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Marketing-Chapter 7

QuestionAnswer
Dividing consumers into markets based on where they live is referred to as market segmentation.   False
Offering cellular telephone plans suited to the number of phones in a family and the amount of minutes used in one month is an example of marketing a product based on product usage. True
Unlike the consumer market, the business market is fairly stable and is not segmented into various categories. False
The product user positioning strategy encourages use of a product or service by associating a personality or type of user with the product.   True
Companies must be careful not to base their positioning decisions solely on the actions of their competitors. True
The price and quality positioning strategy always stresses higher price as a sign of quality. False
It is impossible for organizations to base their positioning strategies on the business environment because conditions change so rapidly and unexpectedly.   False
Indirect competition occurs when businesses decide to emphasize factors of their marketing mix other than price. False
Competition forces businesses to offer reasonable prices for the products and services that consumers use. True
The type of competition faced by a business will affect its positioning.   True
When businesses are in direct competition, competitors’ pricing strategies are very important. True
Making products available at more locations is always a good idea, because that will make it easier for customers to obtain your products. False
A new product will usually cause at least a temporary shift in consumer purchases until customers decide whether or not they like it.   True
It is always costly and time-consuming to change promotional strategies. False
The Internet is virtually useless as a source of current competitive information. False
This approach directs a company’s marketing mix at a large and heterogeneous group of consumers. Mass Marketing
People’s interests and values are referred to as: Psychogrphics
Market segments should be evaluated on all of the following characteristics except employees’ desire to serve potential customers.
Which of the following is the last step in identifying potential market segments? Use market information to choose the markets that present the greatest and least amount of potential.
If a camera manufacturer markets its cameras as taking sharper, clearer pictures than competing models, how is it positioning its products? Attribute
Which of the following is an example of indirect competition? Blockbuster Video vs. Showcase Video Cinema
Which of the following is not a benefit of competition? It guarantees low employment rates and low inflation rates.
A restaurant that advertises an all-you-can-eat dinner buffet for $3.95 is probably engaging in price competition
An exhibition where companies associated with an industry gather to showcase their products is called a(n) Trade Show
The process of dividing a large group of consumers into subgroups based on specific characteristics and common needs. Market segmentation
The descriptive characteristics of a market such as age, gender, race, income, and educational level Demographics
Divides consumers into groups depending on specific values or benefits they expect or require from the use of a product or service Benefits Segmentation
An identified market with excellent potential based on careful research     31. Market position-refers to the unique image of a product or service in a consumer’s mind relative to similar competitive offerings Market Opportunity
The portion of the total market potential that each company expects in relation to its competitors Market share
Refers to the unique image of a product or service in a consumer’s mind relative to similar competitive offerings Market position
Is competition in a market with businesses that offer the same type of product or service      Direct competition
Occurs when a business competes with other companies offering products that are not in the same product category but that satisfy similar customer needs. Indirect competition
Rivalry among businesses on the basis of price and value Price competition
Occurs when businesses decide to emphasize factors of their marketing mix other than price.     Non-Price Competition
The total revenue that can be obtained from the market segment Market potential
The image consumers have of competing goods and services in the marketplace are called?   consumer perceptions
39. The process of gaining competitive market information is called? market intelligence
Created by: aforester
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