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Question
Describe the four general bases that are used to segment consumer markets.
Answer
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Figure 2-1In Figure 2-1 above, Box A represents theA. functional level.B. board of directors.C. corporate level.D. CEO.E. strategic business unit level.
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Points of difference refer toA. the fundamental, passionate, and enduring principles of an organization that guide its conduct over time.B. the cluster of benefits that an organization promises customers to satisfy their needs.C. a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation.D. those characteristics of a product that make it superior to competitive substitutes.E. the use of percentage points of market share to allocate marketing resources effectively for different product lines within the same firm.
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Market segmentation refers toA. identifying small groups of customers with dissimilar needs.B. aggregating prospective buyers into groups and selecting only those whose needs cannot be met by competitors' products.C. aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action.D. aggregating different products into more reasonable product groupings to better serve consumers' needs.E. those characteristics of a product that make it superior to competitive substitutes.
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Figure 2-7Quadrant A in Figure 2-7 above represents a(n) __________ in a SWOT analysis.A. ThreatB. WeaknessC. StrengthD. OpportunityE. Market segment
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Which statement best describes the most significant difference between a for-profit organization or a business firm and a nonprofit organization?A. Business firms operate with larger budgets than nonprofits.B. Nonprofit organizations do not carry on economic activities while business firms do.C. Nonprofit organizations are concerned with social issues and business firms are not.D. Both serve customers, but business firms seek a profit while nonprofit organizations do not.E. Nonprofit organizations are publicly owned and business firms are privately owned.
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The five major environmental forces in a marketing decision areA. climate change, natural resources, pollution, natural disasters, and global conflict (war).B. social, technological, economic, competitive, and regulatory.C. corporate ownership, internal management, supplier partnerships, strategic alliances, and customer relationships.D. product, price, promotion, place, and people.E. ethics, sustainability, cultural awareness, diversity, and values.
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Which of the following is NOT an environmental force?A. technologicalB. regulatoryC. ecologicalD. competitiveE. economic
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The marketing mix refers toA. the selection of product benefits and attributes that are to be added to or subtracted from a given product to create variations within a product line.B. the specific ratio within a budget that divides resources between advertising, sales promotion, and personal selling.C. the marketing manager's controllable factors - product, price, promotion, and place - that can be used to solve a marketing problem.D. the allocation of resources within a firm towards individual marketing programs.E. the environmental forces - social, economic, technological, competitive, and regulatory - that impact the marketing decisions for a particular product at any given time.
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A need refers toA. a sense of personal inadequacy based upon observations by others around you.B. a sense of urgency, which causes a person to take action.C. a feeling that is shaped by a person's knowledge, culture, or personality.D. a feeling of being deprived of something, but not fully understanding what it may be.E. a situation when a person feels deprived of basic necessities such as food, clothing, and shelter.
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The first objective in marketing is to discover consumers' __________.A. diversity of opinion to create advertising messagesB. income to determine the most lucrative price point for a productC. lifetime value of an offering to the organizationD. characteristics that would be useful to segment marketsE. needs to create products that could satisfy them
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Which of the following conditions are necessary for marketing to occur?A. a changing environment, a method of assessing needs, a way to communicate, and an exchange locationB. parties with cash or credit, a product, a reasonable price, and a place to make an exchangeC. a quality product, a fair price, a clever method of promotion, and a place where a customer can buy the productD. two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchangeE. an ability to see a trend within an environmental force, a product, and an affordable and actionable advertising campaign
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Profit refers toA. the point at which a company's assets equal its liabilities plus shareholder equity.B. the difference between the list and final price of a product or service.C. the money earned when the economic order quantity is minimized.D. the money left over after a business firm's total expenses are subtracted from its total revenues.E. the total amount of revenue accrued through product sales or service distribution.
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The acronym SWOT, as in SWOT analysis, stands for __________.A. strengths, weaknesses, opportunities, and tacticsB. strengths, weaknesses, options, and tacticsC. strengths, weaknesses, opportunities, and threatsD. simple, workable, optimal, and timelyE. state the problem, work out a strategy, organize your team, and take action
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While many commercials that use humorous appeals gain the attention of the audience, they
A. are most effective because they work so well for global campaigns.
B. contain no information to help consumers.
C. do not appeal to either men or women.
D. wear out quickly, boring the consumer.
E. don't appeal to the Generation Y cohort.