Regarding the phrase “time is money,” what type of effect does time seemingly have on money?
A) Negative effect
The ideal goal for the marketer is to find a group of customers whose needs it can easily and profitably meet. These are known as which of the following types of customers?
A) Untapped
Which of the following statements is true regarding the size of segments?
A) As segments increase in size, it becomes more difficult to satisfy them with the same product.
Marketers identify segments best when iterating between two approaches. What are the two approaches?
A) Managerial, customer
A service called Prizm posits that MBAs who live in New York have a lot more in common with their counterparts in London, Saö Paulo, and Tokyo, than they do with their neighbors in New York who are relatively less educated or wealthy. Which of the following factors are combined in this example?
A) Geographic and demographic
Which of the following types of segments is always a tempting one for marketers to target because marketers assume that those customers can afford to purchase their goods or services?
A) Upscale
Consumers have unique needs and desires. Economists call this ______.
A) imperfect competition
An important element of an iterative segmentation is ______.
A) good customer data
The fact that snow-blowers tend to sell better in the North than in the South illustrates the importance of considering which of the following in marketing planning?
A) Climate
Which of the following is a geographic factor?
A) Market size
Which of the following means that all customers are treated the same?
A) Mass marketing
Which of the following terms refers to people who are trendy and fashionable in order to impress others and are often impulse buyers?
A) Strivers
Newlyweds are most likely to spend money on which of the following?
A) Furniture
Entrepreneurs may need to approximate Prizm and VALS data, because they are ______.
A) expensive
Opportunities are _______.
A) external and favorable
A market is easier to estimate if the target market ______.
A) is defined
Company ABC makes kitchen appliances that have many features in great demand by professional chefs whose only interest is in the foods they can produce. Based on its customers, ABC should try to dominate the market in ________.
A) quality
Company ABC is developing a marketing strategy for a new cell phone product and just discovered that ABC’s biggest competitor is launching a very similar product at almost exactly the same time. In a SWOT analysis, the competitor’s product would be a(n) ______.
A) Threat
Company ABC operates a nail salon that specializes in artificial nails. They service two groups: women who get their nails done infrequently (i.e., once or twice per year), and women who continuously wear fake nails. Thus, Company ABC has two primary _____.
A) segments
It’s always a little risky to extrapolate and predict growth, but a smart technique would be to obtain sales data in the industry and extrapolate through a(n) _________.
A) moving average
Which of the following is true about our company based on this perceptual map?
A) We dominate competitor 3 on quality.
Your company is great at making CD players, but the market for those isn’t so great right now. This scenario is associated with which of the following quadrant in a SWOT analysis?
A) Upper left
Company XYZ is considering launching a new virtual reality product. It has sized the market and it looks attractive; however, the company would also be wise to predict which of the following aspects of the market to better assess its attractiveness?
A) Growth
Based on this chart, which segment can we pass up with the fewest regrets?
A) 4
Determining which segments to target depends on an interplay between which of the following issues?
A) Quantitative and strategic
Opportunities and threats are usually driven by changes in one of the ______.
A) 5Cs
What are two perspectives in assessing each segment’s attractiveness in terms of its potential for targeting?
A) Profitability and strategic fit
A CEO is considering how he wants his company to be positioned. He has thought of it as the coolest brand and the brand with the best value. Which of the following is true about his predicament?
A) He can probably achieve either of these goals, but not both.
The positioning statement can serve as an internal memorandum, keeping all managers aligned as a basic guiding principle in all their collective decisions, which enhances the likelihood of which of the following in the results of those decisions?
A) Consistencies
Customer intimacy refers to companies that ______.
A) tailor their products to particular customer needs
Who originally described the three basic corporate strategies to creating value and achieving market stature?
A) Treacy and Wiersema
A positioning statement can be a foundation for _______.
A) communication with external audiences
If you want to sell unique wristbands to the 250 participants in a special boating event to raise funds for research for a rare disease, which of the following strategies would you select?
A) High quality product, high price, light promo, exclusive channels
Brands depicted as points in the map close together are those perceived as ______.
A) similar
Dom is reviewing a perceptual map that compares a number of jeans brands based on customer survey data. Five of the eight brands are depicted as points close together on the map. What is a logical conclusion Dom can draw from this perceptual map?
A) The five brands are viewed as most interchangeable by consumers.
Which of these companies uses a strategy of customer intimacy?
A) Verizon
Which of the following is NOT true according to this perceptual map?
A) People in segment 1 prefer Tesla or Prius to Lincoln or Lexus.
Operational excellence refers to companies that ______.
A) are good at production, delivery, price, and convenience
If a brand has an exclusive image, it would make sense to avoid ______.
A) overly promoting it
Positioning involves which of the marketing mix variables?
A) Price, promotion, product, place
Customers that care about new developments in their category and seek out new products are known as _____.
A) early adopters
Company ABC segments customers by gender, age, education, and income. Company ABC’s segmentation is based on which type of factor?
Demographic
Considering a continuum from mass marketing to one-to-one marketing, marketing segmentation is _______.
in the middle
Empty nesters tend to start dreaming of spending their greater discretionary income on _______.
travel and hobbies
Some customers are known for their expertise and involvement in a category and are willing to share information and give advice, making them likely to generate word of mouth. These people are known as market ______.
mavens
Gender, age and income are all qualities of what segmentation base?
Demographic
A popular tool for segmenting that uses psychographic data, and that is based on the belief that one’s attitudes and value system determine one’s orientation to certain products and/or brands is called ______.
Vals
Company ABC is interested in better understanding how different groups of customers feel about its product. In order to do this, Company ABC will need to ______.
segment the market
If a market looks attractive, but a firm is not particularly skilled in the market, a key question is whether the firm can develop sufficient _______.
capabilities
Most attributes and benefits in many product categories can be whittled down to ________.
price and quality
Company ABC is in the process of sizing the market for its new web-based service that allows consumers to be matched with local attorneys specializing in the area of law pertaining to the consumer’s need. The marketing team is trying to estimate the purchase decision-making process with respect to how likely it is that visitors to the site will hire an attorney identified by Company ABC. In estimating the purchase decision-making process, the marketing team should consider the elements of ____________.
awareness, trial, and repeat
The idea of targeting is merely one of ________.
selection
Company ABC’s brands and products have perceived strengths, and its marketing department needs to consider what it can do to assure that these will be sustainable _______.
competitive advantages
Strengths are ______.
internal and favorable
Which of the following questions characterizes targeting?
Which segments do we want to be our customers?
Regarding targeting, we iterate between our __________ vision of corporate strategy, and a __________ data-informed approach on segment size and profitability.
top-down, bottom-up
Marketers target certain segments because it’s __________ to try to be all things to all people.
Not advisable
Which calculation is the most accurate way to estimate the size of a market?
[population × %aware × %trial × %repeat ] × Per annum purchase
Weaknesses are ______.
internal and unfavorable
Which of the following is NOT true based on this perceptual map?
The second customer segment is seeking more to do on their holiday and is not concerned about price.
Product leadership refers to companies that ______.
Pride themselves on quality and innovation
Which of the following in perceptual maps offer(s) intriguing possibilities for new market opportunities?
Holes
When writing a positioning statement, it is a good idea to abstract from the level of the brand’s attributes to which of the following benefits to the customer?
Intangible
To write a positioning statement, you should answer all of the following questions EXCEPT:
What are your weaknesses?
If a company promotes broadly and heavily, it is probably looking to ______.
move a lot of merchandise
Which of the following is one of three basic corporate strategies for creating value and achieving market stature?
operational excellence
Which of the following combinations should be avoided?
Heavy promotion and low (exclusive) availability
In analyzing perceptual maps, one question always on the marketer’s mind is:
Is my brand optimally positioned?
Brands depicted as points in the map close together are those perceived as ______.
similar