Marketing Final Exam

Targeting strategy selects one segment of a market

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Unformatted text preview: egy entails selecting one segment of a market to target and focuses on understanding the needs, motives, and satisfactions of the members of that segment, as well as on developing a highly specialized marketing mix. a. universal product b. undifferentiated targeting c. concentrated targeting d. market development e. product development ANS: C Concentrated targeting strategy selects one segment of a market for targeting marketing efforts. PTS: 1 REF: 133 Thinking KEY: CB&E Model Strategy OBJ: 08-7 TOP: AACSB Reflective MSC: BLOOMS Knowledge 98. Tall Paul’s designs and sells household furniture and furnishings to people who are over 6’6” tall––a rather small target market. Tall Paul’s uses a(n) _____ targeting strategy. a. benefit b. undifferentiated c. multisegment marketing d. universal product code e. concentrated ANS: E Concentrated targeting strategy selects one segment of a market for targeting marketing efforts. PTS: 1 REF: 133 Thinking KEY: CB&E Model Strategy OBJ: 08-7 TOP: AACSB Reflective MSC: BLOOMS Application 99. When a firm uses a concentrated targeting strategy, it can: a. view the total market as receptive to its product b. offer a highly specialized marketing mix c. reach customers in two or more segments that might otherwise be missed d. avoid the danger of putting all resources in one micromarket e. concentrate on one generalized product to fit the mass market, maximizing sales volume ANS: B Concentrated targeting focuses on one target market and develops a highly specialized mix. PTS: 1 REF: 133 Thinking KEY: CB&E Model Strategy OBJ: 08-7 TOP: AACSB Reflective MSC: BLOOMS Comprehension 100. E&V Bridal Studios, a wedding consulting business, only works with Eastern Asian customers who want to use their cultural heritage in their wedding ceremonies. What type of segmentation strategy does the wedding consultant use? a. Market aggregation b. Undifferentiated targeting c. Multisegment marketing d. Concentrated targeting e. Limited demand ANS: D E&V Bridal Studios concentrates on one segment of the market––Eastern Asians who want a traditional wedding. PTS: 1 REF: 133 Thinking KEY: CB&E Model Strategy OBJ: 08-7 TOP: AACSB Reflective MSC: BLOOMS Application 101. Companies that adopt a concentrated marketing strategy violate which of the following old sayings? a. “You can’t bake a pie without breaking some eggs.” b. “Don’t count your chickens before they hatch.” c. “Don’t put all your eggs in one basket.” d. “The grass is always greener on the other side of the fence.” e. “A rolling stone gathers no moss.” ANS: C A concentrated targeting strategy focuses on one segment of a market. PTS: 1 REF: 133 Thinking KEY: CB&E Model Strategy OBJ: 08-7 TOP: AACSB Reflective MSC: BLOOMS Comprehension 102. When a firm serves two or more well-defined market segments with a distinct marketing mix for each, it is using a(n) _____ targeting strategy. a. undifferentiated b. concentrated c...
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