are these conditions essential?

Correct AnswerverifiedThe essence of value added is generally ...View AnswerShow Answer

The four requirements of a market are that the individuals in the market must have a need for the product and the ability, willingness, and authority to buy it.

Correct AnswerverifiedShow Answer

A market segment profile deals primarily with demographic characteristics.

Correct AnswerverifiedShow Answer

When marketing research shows that a group of people does not desire a particular product, the people in that group:

Correct AnswerverifiedShow Answer

Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products is a(n) :

Correct AnswerverifiedShow Answer

The process of dividing a total market into market groups because people within each group have relatively similar product needs is called:

Correct AnswerverifiedShow Answer

The concentrated targeting strategy is one in which an organization directs its marketing efforts toward a single market segment through one marketing mix.

Correct AnswerverifiedShow Answer

The five-step process usually used for target market selection includes identifying the appropriate targeting strategy, determining which segmentation variables to use, developing market segment profiles, evaluating relevant market segments, and deciding which targeting strategy to use.

Correct AnswerverifiedShow Answer

Segmentation variables are usually grouped into four categories:

Correct AnswerverifiedShow Answer

In order to be considered a market, people do not have to have:

Correct AnswerverifiedShow Answer

Which of the following is not a characteristic of a consumer market?

Correct AnswerverifiedShow Answer

One problem with using psychographic variables for segmentation purposes is that they are difficult to measure accurately.

Correct AnswerverifiedShow Answer

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False

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B

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True

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Segmentation is a popular approach to id...
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The essence of value added is generally ...
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