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Exam 8: Segmenting and Targeting Markets

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Question 51

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A firm which produces replicas of famous paintings of reputed and great artists has as its target customers: socialites,celebrities,and the hospitality industry.What type of market segmentation is used in this case?

A) Geographic segmentation
B) Psychographic segmentation
C) Benefit segmentation
D) Demographic segmentation

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Question 52

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Single-variable segmentation has the advantage of being more precise than multiple-variable segmentation.

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Question 53

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Rolls Royce cars target only the premium car market segment.This is a classic example of:

Based on the target market(s),a marketer develops the product's positioning,a process that influences nonpotential customers' overall perception of a brand.

Which of the following is an advantage of a multisegment targeting strategy?

Customers looking for luxury want products that exhibit careful craftsmanship,timeless design,prestige,and exclusivity.This type of market is segmented by ethnicity.

The final step in market segmentation is selecting segmentation descriptors.

Generation Y grew up as latchkey kids,meaning that they spent time alone at home while their (often divorced)parents worked long into the night,and they were the best-educated generation.

Tennot Inc.sells used cars.It focuses solely on low-income customers who prefer to buy a used car rather than a new one.Therefore,it develops one marketing mix that targets a low-income demographic group.In this scenario,Tennot Inc.most likely uses a(n) _____.

Wesley Electronics Inc.manufactures electronic gadgets.Its marketing team spent a great deal of money on advertising to create awareness about the company's products among potential customers and employs a variety of methods,such as print,broadcast,and online advertising.According to the steps involved in segmenting a market,Wesley Electronics most likely is:

Nalpas Inc.,an apparel company,manufactures clothes for men,women,and children.It further divides its core customers according to demographic variables such as income,ethnic background,and family life cycle.These demographic variables are examples of _____.

New technology that allows marketers to collect detailed information of customers offers marketers a more cost-effective way to reach customers and:

A firm that adopts an undifferentiated targeting strategy assumes that:

Ethnic segmentation involves segmenting potential customers into neighborhood lifestyle categories.

Volten Inc.is an apparel store.It has separate sections for casual wear,office wear,and party wear.It offers a broad selection of clothing across various price ranges to accommodate consumers at different income levels.In this way,Volten caters to different socioeconomic groups.Volten targets its market segments using _____ as its base for product positioning.

To position a product as being associated with a particular category of products is positioning by:

In the context of customer relationship management (CRM) ,_____ offers marketers a more cost-effective way to reach customers and enables businesses to personalize their messages.

When selecting strategies for targeting markets,which of the following is a disadvantage of an undifferentiated targeting strategy?

A cosmetic company manufactures products for skin and hair care for both men and women in the 20- to 50-year-old age group.Which type of market segmentation approach does the company undertake?

Why do marketers segment their markets and what are the basic criteria for doing so successfully?