Test Bank For Marketing Strategy- A Decision-Focused Approach, 8th edition by John Mullins, Orville Walker test bank

advertisement
Test Bank For Marketing Strategy- A Decision-Focused
Approach, 8th edition by John Mullins, Orville Walker test
bank
Click link below to buy:
https://www.coursesexams.com/test-bank-for-marketing-strategy-a-decisionfocused-approach-8th-edition-by-john-mullins-orville-walker-test-bank/
OR
Email us at: [email protected]
OR visit:
https://www.coursesexams.com/
Product Description
INSTANT DOWNLOAD
What student Can You Expect From A Test Bank?
A test bank will include the following questions:
Description
Marketing Strategy- A Decision-Focused Approach, 8th edition by John Mullins,
Orville Walker test bank
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: b
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.
3. Brand positioning
B. Market segmentation
C. Brand preference
D.Brand dilution
Answer: a
Level of Difficulty: Easy
Page: 141
3. Identify the scenario emphasizing the impact of income on consumer markets that are
segmented demographically.
4. 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: c
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 _____.
5. age
6. ethnic origin
7. education
1. income
Answer: b
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.
6. Microsegmentation
7. Geographic segmentation
8. Behavioral segmentation
9. Macrosegmentation
Answer: d
Level of Difficulty: Easy
Page: 146
6. In _____, customers are grouped by the characteristics of the individuals who influence the
purchasing decision.
7.
8.
9.
10.
microsegmentation
geographic segmentation
demographic segmentation
macrosegmentation
Answer: a
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.
8. demographic
9. geographical
10. geodemographic
11. behavioral
Answer: d
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: c
Level of Difficulty: Easy
Page: 147
9. Which of the following statements is true of behavioral segmentation?
10. It is useful in assessing the size and market potential of a market segment defined by a
particular trade area.
11. It identifies a common purchasing structure across all organizational markets.
12. It is based on who the target customers are and where they live.
13. It identifies new markets even among homogeneous demographic groups when segmented
by lifestyle.
Answer: d
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: a
Level of Difficulty: Medium
Page: 149
11.
12.
13.
14.
15.
A(n) _____ consumer shops for products that demonstrate the consumer’s success.
principle-oriented
action-oriented
resource-oriented
status-oriented
Answer: d
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: b
Level of Difficulty: Easy
Page: 149
13. A(n) _____ refers to a recurring buying situation handled on a routine basis.
14. straight rebuy
15. old rebuy
1. modified rebuy
2. new buy
Answer: a
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
15. A modified rebuy
16. A new buying situation
Answer: c
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?
16. Selecting market attractiveness and competitive position factors
17. Choosing segments to target and allocate resources
18. Rating segments on each factor and plotting results on matrices
19. Projecting future position for each segment
Answer: a
Level of Difficulty: Easy
Page: 152
16. In which of the following steps of evaluating potential target markets is the marketattractiveness/competitive-position matrix plotted?
17. Choosing segments to target and allocating resources
18. Projecting future position for each segment
19. Rating segments on each factor
20. Assigning numerical weights to the factors
Answer: c
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.
18. It should emphasize profitability by increasing productivity.
19. It should seek ways to increase current earnings without speeding market’s decline.
Answer: a
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?
19. It should build selectively on strengths and invest to improve position only in areas where
risk is low.
20. It should emphasize profitability by increasing productivity and build up ability to counter
competition.
21. It should protect current strengths of the firm and seek ways to increase current earnings
without speeding market’s decline.
22. It should invest more to grow at a maximum rate and concentrate on maintaining strength.
Answer: c
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?
20. It should protect existing strengths and invest to improve position only in areas where risk is
low.
21. It should defend its current position and stop all further investments.
22. It should sell when possible to maximize cash value and cut fixed costs in the meantime.
23. It should invest more to grow at a maximum rate and concentrate on maintaining strengths.
Answer: d
Level of Difficulty: Easy
Page: 157
20. Which of the following is true of a mass-market strategy?
21. It involves serving one or more segments with customers seeking somewhat-specialized
benefits from a product.
22. It works on the principle that an undifferentiated marketing strategy generates more sales
than a differentiated strategy.
23. It involved using a differentiated marketing strategy to decrease manufacturing and
promotion costs.
24. It involves designing a single product-and-marketing program that will appeal to the largest
number of consumers.
Answer: d
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?
22. A niche-market strategy
23. A growth-market strategy
1. A resource-market strategy
2. A mass-market strategy
Answer: b
Level of Difficulty: Medium
Page: 158
Essay Questions
22. What are the steps in a market segmentation process?
Answer: There are three important steps in the market segmentation process:
1) Identify a homogeneous segment that differs from other segments: The process
should identify one or more relatively homogeneous groups of prospective buyers with
regard to their wants and needs and/or their likely responses to differences in the
elements of the marketing mix.
2) Specify criteria that define the segment: The segmentation criteria should measure or
describe the segments clearly enough so that members can be readily identified and
accessed, in order for the marketer to know whether a given prospective customer is or
is not in the target market and in order to reach the prospective customer with
advertising or other marketing communication messages.
3) Determine segment size and potential: Finally, the segmentation process should
determine the size and market potential of each segment for use in prioritizing which
segments to pursue.
Level of Difficulty: Medium
Page: 143–144
23. Briefly discuss the market attractiveness and competitive position factors.
Answer: Market Attractiveness Factors: Assessing the attractiveness of markets or
market segments involves determining the market’s size and growth rate and assessing
various trends— demographic, sociocultural, economic, political/ legal, technological,
and natural—that influence demand in that market. An even more critical factor in
determining whether to enter a new market or market segment, however, is the degree
to which unmet customer needs, or needs that are currently not being well served, can
be identified. In the absence of unmet or underserved needs, it is likely to be difficult to
win customer loyalty, regardless of how large the market or how fast it is growing. “Metoo” products often face difficult going in today’s highly competitive markets.
Competitive Position Factors: Understanding the attractiveness of the industry in which
one competes is also important. Entering a segment in a way that would place the firm
in an unattractive industry or increase its exposure therein may not be wise. Of more
immediate and salient concern, however, is the degree to which the firm’s proposed
product will be sufficiently differentiated from its competitors, given the critical success
factors and product life-cycle conditions already prevalent in the category. Similarly,
decision makers need to know whether their firm has or will be able to acquire the
resources it will take—human, financial, and otherwise—to effectively compete in the
new segment. Simply put, most new goods or services need to be either better from a
consumer point of view or cheaper than those they hope to replace. Entering a new
market or market segment without a source of
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
Download
Random flashcards
Pastoralists

20 Cards

African nomads

18 Cards

Create flashcards