Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/15

Click to flip

15 Cards in this Set

  • Front
  • Back

The two steps in a customer driven market strategy that determine which customers a company will serve are which of the following?


a) Differentiation and market targeting


b) Market targeting and positioning


c) Market segmentation and market targeting


d) Positioning and differentiation


e) Market targeting and differentiation

c) Market segmentation and market targeting


Amanda, CEO of Amanda’s Apple Cart, is in the process of developing a customer driven market strategy. She has already segmented her target audience in to smaller markets and determined her new target market. Which of the following does Amanda need to do next?


a) Determine the items to sell


b) Determine the locations in which to sell product


c) Determine the best way to improve value for customers


d) Determine the best way to increase customer loyalty


e) Determine the avenues toward acquiring the highest profit



c) Determine the best way to improve value for customers


Which of the following is the rationale behind developing a customer driven marketing strategy?


a) Realizing the customers are the foundation of a business


b) Realizing that customers are loyal to businesses that cater to them


c) Realizing that a business's profits are reliant on customers


d) Realizing that a business cannot serve all customers in the same way


e) Realizing that a company's image is in the minds of its customers



d) Realizing that a business cannot serve all customers in the same way

Market segmentation can be based on all of the following EXCEPT


a) Geographic location


b) Demographics


c) Behavior


d) Profit


e) Psychographics

d) Profit

Behavioral segmentation can include all of the following reasons for purchasing a product EXCEPT which of the following?


a) The status of user purchasing the product


b) The amount of use for the product


c) The loyalty of the customer to a particular brand


d) The personality of the customer purchasing the product


e) The benefits the product will give the customer

d) The personality of the customer purchasing the product


American Car Company knows that a variety of factors determine who will buy a car—age, income, and gender are the most common, but other variables such as how educated the driver is and the driver’s occupation matter just as much. American has even noticed that ethnicity and even religion play a part in which cars their customers choose to drive, and they market their products accordingly. Which of the following marketing strategies is American Car Company using?


a) Demographic segmentation


b) Psychometric segmentation


c) Behavioral segmentation


d) Geographical segmentation


e) Survey segmentation



a) Demographic segmentation


The primary determining factor controlling market segmentation is which of the following?


a) Whether or not the market segment is profitable


b) Whether or not the market segment is cooperative


c) Whether or not the market segment is measurable


d) Whether or not the market segment is beneficial


e) Whether or not the market segment is loyal



c) Whether or not the market segment is measurable


Which of the following is NOT a consideration when choosing a targeting strategy?


a) Company resources


b) Customer interest


c) Market variability


d) Product life-cycle stage


e) Competitors' marketing strategy




b) Customer interest


Fly High Airline knows that it is a company in a business that is undoubtedly customer dependent—many people are choosing not to fly. As a result, the airline has to slash prices in an attempt to wean customers away from other airlines and deal with a large set of competition. It wants to consider offering new products but is concerned about the feasibility of doing so in such a customer-driven market. Which of the following is affecting the feasibility of the market for Fly High Airline?


a) The ease of entering the segment


b) The power of the buyers in the segment


c) The strength and aggressiveness of competitors for the segment


d) The quality of the product sold to the segment


e) The power of suppliers to the segment



b) The power of the buyers in the segment


Variety Clothing Shop knows that different customers need different things. Consequently, when advertising for the store, the company targets different consumer markets for different products—women are featured in dress and skirt advertisements, teens are offered trendy fashions, and children have articles of clothing with popular cartoon characters. Which of the following marketing strategies is being used by Variety Clothing Shop?


a) Undifferentiated marketing


b) Concentrated marketing


c) Differentiated marketing


d) Micromarketing


e) Local marketing



c) Differentiated marketing


Which of the following is NOT a reason that the selection of a target market is an essential step in a customer driven marketing strategy?


a) Target market is a determiner in product profitability


b) Target market is a determiner of company image


c) Target market is a determining factor the effectiveness of advertising


d) Target marketing is a determining factor in customer satisfaction


e) Target marketing is a determining factor in business practice



d) Target marketing is a determining factor in customer satisfaction


StandardizedSolutions.com is a new test preparation company that offers online products and services designed to help students do their best on college and graduate school entrance exams. Currently, not many people are aware of the company or its services. In order to increase its market share, the company has decided to focus on promoting high-end private tutoring services delivered over the Internet.

Which of the following, if true, would best support StandardizedSolutions.com’s decision to focus on high-end private tutoring services?


a) Most of the people who take standardized tests are unwilling to invest more than a modest amount in test preparation services.


b) Organizations that provide admissions advice are more likely to be profitable than companies that offer financial aid advice.


c) A significant proportion of the people interested in private tutoring to help them prepare for tests live far from tutors capable of providing high-end service.


d) The number of students who prepare for college entrance exams is higher than the number of students who prepare for graduate entrance exams.


e) Currently, in the test preparation market only a few companies have greater than a ten percent market share.













c) A significant proportion of the people interested in private tutoring to help them prepare for tests live far from tutors capable of providing high-end service.


StandardizedSolutions.com is a new test preparation company that offers online products and services designed to help students do their best on college and graduate school entrance exams. Currently, not many people are aware of the company or its services. In order to increase its market share, the company has decided to focus on promoting high-end private tutoring services delivered over the Internet.

Which of the following, if true, would most undermine StandardizedSolutions.com’s decision to focus on high-end private tutoring services?


a) Most of the customers interested in test preparation services are likely to have used technology products only in educational settings.


b) Customers interested in high-end tutors will typically rely solely on word of mouth from a current or previous customer to choose a tutor.


c) Many students require extensive assistance in order to achieve their score goals on entrance exams.


d) The market for high-end private tutoring services is especially competitive in urban areas.


e) The graduate admission test with the largest number of test takers has few students willing to invest in test preparation.









b) Customers interested in high-end tutors will typically rely solely on word of mouth from a current or previous customer to choose a tutor.


What is the purpose of a perceptual positioning map?


a) To show the position of a product in a customer's mind


b) To show locations where the product is placed


c) To show how advertising will position a product


d) To show where the product is sold


e) To show how the company views a product compared to others it offers



a) To show the position of a product in a customer's mind

Davy’s Dish Soap is known for its affordability. Davy’s offers the same amount of dish soap per bottle as its competitors, but it offers the soap for 1/3 less than “the other leading brands”. Which of the following marketing strategies is used by Davy’s Dish Soap?


a) More for more


b) More for less


c) The same for less


d) More for the same


e) Less for much less

d) More for the same