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1) ________ is the process of evaluating the attractiveness of different market segments and

selecting one or more segments to enter.


A) Differentiation
B) Mass marketing
C) Market targeting
D) Market segmentation
E) Positioning
Answer: C
3) ________ consists of arranging for a market offering to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of target consumers.
A) Differentiation
B) Positioning
C) Market targeting
D) Market segmentation
E) Mass marketing
Answer: B
4) Which of the following is the right order of the steps that companies generally follow in
designing a customer-driven marketing strategy?
A) market segmentation, differentiation, positioning, and market targeting
B) positioning, market segmentation, mass marketing, and market targeting
C) market segmentation, market targeting, differentiation, and positioning
D) market alignment, market segmentation, differentiation, and market positioning
E) market recognition, market preference, market targeting, and market insistence
Answer: C
6) Pacific Fisheries groups its customers by regions in the U.S., such as Midwest, Northeast, and
Southwest. For each region, Pacific Fisheries tailors a different set of advertisements and
promotions. Based on which of the following segmentation variables does the firm divide its
market?
A) behavioral factors
B) personality characteristics
C) geographic location
D) benefits sought
E) demographics
Answer: C
8) Demographic variables are the most popular bases for segmenting customer groups because
they ________.
A) create smaller segments
B) create more easily accessible segments
C) do not involve stereotypes
D) are easier to measure
E) involve fewer attributes to consider
Answer: D
10) ________ factors are the most popular bases for segmenting customer groups.
A) Geographic
B) Demographic
C) Behavioral
D) Lifestyle
E) Personality
Answer: B
12) Which type of market segmentation is generally used by marketers who sell products for the
affluent segments of a population?
A) usage rate
B) occasion
C) income
D) benefits sought
E) gender
Answer: C
14) Dividing buyers into groups based on their knowledge, attitudes, uses, or responses to a
product is called ________ segmentation.
A) behavioral
B) psychographic
C) age and life-cycle
D) user status
E) geographic
Answer: A
15) Firms that manufacture seasonal products target their consumers primarily through ________
segmentation.
A) psychographic
B) demographic
C) income
D) occasion
E) age and life-cycle
Answer: D
17) Markets can be segmented into groups of nonusers, ex-users, potential users, first-time users,
and regular users of a product. This method of segmentation is called ________.
A) user status segmentation
B) usage rate segmentation
C) benefit segmentation
D) behavioral segmentation
E) loyalty status segmentation
Answer: A

18) Shampoo marketers segment buyers as light, medium, or heavy product users. This is an
example of ________ segmentation.
A) user status
B) usage rate
C) benefits sought
D) occasion
E) psychographic
Answer: B
20) Rasco Corp. segments its foreign markets based on the income levels of a country's
population. In this case, the firm segments its market based on ________.
A) political factors
B) legal factors
C) personality factors
D) economic factors
E) cultural factors
Answer: D
21) Producers of popular beverages often partner with global music channels to target consumers
through a variety of promotional events and advertisements. This approach to marketing is
referred to as ________ segmentation.
A) intermarket
B) income
C) age and life-cycle
D) occasions
E) gender
Answer: A
23) When the size, purchasing power, and profiles of a market segment can be determined, the
market segment is said to be ________.
A) measurable
B) accessible
C) substantial
D) actionable
E) observable
Answer: A
25) When an effective program can be designed for attracting and serving a chosen segment, the
segment is best described as ________.
A) accessible
B) measurable
C) reachable
D) actionable
E) differentiable
Answer: D
27) A market segment is less attractive when ________.
A) there are few aggressive competitors in the segment
B) it is difficult for new entrants to enter the segment
C) it contains powerful suppliers who can control prices
D) substitute products are unavailable in the segment
E) buyers in the market segment have weak bargaining powers
Answer: C
29) Marketing the same product to a huge customer base without any customization is referred to
as ________.
A) mass marketing
B) differentiated marketing
C) niche marketing
D) local marketing
E) individual marketing
Answer: A
31) By offering product and marketing variations to segments and developing a stronger position
within several segments, companies hope to create more total sales through segmented marketing
than ________ marketing across all segments.
A) undifferentiated
B) differentiated
C) niche
D) local
E) individual
Answer: A
33) Compared with undifferentiated marketing, differentiated marketing is more likely to lead to
________.
A) reduced sales in each market segment
B) weaker product position in each market segment
C) higher costs of doing business
D) redundancy in product design across market segments
E) smaller market share in the industry
Answer: C
36) The practice of tailoring products and marketing programs to suit the tastes of specific
individuals and locations is referred to as ________.
A) niche marketing
B) micromarketing
C) segmented marketing
D) global marketing
E) undifferentiated marketing
Answer: B
38) Which of the following is true about local marketing?
A) It does not cater to individual stores.
B) It does not support evolving technologies.
C) It increases manufacturing costs.
D) It increases economies of scale.
E) It reduces logistical issues.
Answer: C
40) When a company interacts one-on-one with large numbers of customers to create customer-
unique value by designing products and services tailor-made to individual needs, it is engaging
in ________.
A) concentrated marketing
B) mass marketing
C) mass customization
D) differentiated marketing
E) local marketing
Answer: C
46) Customers recognize the products of Breads & Butters, a coffee shop, by identifying the
"twisted bread" logo that helped the firm revolutionize its products. In this case, the firm has
differentiated itself through its ________.
A) image
B) people
C) services
D) channels
E) positioning
Answer: A
49) Estel, a kitchen-cabinet manufacturer, positions its cabinets as furniture with superior
craftsmanship and durability. This is an example of ________ differentiation.
A) product
B) services
C) image
D) people
E) channels
Answer: A
54) The less-for-much-less positioning involves meeting consumers' requirements for ________.
A) moderate quality at a higher price
B) lower quality for a lower price
C) lower quality at a higher price
D) higher quality at a discounted rate
E) higher quality at the lowest possible price
Answer: B
58) Which of the following includes the target segment of a product, the category to which the
product belongs, and the product's point of difference from other members in the category?
A) mission statement
B) vision statement
C) profit statement
D) positioning statement
E) inventory statement
Answer: D
1) ________ refers to the amount of money charged for a product or service.
A) Payroll
B) Profit
C) Price
D) Cost
E) Salary
Answer: C
5) ________ uses buyers' perceptions of what a product is worth as the key to pricing.
A) Customer value-based pricing
B) Target return pricing
C) Cost-plus pricing
D) Psychological pricing
E) Competition-based pricing
Answer: A
7) A value-based pricing strategy most likely begins with ________.
A) assessing customer needs
B) designing a stylish product
C) evaluating the product's costs
D) promoting the product's benefits
E) setting a price based on perceived value
Answer: A
10) ________ pricing involves setting prices based on the expenses involved in producing,
distributing, and selling a product plus a fair rate of return for a company's effort and risk.
A) Competition-based
B) Value-added
C) Cost-based
D) Good-value
E) Demand-based
Answer: C
12) ________ costs are also known as overhead.
A) Fixed
B) Variable
C) Target
D) Capital
E) Payroll
Answer: A
15) A company designs what it considers to be a good product, calculates the expenses of
making the product, and sets a price that adds a standard markup to the cost of the product. This
approach to pricing is called ________ pricing.
A) value-added
B) good-value
C) cost-plus
D) competitor-based
E) break-even
Answer: C
17) The Fashion Store, a new startup, sets product prices so that revenues will equal
manufacturing and marketing costs. The pricing strategy used by the company is referred to as
________ pricing.
A) good-value
B) value-added
C) cost-plus
D) competition-based
E) target return
Answer: E
19) Which of the following is an external factor that affects pricing decisions?
A) the marketing mix
B) competition
C) top management
D) marketing objectives
E) marketing strategy
Answer: B
21) In ________, the market consists of many buyers and sellers trading in a uniform
commodity, such as wheat, copper, or financial securities.
A) pure competition
B) monopolistic competition
C) oligopolistic competition
D) a pure monopoly
E) a pure monopsony
Answer: A
23) Under ________, the market consists of many buyers and sellers trading over a range of
prices rather than a single market price.
A) pure competition
B) monopolistic competition
C) oligopolistic competition
D) a pure monopoly
E) a pure monopsony
Answer: B
25) The relationship between the price charged for a product and the resulting demand level can
be shown in a ________.
A) demand curve
B) supply curve
C) elastic demand slope
D) break-even chart
E) inelastic demand slope
Answer: A
27) Which of the following is an economic factor that affects the pricing decisions of a
company?
A) market-penetration practices
B) top management decisions
C) promotional activities
D) reseller policies
E) interest rates
Answer: E
28) A firm uses ________ when it charges a high, premium price for a new product with the
intention of reducing the price in the future.
A) market-skimming pricing
B) target costing
C) deceptive pricing
D) market-penetration pricing
E) predatory pricing
Answer: A
Difficulty: Easy
29) The strategy of setting a low initial price to attract a large number of buyers quickly and win
a large market share is referred to as ________.
A) market-skimming pricing
B) market-penetration pricing
C) value-added pricing
D) target costing
E) deceptive pricing
Answer: B
34) Selling accessory products along with the main product is referred to as ________ pricing.
A) product bundle
B) optional-product
C) market-penetration
D) by-product
E) product line
Answer: B
36) How do firms that use captive-product pricing make up for the low prices of their main
products?
A) They reduce the cost of the captive products.
B) They provide the captive products as freebies.
C) They set high markups on the captive products.
D) They increase the price of the main products.
E) They offer the captive products and main products together at a reasonable price.
Answer: C
38) Combining several products and offering the collection at a reduced price is referred to as
________ pricing.
A) by-product
B) product bundle
C) captive-product
D) optional-product
E) product line
Answer: B
40) Glow, a gift card store, offers a price reduction to customers who buy Christmas cards the
week after Christmas. In this case, the store offers a ________.
A) functional discount
B) seasonal discount
C) promotional allowance
D) trade-in allowance
E) quantity discount
Answer: B
42) When Luxury Motors gives price reductions to its new car dealers to reward them for
participating in advertising and sales support programs, the firm is granting ________.
A) cash discounts
B) seasonal discounts
C) quantity discounts
D) promotional allowances
E) trade-in allowances
Answer: D
45) When a firm varies the price of a product by the season, month, day, or even hour, without
changing product features, it is using ________ pricing.
A) product form
B) market-penetration
C) market-skimming
D) time-based
E) value-added
Answer: D
46) Pricing a product based on consumers' reference prices is referred to as ________ pricing.
A) geographical
B) psychological
C) allowance
D) by-product
E) captive-product
Answer: B
49) What type of pricing is being used when a company temporarily prices its products below the
list price to create buying excitement and urgency?
A) segmented pricing
B) psychological pricing
C) geographical pricing
D) promotional pricing
E) dynamic pricing
Answer: D
51) Which of the following pricing strategies charges the same price plus freight to all
customers, regardless of their location?
A) basing-point pricing
B) freight-absorption pricing
C) FOB-origin pricing
D) zone pricing
E) uniform-delivered pricing
Answer: E

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