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MRKT210: Principles of Marketing (F-M-Mann)

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My home  / ► My courses  / ► Fall 2013  / ► School of Business  / ► Marketing (MRKT)  / ► MRKT210 (F-M)  / ► September 29 - October 5  / ►Chapter 9 Quiz

Started on Sunday, October 6, 2013, 8:26 PMState Finished

Completed on Sunday, October 6, 2013, 8:54 PMTime taken 28 mins 25 secs

Grade 23.00 out of a maximum of 25.00 (92%)Question 1

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A firm that chooses to target potential customers by zip code, specific occupation, or even lifestyle is said to be practicing:

Select one:

a. mass marketing.

b. hypermarketing.

c. micromarketing. 

d. undifferentiated marketing.

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The correct answer is: micromarketing.

Question 2Correct

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A company that chooses to focus its efforts on satisfying only one market segment for profit is using a(n) _____ strategy.

Select one:

a. niche marketing 

b. societal marketing

c. undifferentiated marketing

d. mass marketing

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The correct answer is: niche marketing

Question 3Correct

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In the VALS system, action-motivated consumers are those who:

Select one:

a. have a set of ideas and morals or principles they live by.

b. are influenced by symbols of success.

c. seek physical activity, variety, and adventure. 

d. have high energy level and are eager to buy products.

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The correct answer is: seek physical activity, variety, and adventure.

Question 4Correct

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LuLuLemon Athletica, which specializes in athletic wear for women, recently launched a website featuring Ivivva, a new line of athletic and dance clothing for girls. Based on the information given in this example, LuLuLemon Athletica is using _____ segmentation to segment its markets.

Select one:

a. geographic

b. psychographic

c. demographic 

d. core based

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The correct answer is: demographic

Question 5Correct

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The marketing strategy that focuses on producing a single product and marketing it to all customers is called:

Select one:

a. concentrated marketing.

b. micromarketing.

c. mass marketing. 

d. differentiated marketing.

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The correct answer is: mass marketing.

Question 6Correct

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CoreLogix Inc., has segmented the market as per product usage rates. They have also developed the relevant profile for each of their segments. What would be the next logical step for them in this process of segmentation?

Select one:

a. Commit resources in developing one or more segments

b. Forecast market potential 

c. Forecast probable market share

d. Design specific marketing strategy

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The correct answer is: Forecast market potential

Question 7Correct

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An undifferentiated marketing strategy:

Select one:

a. involves developing different marketing mixes for different segments.

b. benefits from the control and efficiency of short production runs.

c. is also known as a concentrated marketing strategy.

d. is efficient from a production point of view. 

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The correct answer is: is efficient from a production point of view.

Question 8Correct

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The division of the total market into smaller, homogenous groups is called _____.

Select one:

a. customer aggregation

b. market capitalization

c. market segmentation 

d. brand segmentation

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The correct answer is: market segmentation

Question 9Correct

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_____ defines consumer groups according to variables such as gender, age, income, occupation, education, sexual orientation, household size, and stage in the family lifecycle.

Select one:

a. Geographic segmentation

b. End-use segmentation

c. Product-based segmentation

d. Demographic segmentation 

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The correct answer is: Demographic segmentation

Question 10Correct

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_____ is the largest metropolitan area in the world.

Select one:

a. New York

b. Tokyo 

c. Mexico City

d. London

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The correct answer is: Tokyo

Question 11Correct

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_____are those born between 1946 and 1964 and are a popular segment to target because of their numbers and income levels.

Select one:

a. Baby boomers 

b. Generation X

c. Generation Y

d. Tweens

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The correct answer is: Baby boomers

Question 12Correct

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When a product is used in the production of another good that is destined for resale, the product is considered as a(n):

Select one:

a. consumer product.

b. business product. 

c. end product.

d. used product.

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The correct answer is: business product.

Question 13Correct

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The four basic determinants of a market-specific segmentation strategy include company resources, competitors' strategies, stage in the product lifecycle, and:

Select one:

a. product demand.

b. product homogeneity. 

c. environmental constraints.

d. organizational efficiencies.

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The correct answer is: product homogeneity.

Question 14Correct

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Oscar Mayer, a marketer of a variety of meat products introduced Lunchables, a product specifically aimed at children. This is an example of:

Select one:

a. undifferentiated marketing.

b. differentiated marketing. 

c. mass marketing.

d. micromarketing.

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The correct answer is: differentiated marketing.

Question 15Correct

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Japanese automaker, Subaru, generates more than half of its sales in just four states (Alaska, Colorado, Maine, and Washington). These states constitute Subaru's:

Select one:

a. primary market.

b. core region. 

c. secondary market.

d. capital region.

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The correct answer is: core region.

Question 16Correct

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The 80/20 principle states that:

Select one:

a. market segmentation succeeds 80 percent of the time and fails the remaining 20 percent of the time.

b. roughly 80 percent of total product sales come from 20 percent of customers. 

c. nearly 80 percent of the market segment is generally tapped within first 10 years of the introduction of the product, and 20 percent remains unreached.

d. 80 percent of the market can be segmented, and 20 percent cannot.

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The correct answer is: roughly 80 percent of total product sales come from 20 percent of customers.

Question 17Correct

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As per the psychographic profiles identified by Roper, customers who value duty and tradition are called _____.

Select one:

a. intimates

b. altruists

c. devouts 

d. fun seekers

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The correct answer is: devouts

Question 18Correct

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A positioning map:

Select one:

a. is used primarily by companies utilizing undifferentiated marketing strategies.

b. can be used only for already successful products in the market.

c. shows how consumers view a product relative to competitive products. 

d. outlines how to introduce a new product to the marketplace.

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The correct answer is: shows how consumers view a product relative to competitive products.

Question 19Correct

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The group born between 1968 and 1979, now generally in their early 30s to early 40s, often are referred to as _____.

Select one:

a. Baby boomers

b. teenagers

c. seniors

d. Generation X 

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The correct answer is: Generation X

Question 20Correct

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A frequent flyer program used by an airline is an example of _____.

Select one:

a. segmentation by benefits sought

b. brand loyalty segmentation 

c. psychographic segmentation

d. socioeconomic segmentation

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The correct answer is: brand loyalty segmentation

Question 21Incorrect

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The latest ad of Crest toothpaste says "Crest is a cavity fighter." This is an example of a positioning strategy based on:

Select one:

a. product price/quality.

b. product homogeneity.

c. product application.

d. product users. 

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The correct answer is: product application.

Question 22Correct

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"Intimates" is a segment of consumers identified by Roper and it consists of those people who value:

Select one:

a. professional and material goals.

b. family and personal relationships. 

c. duty and tradition.

d. knowledge and education.

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The correct answer is: family and personal relationships.

Question 23Incorrect

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Which of the following is the largest racial/ethnic minority group in the United States?

Select one:

a. African Americans 

b. Native Americans

c. Asian Americans

d. Hispanics

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The correct answer is: Hispanics

Question 24Correct

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Goods and services purchased by the ultimate consumer for personal use are called _____ products.

Select one:

a. business

b. primary

c. consumer 

d. secondary

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The correct answer is: consumer

Question 25Correct

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The tagline used by Blue Jet cleaners, "Pay for Performance." is an example of a positioning strategy that is based on _____.

Select one:

a. product homogeneity

b. product users

c. price/quality 

d. competitors

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The correct answer is: price/quality

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You are logged in as Cory Neese (Logout)MRKT210 (F-M)

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MRKT210: Principles of Marketing (F-M-Mann)

You are logged in as Cory Neese (Logout)

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SSS

Dynamic Schedule Page path

My home  / ► My courses  / ► Fall 2013  / ► School of Business  / ► Marketing (MRKT)  / ► MRKT210 (F-M)  / ► September 29 - October 5  / ►Chapter 9 Quiz

Started on Sunday, October 6, 2013, 9:06 PM

State Finished

Completed on Sunday, October 6, 2013, 9:23 PM

Time taken 17 mins 36 secs

Grade 25.00 out of a maximum of 25.00 (100%)

Question 1Correct

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Which of the following is a psychographic category created by the VALS system that categorizes consumers by characteristics that correlate with purchase behavior?

Select one:

a. Altruists

b. Achievers 

c. Intimates

d. Devouts

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The correct answer is: Achievers

Question 2Correct

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The latest ad of Crest toothpaste says "Crest is a cavity fighter." This is an example of a positioning strategy based on:

Select one:

a. product price/quality.

b. product homogeneity.

c. product application. 

d. product users.

Feedback

The correct answer is: product application.

Question 3Correct

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Socioeconomic market segmentation is another name for _____ segmentation.

Select one:

a. product-related

b. demographic 

c. psychographic

d. geographic

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The correct answer is: demographic

Question 4Correct

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A frequent flyer program used by an airline is an example of _____.

Select one:

a. segmentation by benefits sought

b. brand loyalty segmentation 

c. psychographic segmentation

d. socioeconomic segmentation

Feedback

The correct answer is: brand loyalty segmentation

Question 5Correct

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Ford Motor Company surveyed 10,000 customers to analyze their needs and preferences in automobiles. At the end of the survey, respondents were asked to provide demographic information, including age. Responses concerning preferences were strikingly similar for each group within a specific five-year age range. This result is an example of the _____ effect.

Select one:

a. income

b. life cycle

c. cohort 

d. Hafner's

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The correct answer is: cohort

Question 6Correct

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_____ defines consumer groups according to variables such as gender, age, income, occupation, education, sexual orientation, household size, and stage in the family lifecycle.

Select one:

a. Geographic segmentation

b. End-use segmentation

c. Product-based segmentation

d. Demographic segmentation 

Feedback

The correct answer is: Demographic segmentation

Question 7Correct

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The cohort effect describes:

Select one:

a. why members of the same psychographic group decide to vote the same way and have a lot of similarities in their choices.

b. how Generation X uses its financial power to influence product trends, and gets closely followed by the marketers.

c. the effect of demographic characteristics in analyzing purchase habits, product usage rates, and brand preference.

d. the tendency of members of a generation to be influenced and bound together by events occurring during

their key formative years. 

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The correct answer is: the tendency of members of a generation to be influenced and bound together by events occurring during their key formative years.

Question 8Correct

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American Express, a large firm with many financial products, recently introduced two new credit cards designed for very specific markets: The Knot, for engaged couples, and The Nest, for newlyweds. This is an example of _____ marketing.

Select one:

a. undifferentiated

b. concentrated 

c. mass

d. societal

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The correct answer is: concentrated

Question 9Correct

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While researching on the idea of opening his own health club, Tom learned that there are 11 million health club members in the United States, and 90 percent of them are between the ages of 18 and 49. They prefer to exercise with people of their own sex and majority of them are urban dwellers. During the process of market segmentation, this information is most likely to be used by Tom for:

Select one:

a. observational analysis.

b. marketing research.

c. forecasting total market potential.

d. developing a market segment profile. 

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The correct answer is: developing a market segment profile.

Question 10Correct

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Segmentation by benefits sought is a product-related segmentation approach that:

Select one:

a. determines the marketer's effectiveness in satisfying the consumer.

b. measures brand loyalty and consumer perception.

c. re-evaluates customer reactions post-consumption.

d. focuses on the attributes that people seek in a product. 

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The correct answer is: focuses on the attributes that people seek in a product.

Question 11Correct

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Which of the following statements is true regarding micromarketing?

Select one:

a. Micromarketing techniques are mostly used by mass marketers.

b. Micromarketing is more narrowly focused than concentrated marketing. 

c. Micromarketing is also called undifferentiated marketing.

d. Micromarketing involves producing a single product and marketing it in the same way to all potential customers.

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The correct answer is: Micromarketing is more narrowly focused than concentrated marketing.

Question 12Correct

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Which of the following factors sets the upper limit on demand generated by a particular market segment?

Select one:

a. Market potential of the segment under analysis 

b. Psychographic characteristics of the population in the segment

c. Geographic dispersion of potential customers in the market segment

d. Lifestyle characteristics of the population in the segment

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The correct answer is: Market potential of the segment under analysis

Question 13Correct

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The Fayetteville-Springdale-Rogers region of Arkansas has approximately 340,000 people. Fayetteville is an urban center and it alone has a population of 60,000. The Fayetteville-Springdale-Rogers region would be classified as a:

Select one:

a. consolidated metropolitan statistical area (CMSA).

b. primary metropolitan region (PMR).

c. metropolitan statistical area (MSA). 

d. micropolitan statistical area (µSA).

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The correct answer is: metropolitan statistical area (MSA).

Question 14Correct

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The "empty nest" stage in the family lifecycle includes:

Select one:

a. young unmarried people.

b. married couples whose children are living on their own. 

c. married couples with children in their growing years.

d. newly married couples without children.

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The correct answer is: married couples whose children are living on their own.

Question 15Correct

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Kyle plans to buy new tires for a car that his family uses for camping trips. These tires are of the same type like those that are used on General Motors commercial trucks and can be purchased from Industrial Tire Company. The tires that Kyle will buy for his car can be classified as _____ products.

Select one:

a. business

b. service

c. MRO

d. consumer 

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The correct answer is: consumer

Question 16Correct

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In the process of market segmentation, once the market potential of the segments has been estimated, the next step is to:

Select one:

a. develop a marketing mix.

b. develop a relevant profile for each segment.

c. forecast probable market share. 

d. seek strategies to enter the market.

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The correct answer is: forecast probable market share.

Question 17Correct

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Japanese automaker, Subaru, generates more than half of its sales in just four states (Alaska, Colorado, Maine, and Washington). These states constitute Subaru's:

Select one:

a. primary market.

b. core region. 

c. secondary market.

d. capital region.

Feedback

The correct answer is: core region.

Question 18Correct

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Question text

When a product is used in the production of another good that is destined for resale, the product is considered as a(n):

Select one:

a. consumer product.

b. business product. 

c. end product.

d. used product.

Feedback

The correct answer is: business product.

Question 19Correct

Mark 1.00 out of 1.00

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Question text

The 80/20 principle states that:

Select one:

a. market segmentation succeeds 80 percent of the time and fails the remaining 20 percent of the time.

b. roughly 80 percent of total product sales come from 20 percent of customers. 

c. nearly 80 percent of the market segment is generally tapped within first 10 years of the introduction of the product, and 20 percent remains unreached.

d. 80 percent of the market can be segmented, and 20 percent cannot.

Feedback

The correct answer is: roughly 80 percent of total product sales come from 20 percent of customers.

Question 20Correct

Mark 1.00 out of 1.00

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Question text

The group born between 1968 and 1979, now generally in their early 30s to early 40s, often are referred to as _____.

Select one:

a. Baby boomers

b. teenagers

c. seniors

d. Generation X 

Feedback

The correct answer is: Generation X

Question 21Correct

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Question text

A firm that divides its customers into homogeneous groups based on their locations is said to be practicing _____ segmentation.

Select one:

a. psychographic

b. product-based

c. geographic 

d. demographic

Feedback

The correct answer is: geographic

Question 22Correct

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In the VALS system, action-motivated consumers are those who:

Select one:

a. have a set of ideas and morals or principles they live by.

b. are influenced by symbols of success.

c. seek physical activity, variety, and adventure. 

d. have high energy level and are eager to buy products.

Feedback

The correct answer is: seek physical activity, variety, and adventure.

Question 23Correct

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The most common method of market segmentation is:

Select one:

a. product based segmentation.

b. demographic segmentation. 

c. economic segmentation.

d. psychographic segmentation.

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The correct answer is: demographic segmentation.

Question 24Correct

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Which of the following statements is true of differentiated marketing?

Select one:

a. A company practicing differentiated marketing attempts to satisfy everyone in the market with one standard product.

b. As compared o undifferentiated marketing, differentiated marketing leads to lower inventory and promotional cost.

c. Differentiated marketing approach can appeal to a small company that lacks the financial resources of its competitors.

d. Differentiated marketing helps a company to diversify and reach new customers. 

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The correct answer is: Differentiated marketing helps a company to diversify and reach new customers.

Question 25Correct

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_____ is the largest metropolitan area in the world.

Select one:

a. New York

b. Tokyo 

c. Mexico City

d. London

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The correct answer is: Tokyo

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