Marketing Chapter 3 Multiple-choice

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Marketing terms chapter 3 multiple choice

  
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  • 1. 
    A market consists of:
    • A. 

      A group of potential customers with similar needs who are willing to exchange something of value.

    • B. 

      Various kinds of products with similar characteristics.

    • C. 

      Sellers offering substitute ways of satisfying needs.

    • D. 

      All the firms within a particular industry.

    • E. 

      Both a and c.


  • 2. 
    A market in which sellers offer various close substitute ways of satisfying the market's needs is called a:
    • A. 

      Generic market.

    • B. 

      Relevant market.

    • C. 

      Product-market.

    • D. 

      Central market.

    • E. 

      Homogeneous market.


  • 3. 
    Which of the following is the best example of a "generic market"?
    • A. 

      The expensive ten-speed bicycle market

    • B. 

      The U.S. college student creative expression market

    • C. 

      The photographic market

    • D. 

      The pet food market

    • E. 

      The teenage market


  • 4. 
    A generic market
    • A. 

      Competitor might have only a tiny market share in the generic market but a large share in its product-market.

    • B. 

      Often includes consumers who will satisfy the same need in quite different ways.

    • C. 

      Often involves sellers who compete in different product-markets.

    • D. 

      All of the above are true.

    • E. 

      None of the above are true.


  • 5. 
    A firm's "relevant market for finding opportunities":
    • A. 

      Should be as large as possible.

    • B. 

      Should have no geographic limits.

    • C. 

      Should be no larger than its present product-market.

    • D. 

      Should always be named in product-related terms.

    • E. 

      None of the above is a true statement.


  • 6. 
    Market segmentation:
    • A. 

      Tries to find heterogeneous submarkets within a market.

    • B. 

      Means the same thing as marketing strategy planning.

    • C. 

      Assumes that most submarkets can be satisfied by the same marketing mix.

    • D. 

      Assumes that any market is likely to consist of submarkets.

    • E. 

      All of the above are true statements.


  • 7. 
    Naming broad product-markets is:
    • A. 

      An assorting process

    • B. 

      A disaggregating process

    • C. 

      A segmenting process

    • D. 

      An accumulating process

    • E. 

      An aggregating process


  • 8. 
    Segmenting:
    • A. 

      Is essentially a disaggregating or "break it down" process.

    • B. 

      Assumes that all customers can be grouped into homogeneous and profitable market segments.

    • C. 

      Tries to aggregate together individuals who have similar needs and characteristics.

    • D. 

      Usually results in firms aiming at smaller and less profitable markets.

    • E. 

      Assumes that each individual should be treated as a separate target market.


  • 9. 
    "Good" market segments are those which are:
    • A. 

      Heterogeneous within.

    • B. 

      Operational.

    • C. 

      Homogeneous between.

    • D. 

      Substantial--meaning large enough to minimize operating costs.

    • E. 

      All of the above.


  • 10. 
    Having segmented its market, the Martinez Corp. has decided to treat each of two submarkets as a separate target market requiring a different marketing mix.  Apparently, Martinez is following the _______ target market approach.
    • A. 

      Single

    • B. 

      Combined

    • C. 

      Multiple

    • D. 

      Separate

    • E. 

      General


  • 11. 
    Segmenting and combining are two alternate approaches to developing market-oriented strategies.  Which of the following statements concerning these approaches is TRUE?
    • A. 

      Combiners treat each submarket as a separate target market.

    • B. 

      Segmenters try to develop a marketing mix that will have general appeal to several market segments.

    • C. 

      A combiner looks at various submarkets for similarities rather than differences.

    • D. 

      A segmenter assumes that the whole market consists of a fairly homogeneous group of customers.

    • E. 

      Both segmenters and combiners try to satisfy some people very well rather than a lot of people fairly well.


  • 12. 
    Behavioral segmenting dimensions do not include:
    • A. 

      Benefits offered

    • B. 

      Kind of shopping involved

    • C. 

      Brand familiarity

    • D. 

      Family life cycle

    • E. 

      Type of problem solving


  • 13. 
    When segmenting a product-market, a marketing manager should keep in mind that:
    • A. 

      Demographic dimensions are usually the best place to start.

    • B. 

      Qualifying dimensions help identify which customers are in the product-market.

    • C. 

      Determining dimensions re relevant in business markets, but not consumer markets.

    • D. 

      Most markets should initially be defined based on features of alternative products available to customers.

    • E. 

      It's usually best to focus on a single segmenting dimension rather than trying to consider several all at once.


  • 14. 
    Which of the following types of dimensions would be the most important if one were particularly interested in why some target market was likely to buy a particular brand within a product-market?
    • A. 

      Primary dimensions

    • B. 

      Secondary dimensions

    • C. 

      Qualifying dimensions

    • D. 

      Determining dimensions

    • E. 

      Both a and c above.


  • 15. 
    International marketing:
    • A. 

      Requires more segmenting dimensions than domestic marketing.

    • B. 

      Adds just one step to other segmenting approaches.

    • C. 

      Requires segmenting by country or region first.

    • D. 

      Usually involves working with data that is less available and less dependable.

    • E. 

      All of the above are true statements.


  • 16. 
    In the seven-step approach to market segmentation,
    • A. 

      The first step is to select the broad product-market.

    • B. 

      Determining needs are identified before qualifying needs.

    • C. 

      The example is about apartment buildings in cities with large student populations.

    • D. 

      Submarkets are quickly identified without considering all potential customers' needs.

    • E. 

      None of the above.


  • 17. 
    Which of the following statements about clustering techniques is TRUE?
    • A. 

      Clustering techniques try to find dissimilar patterns within sets of customer-related data.

    • B. 

      Computers are usually needed to search among all of the data for homogeneous groups of people.

    • C. 

      Computers identify the relevant dimensions and do the analysis.

    • D. 

      A cluster analysis of the toothpaste market indicated that most consumers seek the same benefits.

    • E. 

      All of the above are true.


  • 18. 
    Which of the following statements about customer relationship marketing (CRM) is TRUE?
    • A. 

      Instead of segmenting information, CRM uses information on a customer's past purchases.

    • B. 

      Amazon.com is a good example of a firm that uses CRM.

    • C. 

      Firms that operate on the Internet may be able to communicate with their customers faster than other firms, but the costs of doing so are higher.

    • D. 

      CRM is a variation of the positioning approach.

    • E. 

      All of the above are true.


  • 19. 
    "Positioning":
    • A. 

      Involves a packaged-goods manufacturer's attempt to obtain the best possible shelf space for its products in retail outlets.

    • B. 

      Is useful for segmenting but not combining.

    • C. 

      Helps strategy planners understand how customers think about various brands or products in relation to each other.

    • D. 

      Applies only to existing products, not new products.

    • E. 

      Eliminates the need for subjective decision making in product planning.


  • 20. 
    "Positioning" is concerned with
    • A. 

      How current target customers think about the products available from one company.

    • B. 

      How customers think about the competing brands in a market.

    • C. 

      An analysis of the design strengths and weaknesses of products in a market.

    • D. 

      The economic factors that affect consumer choices among alternative brands.

    • E. 

      None of the above is true.


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