Question 1

In the VALS™ framework, _____ can be viewed as the opposite of Innovators in terms of resources and innovations.

Accepted Answer

A)   Strivers
B)   Makers
C)   Achievers
D)   SurvivorsE) B) and C)
F) A) and D)

Question 2

According to the VALS™ model, Strivers are:

Accepted Answer

A)   driven by knowledge and principles.
B)   driven to demonstrate success.
C)   driven by a desire for social or physical activity.
D)   driven by a desire for risk taking.E) B) and C)
F) None of the above

Question 3

Dawson & Peters' new line of leather boots are marketed as the hottest fashion trend of the season. The company puts up posters on billboards that featured several celebrities wearing the boots. The concept of the television ads was how wearing the boots could make you the envy of all those around you. According to the VALS™ framework, which of the following psychographic groups is Dawson & Peters targeting?

Accepted Answer

A)   Survivors
B)   Strivers
C)   Thinkers
D)   MakersE) A) and B)
F) A) and C)

Question 4

Which of the following constitutes a viable market segment?

Accepted Answer

A)   A particular group of consumers who have varying preferences for products and services
B)   A particular group of consumers of a single item who can be served profitably by a firm
C)   A group of products and services that can be mass marketed profitably by a firm
D)   A group of consumers with needs that can be seldom met by a single product item offered by a firmE) A) and C)
F) C) and D)

Question 5

According to the VALS™ framework, which of the following psychographic groups have the most abundant resources and may be motivated by any of the three motivations of achievement, self-expression, and ideals?

Accepted Answer

A)   Innovators
B)   Thinkers
C)   Achievers
D)   StriversE) B) and D)
F) A) and D)

Question 6

Which of the following describes the function of geodemographic segmentation?

Accepted Answer

A)   It stresses the belief that the benefits people are seeking in consuming a given product are the basic reasons for the existence of true market segments.
B)   It identifies the specific households in a market by focusing on local neighborhood areas and creates classifications of neighborhoods where people live and shop.
C)   It determines the type of lifestyles that consumers have by asking them about their activities, interests, and opinions, and groups them based on the similarity of their responses.
D)   It identifies the consumers' primary motivations and whether they are driven by ideals, achievement, and/or self-expression.E) B) and D)
F) B) and C)

Question 7

Identify the approach in which the marketing manager decides on the appropriate basis for segmentation in advance of conducting a research study on a market.

Accepted Answer

A)   A priori segmentation approach
B)   Post hoc segmentation approach
C)   Empirical approach
D)   Psychographic approachE) All of the above
F) A) and B)

Question 8

In the market segmentation process, delineation of a firm's current situation is followed by the determination of:

Accepted Answer

A)   consumer needs and wants.
B)   marketing mix strategies.
C)   product positioning strategies.
D)   relevant dimensions for market segmentation.E) A) and D)
F) B) and C)

Question 9

ConiferCraft is a furniture firm that specializes in creating customized furniture for the commercial market. The firm has recently acquired a large amount of funds from investors and is looking to diversify by introducing customized products for the industrial market. The firm has completed a complete situation analysis for the purpose and the results are favorable. According to the market segmentation process model, the firm must next:

Accepted Answer

A)   divide markets on relevant dimensions.
B)   decide segmentation strategies.
C)   develop product positioning strategies.
D)   determine consumer needs and wants.E) A) and D)
F) None of the above

Question 10

According to the market segmentation process model, which of the following steps is a company likely to undertake after it has determined the basic segments of the market that could potentially be satisfied with its product?

Accepted Answer

A)   Developing the product positioning plan
B)   Deciding the segmentation strategy
C)   Designing the marketing mix strategy
D)   Determining the product mixE) C) and D)
F) A) and B)

Question 11

The Nielsen PRIZM system includes maps of different areas that:

Accepted Answer

A)   rank neighborhoods on their potential to purchase specific products.
B)   group consumers in particular countries that are similar in many respects.
C)   help implement and control the strategic plan of that area.
D)   are used for providing slotting allowances to retailers.E) None of the above
F) A) and B)

Question 12

"The Greedy Hand" is a book on the U.S. income tax system. Its publisher has targeted people who hold Libertarian political beliefs and listen to conservative radio talk shows. The publisher has used _____ segmentation in this scenario.

Accepted Answer

A)   mass market
B)   post hoc
C)   psychographic
D)   geodemographicE) B) and D)
F) A) and D)

Question 13

Why is it inadvisable for a follower to attempt to directly position its product against the industry leader?

Accepted Answer

A)   Competing with market leaders can be costly and not often successful.
B)   A follower's product usually dominates in sales and in the minds of customers.
C)   It is difficult for followers to select segmentation strategies.
D)   A follower can never compete with the industry leader in terms of product quality.E) B) and C)
F) C) and D)

Question 14

In which of the following situations is it appropriate for a firm to become a mass marketer?

Accepted Answer

A)   The market is large and consists of several segments that are almost equal in size.
B)   Heavy users make up such a large proportion of the sales volume that they are the only relevant target.
C)   The largest segment is composed of light users, and hence, targeting them would yield the highest profits for the firm.
D)   The brand is not dominant in the market, and targeting a large segment would benefit sales and profits.E) B) and D)
F) B) and C)

Question 15

_____ segmentation and benefit segmentation are the two commonly used approaches for segmenting markets.

Accepted Answer

A)   Psychographic
B)   Situational
C)   Profit
D)   Mass marketingE) A) and C)
F) A) and D)

Question 16

According to the VALS™ framework, consumers who are driven by a goal of demonstrating success to their peers and are motivated primarily by achievement can be best classified as _____.

Accepted Answer

A)   Strivers
B)   Makers
C)   Believers
D)   ThinkersE) B) and C)
F) B) and D)

Question 17

Which of the following is the primary reason for studying consumer and organizational buyer behavior?

Accepted Answer

A)   To understand employees' relationships with their organization
B)   To determine the effectiveness of an organization's marketing department
C)   To provide bases for effective market segmentation
D)   To determine an organization's distinctive competenciesE) None of the above
F) B) and C)

Question 18

Which of the following approaches for determining key market dimensions would be useful in the case of segmentation for entirely new products?

Accepted Answer

A)   An a priori approach
B)   A post hoc approach
C)   An empirical approach
D)   A cross-functional approachE) B) and C)
F) None of the above

Question 19

A firm introduces electronic goods with new technology into the market. The firm decides to target consumers who are most receptive to new ideas and technologies. Which of the following groups of consumers should the firm target according the VALS™ framework?

Accepted Answer

A)   Makers
B)   Survivors
C)   Innovators
D)   ThinkersE) C) and D)
F) A) and D)

Question 20

A positioning map is:

Accepted Answer

A)   constructed by surveying customers about various product attributes and developing a graph indicating the relative position of competitors.
B)   used solely with benefit segmentation and includes an assessment of lifestyle choices based on activities, interests, and opinions.
C)   implemented when marketers want to differentiate between the Young Digerati, Cosmopolitans, and American dreams.
D)   an indication of the number of Experiencers and Strivers within a geographic area based on PRIZM analysis.E) C) and D)
F) B) and D)

Exam 5: Market Segmentation

Why is it inadvisable for a follower to attempt to directly position its product against the industry leader?

Correct Answer
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According to the market segmentation process model, which of the following steps is a company likely to undertake after it has determined the basic segments of the market that could potentially be satisfied with its product?

Correct Answer
verified

Which of the following is the primary reason for studying consumer and organizational buyer behavior?

Correct Answer
verified

Identify the approach in which the marketing manager decides on the appropriate basis for segmentation in advance of conducting a research study on a market.

Correct Answer
verified

In the VALS™ framework, _____ can be viewed as the opposite of Innovators in terms of resources and innovations.

Correct Answer
verified

Which of the following constitutes a viable market segment?

Correct Answer
verified

Which of the following approaches for determining key market dimensions would be useful in the case of segmentation for entirely new products?

Correct Answer
verified

Correct Answer
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Which of the following describes the function of geodemographic segmentation?

Correct Answer
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A positioning map is:

Correct Answer
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In the market segmentation process, delineation of a firm's current situation is followed by the determination of:

Correct Answer
verified

Correct Answer
verified

The Nielsen PRIZM system includes maps of different areas that:

Correct Answer
verified

According to the VALS™ framework, consumers who are driven by a goal of demonstrating success to their peers and are motivated primarily by achievement can be best classified as _____.

Correct Answer
verified

A firm introduces electronic goods with new technology into the market. The firm decides to target consumers who are most receptive to new ideas and technologies. Which of the following groups of consumers should the firm target according the VALS™ framework?

Correct Answer
verified

_____ segmentation and benefit segmentation are the two commonly used approaches for segmenting markets.

Correct Answer
verified

According to the VALS™ framework, which of the following psychographic groups have the most abundant resources and may be motivated by any of the three motivations of achievement, self-expression, and ideals?

Correct Answer
verified

In which of the following situations is it appropriate for a firm to become a mass marketer?

Correct Answer
verified

"The Greedy Hand" is a book on the U.S. income tax system. Its publisher has targeted people who hold Libertarian political beliefs and listen to conservative radio talk shows. The publisher has used _____ segmentation in this scenario.

Correct Answer
verified

According to the VALS™ model, Strivers are:

Correct Answer
verified

Exam 5: Market Segmentation

Why is it inadvisable for a follower to attempt to directly position its product against the industry leader?

Correct AnswerverifiedShow Answer

According to the market segmentation process model, which of the following steps is a company likely to undertake after it has determined the basic segments of the market that could potentially be satisfied with its product?

Correct AnswerverifiedShow Answer

Which of the following is the primary reason for studying consumer and organizational buyer behavior?

Correct AnswerverifiedShow Answer

Identify the approach in which the marketing manager decides on the appropriate basis for segmentation in advance of conducting a research study on a market.

Correct AnswerverifiedShow Answer

In the VALS™ framework, _____ can be viewed as the opposite of Innovators in terms of resources and innovations.

Correct AnswerverifiedShow Answer

Which of the following constitutes a viable market segment?

Correct AnswerverifiedShow Answer

Which of the following approaches for determining key market dimensions would be useful in the case of segmentation for entirely new products?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following describes the function of geodemographic segmentation?

Correct AnswerverifiedShow Answer

A positioning map is:

Correct AnswerverifiedShow Answer

In the market segmentation process, delineation of a firm's current situation is followed by the determination of:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The Nielsen PRIZM system includes maps of different areas that:

Correct AnswerverifiedShow Answer

According to the VALS™ framework, consumers who are driven by a goal of demonstrating success to their peers and are motivated primarily by achievement can be best classified as _____.

Correct AnswerverifiedShow Answer

A firm introduces electronic goods with new technology into the market. The firm decides to target consumers who are most receptive to new ideas and technologies. Which of the following groups of consumers should the firm target according the VALS™ framework?

Correct AnswerverifiedShow Answer

_____ segmentation and benefit segmentation are the two commonly used approaches for segmenting markets.

Correct AnswerverifiedShow Answer

According to the VALS™ framework, which of the following psychographic groups have the most abundant resources and may be motivated by any of the three motivations of achievement, self-expression, and ideals?

Correct AnswerverifiedShow Answer

In which of the following situations is it appropriate for a firm to become a mass marketer?

Correct AnswerverifiedShow Answer

"The Greedy Hand" is a book on the U.S. income tax system. Its publisher has targeted people who hold Libertarian political beliefs and listen to conservative radio talk shows. The publisher has used _____ segmentation in this scenario.

Correct AnswerverifiedShow Answer

According to the VALS™ model, Strivers are:

Correct AnswerverifiedShow Answer

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