Unit 4 Exam Review - Market Segmenting and Market Research

The purpose of market segmentation is to:

• reduce the market down to a size the firm can handle.

  
  

• enable the marketer to tailor marketing mixes to meet the needs of one or more specific groups.

  
  

• group a large number of markets together, enabling a company to serve them simultaneously.

  
  

• develop a generalized definition of the market as a whole.

  
  

Coca-Cola launched a new Black History television commercial on BET to coincide with the Martin Luther King Jr. holiday. The ad is just one element of a strategy for connecting with African American consumers. Coca-Cola’s segmentation plan for this promotional campaign is based on _____ segmentation.

• demographic

• sociocultural attributes

  
  

• psychographic

  
  

• usage rate

  
  

Which of the following statements best describes the reason marketers find geodemographic segmentation so effective?

• “A bird in the hand is worth two in the bush.”

  
  

• “Every action has an opposite and equal reaction.”

  
  

• “Birds of a feather flock together.”

  
  

• “Don’t put all of your eggs in one basket.”

  
  

When assessing the quality of secondary data, it is:

• not necessary to know why the data were collected in the first place.

  
  

• important to be able to have easy access to the data.

  
  

• important to know the purpose for which the data were originally collected.

  
  

• not important to know when the data were collected.

  
  

A market is people or organizations that have:

• the ability, willingness, and power to buy.

  
  

• a medium of exchange and products they desire.

  
  

• needs and wants and an ability and willingness to buy.

  
  

• unmet needs or wants and products or services that satisfy those unmet needs or wants.

  
  

A furniture manufacturer wants to test how consumers will respond to furniture upholstered in fabric made from recycled plastic by having consumers feel and respond to the fabric. Which form of survey would allow it to do this?

• A telephone interview

  
  

• A mail questionnaire

  
  

• A mall intercept

  
  

• An observation study

  
  

Everyday information about developments in the marketing environment that managers use to prepare and adjust marketing plans is referred to as:

• competitive intelligence.

  
  

• marketing information.

  
  

• decision support information.

  
  

• marketing research.

  
  

_____ are characteristics of individuals, groups, or organizations that marketers use to divide a total market into segments.

• Differentiation guides

  
  

• Segmentation bases

  
  

• Perceptual maps

  
  

• Responsiveness quotients

  
  

The place a product, brand, or group of products occupies in consumers’ minds relative to competing offerings is referred to as a product’s:

• status.

  
  

• equity.

• frame.

• position.

Through marketing research, the Boston Symphony Orchestra (BSO) learned it has an older market and is not attracting younger concertgoers. It next conducted marketing research to determine if an integrated advertising campaign targeted to the younger market would be successful. In its second use of research, BSO employed _____ marketing research.

• historical

  
  

• descriptive

• predictive

  
  

• normative