Question 1

How can marketers make use of the concept that 'birds of a feather flock together'?

Accepted Answer

The expression 'birds of a feather flock...

Question 2

Which of the following groups is a prime market for resort-style developments?

Accepted Answer

A)  seniors
B)  families with children
C)  teens
D)  newlyweds
E)  young bachelors

Question 3

Positioning is the second step in the target marketing process and targeting is the third step.

Accepted Answer

A) True 
 B)False

Question 4

VALS is ________.

Accepted Answer

A)  a method of confirming that the chosen target market is representative of the ideal market segment
B)  a system used for psychographic segmentation
C)  a database of people who have purchased similar products
D)  a method of removing heterogeneous variables from a target market
E)  a strategy used for implementing geodemographic segmentation

Question 5

Which of the following statements is not true about metrosexuals?

Accepted Answer

A)  Physical appearance is important to them.
B)  They are homosexual.
C)  They are in touch with their feminine side.
D)  They are educated urban dwellers.
E)  They are heterosexual.

Question 6

Why are marketers concerned about market fragmentation? How have marketers responded? Give an example of how market fragmentation has influenced your life.

Accepted Answer

Market fragmentation refers to how socie...

Question 7

The Wright Bros.

Accepted Answer

A)  value analysis
B)  internal market audit
C)  segment profile
D)  customer potential assessment
E)  customer guide

Question 8

A company selling athletic shoes has asked you to advise them as to how it could use insights gained from VALS in its product range and its advertising.

Accepted Answer

The three primary consumer motivations a...

Question 9

When men in the baby boomer generation started getting grey hair,many were reluctant to use hair dyes made for women even though they are just as eager as women to fight the aging process.

Accepted Answer

A)  socioeconomic
B)  lifestyle
C)  demographic
D)  behavioural
E)  psychographic

Question 10

To determine customer equity,firms ________.

Accepted Answer

A)  analyse the investments they make in acquiring customers
B)  compare relationship enhancements with the financial returns on those investments
C)  analyse the investments they make to retain customers
D)  A and B
E)  A,B,and C

Question 11

A goal of CRM is to reap a high return on the investments made in customer relationships and maximise the value of a firm's ________.

Accepted Answer

A)  customer equity
B)  brand personality
C)  target market
D)  VALS
E)  positioning

Question 12

________ segmentation variables classify consumers on the basis of how they act toward,feel about,or use a product.

Accepted Answer

A)  Psychographic
B)  Socioeconomic
C)  Behavioural
D)  Geodemographic
E)  Demographic

Question 13

Select a product or service and explain how its marketer can calculate the lifetime value of a customer.

Accepted Answer

The product or service mentioned by each...

Question 14

The average collector of 'It's a small world' collectible miniatures will buy four new ones each year.

Accepted Answer

A)  synergistic feedback
B)  economic share
C)  customer allocation
D)  share of communication
E)  share of customer

Question 15

You work for a company that manufactures surfboards.How would the products it offers,prices it charges,distribution strategy it pursues and promotional campaigns it uses differ if it chooses an undifferentiated,differentiated,concentrated or customised targeting strategy?

Accepted Answer

With an undifferentiated targeting strat...

Question 16

Which one of the following statements about the steps in the target marketing process is true?

Accepted Answer

A)  The second step in the target marketing process is the identification of all segmentation variables.
B)  There are four steps in the target marketing process.
C)  The final step in the target marketing process is positioning.
D)  The first step in the target marketing process is to set marketing objectives.
E)  All of the above

Question 17

Explain how a company can identify its best customers.

Accepted Answer

Companies can use their databases to det...

Question 18

Modifying a product's position in response to market place changes is called repositioning.

Accepted Answer

A) True 
 B)False

Question 19

Recognising that some people eat cereal because of its nutritional value,some because it is easy to prepare,and some because it tastes good,is part of the ________ process.

Accepted Answer

A)  acculturation
B)  market aggregation
C)  segmentation
D)  positioning
E)  customisation

Question 20

A target market is not viable unless marketing communications can reach the segment and the company can serve it better than competitors.

Accepted Answer

A) True 
 B)False

Exam 7: Sharpening the Focus: Target Marketing Strategies and Customer Relationship Management

Select a product or service and explain how its marketer can calculate the lifetime value of a customer.

Correct AnswerverifiedThe product or service mentioned by each...View AnswerShow Answer

Recognising that some people eat cereal because of its nutritional value,some because it is easy to prepare,and some because it tastes good,is part of the ________ process.

Correct AnswerverifiedShow Answer

A company selling athletic shoes has asked you to advise them as to how it could use insights gained from VALS in its product range and its advertising.

Correct AnswerverifiedThe three primary consumer motivations a...View AnswerShow Answer

The Wright Bros.

Correct AnswerverifiedShow Answer

Which of the following statements is not true about metrosexuals?

Correct AnswerverifiedShow Answer

Which of the following groups is a prime market for resort-style developments?

Correct AnswerverifiedShow Answer

You work for a company that manufactures surfboards.How would the products it offers,prices it charges,distribution strategy it pursues and promotional campaigns it uses differ if it chooses an undifferentiated,differentiated,concentrated or customised targeting strategy?

Correct AnswerverifiedWith an undifferentiated targeting strat...View AnswerShow Answer

A target market is not viable unless marketing communications can reach the segment and the company can serve it better than competitors.

Correct AnswerverifiedShow Answer

The average collector of 'It's a small world' collectible miniatures will buy four new ones each year.

Correct AnswerverifiedShow Answer

Explain how a company can identify its best customers.

Correct AnswerverifiedCompanies can use their databases to det...View AnswerShow Answer

How can marketers make use of the concept that 'birds of a feather flock together'?

Correct AnswerverifiedThe expression 'birds of a feather flock...View AnswerShow Answer

A goal of CRM is to reap a high return on the investments made in customer relationships and maximise the value of a firm's ________.

Correct AnswerverifiedShow Answer

Which one of the following statements about the steps in the target marketing process is true?

Correct AnswerverifiedShow Answer

Why are marketers concerned about market fragmentation? How have marketers responded? Give an example of how market fragmentation has influenced your life.

Correct AnswerverifiedMarket fragmentation refers to how socie...View AnswerShow Answer

Positioning is the second step in the target marketing process and targeting is the third step.

Correct AnswerverifiedShow Answer

When men in the baby boomer generation started getting grey hair,many were reluctant to use hair dyes made for women even though they are just as eager as women to fight the aging process.

Correct AnswerverifiedShow Answer

To determine customer equity,firms ________.

Correct AnswerverifiedShow Answer

Modifying a product's position in response to market place changes is called repositioning.

Correct AnswerverifiedShow Answer

________ segmentation variables classify consumers on the basis of how they act toward,feel about,or use a product.

Correct AnswerverifiedShow Answer

VALS is ________.

Correct AnswerverifiedShow Answer

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The product or service mentioned by each...
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The three primary consumer motivations a...
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With an undifferentiated targeting strat...
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Companies can use their databases to det...
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The expression 'birds of a feather flock...
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Market fragmentation refers to how socie...
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