Marketing Final Exam

And analyze segments 5 select target markets and 6

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Unformatted text preview: s to: a. select segmentation descriptors b. implement and maintain a marketing mix c. design a marketing mix d. profile and analyze segments e. select target markets ANS: A The steps in segmenting a market are (1) select a market or product category for study; (2) choose a basis or bases for segmenting the market; (3) select segmentation descriptors; (4) profile and analyze segments; (5) select target markets; and (6) design, implement, and maintain appropriate marketing mixes. PTS: 1 REF: 131 Thinking KEY: CB&E Model Strategy OBJ: 08-6 TOP: AACSB Reflective MSC: BLOOMS Comprehension 88. Thompson Pools installs and maintains swimming pools. They group their customers according to their needs: new installs, regular maintenance, and frequent product consumers. When do they need a new segmentation analysis? a. Once every 20 years b. They should do them regularly because of the rapidly changing nature of most markets. c. They don’t need any because consumer markets don’t rapidly change and develop like business goods markets. d. Every year, using new bases for variety e. Only when the market changes ANS: B Markets are dynamic, so it is important that companies proactively monitor their segmentation over time. PTS: 1 Thinking REF: 131 OBJ: 08-6 TOP: AACSB Reflective KEY: CB&E Model Strategy 89. Market segmentation: a. b. c. d. e. MSC: BLOOMS Application is a scientific technique for selecting ways to attract specific population samples is rarely done by consumer products companies only needs to be done once for each product should be redone periodically should be done every time a product enters a new stage of its life cycle ANS: D Markets are dynamic, so it is important that companies proactively monitor their segmentation over time. PTS: 1 REF: 131 Thinking KEY: CB&E Model Strategy OBJ: 08-6 TOP: AACSB Reflective MSC: BLOOMS Comprehension 90. A(n) _____ is a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges. a. heterogeneous segment b. target market c. responsive segment d. aggregated market e. undifferentiated target ANS: B This is the definition of a target market. PTS: 1 REF: 131 Thinking KEY: CB&E Model Customer OBJ: 08-7 TOP: AACSB Reflective MSC: BLOOMS Knowledge 91. The debate over gay marriages is causing a great deal of furor, but it has done little to deplete the importance of the affluent gay market to businesses. Georgia Pacific and Mitchell Gold, a furniture manufacturer, are two companies that have implemented and maintained marketing mixes designed to meet the needs of lesbians and gays. To these companies and others, lesbians and gays are a desirable: a. market sample b. target market c. perceived market d. functional market e. market base ANS: B A target market is a group of people or organizations for which an organization designs, implements, and maintains a marketing mi...
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