MKT 320F UNIT 3 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026

MKT 320F UNIT 3 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 Characteristics of Business: A swimming pool company - Answers High-end design and inexpensive printing needs, purchase decisions made by owner Characteristics of Business: An appliance repair shop - Answers Simple printing needs, purchase decisions made by owner who is price sensitive Characteristics of Business: A specialty retailer of imported furniture - Answers Weekly design and printing needs, purchase decisions may be made by a marketing professional Characteristics of Business: A local car dealer - Answers Large design pieces and expensive printing needs, purchase decisions must be approved by manufacturer Possible Segments: Existing customers who have visited the store in the last six months - Answers Responsiveness Accessibility Identifiability and Measurability Sustainability Possible Segments: Women who shop at the Gap - Answers Identifiability and Measurability Accessibility Sustainability Possible Segments: Households in select zip codes with $50,000 annual income - Answers Accessibility Sustainability Responsiveness Identifiability and Measurability Possible Segments: All households within a 50-mile radius of the store location - Answers Identifiability and Measurability Accessibility Sustainability Responsiveness Possible Segments: Existing customers who have bought in the last three months - Answers Identifiability and Measurability Responsiveness Accessibility Sustainability Possible Segments: Men who drink Dos Equis beer - Answers Accessibility Identifiability and Measurability Sustainability Possible Segments: High school graduates headed for college - Answers Accessibility Identifiability and Measurability Sustainability What are the twin pillars of marketing? (a) Customer relationships, promotion (b) Product, place (c) Segmentation, differentiation (d) Customer relationships, segmentation - Answers Segmentation, differentiation Why is targeting a specific group of customers usually more successful than trying to appeal to everyone? (a) It will satisfy the segment's specific needs (b) It costs less (c) Customer interests change (d) It takes less effort - Answers It will satisfy the segment's specific needs A nationwide restaurant chain that varies its menu based on its location is an example of what kind of segmentation: (a) Usage (b) Geographic (c) Demographic (d) Psychographic (e) Benefits - Answers Geographic Clear Channel owns hundreds of radio stations across the U.S. How do they decide what kind of music to play on a particular station? (a) Usage (b) Demographic (c) Psychographic (d) Benefits (e) Geographic - Answers Demographic Procter & Gamble markets six different brands of laundry detergent, each targeting a different market segment. This is an example of concentrated targeting. (a) True (b) False - Answers False This is an example of multi-segment targeting Deciding who to target is the first step in market segmentation. (a) True (b) False - Answers False It is the last step in market segmentation. "One-size-fits-all" marketing is largely out of date. (a) True (b) False - Answers True Consumers are more sophisticated and want to feel that they are being treated uniquely Which of the following is not a characteristic of a market? a. willingness to buy b. people or organizations c. ability d. similar characteristics - Answers d. similar characteristics When thinking about the characteristics of a market, willingness to buy can by illustrated by which of the following? a. Alex is ready to use the $400 he earned mowing lawns all summer to purchase a GoPro camera from Best Buy. b. Most large copy machines are purchased by companies or institutions in the business market. c. Griffin wants a pair of soccer cleats and recognizes that Nike makes a pair that will fit his needs. d. Kristen was excited to learn that the new Hyundai Ioniq she had been admiring was finally available for sale at dealerships. - Answers a. Alex is ready to use the $400 he earned mowing lawns all summer to purchase a GoPro camera from Best Buy. Toyota manufactures many different styles and models of vehicles likely because: a. customers have different preferences and needs for vehicles and offering many different styles and models allows Toyota to meet those varying preferences. b. with over 1,200 dealerships in the United States, Toyota must make the models available to purchase for customers. c. customers are willing to pay money or take out a loan in order to drive a Toyota vehicle. d. Toyota becomes more efficient in manufacturing when producing multiple models. - Answers a. customers have different preferences and needs for vehicles and offering many different styles and models allows Toyota to meet those varying preferences. In five years, Volkswagen sold only 57,000 of its Routan minivan. The company decided to stop producing the model and instead developed a new SUV, the Atlas. This illustrates that market segmentation: a. is not helpful in defining marketing objectives. b. can help marketers better allocate resources. c. is not helpful in determining customer needs and wants. d. can help predict sales performance. - Answers b. can help marketers better allocate resources. A house cleaning company, Speedy Clean, has identified three possible market segments for their services. To evaluate if the segments will be successful, Speedy Clean should determine if each segment is: (Check all that apply) a. identifiable and measurable. b. responsive. c. accessible. d. perceptive. - Answers a. identifiable and measurable. b. responsive. c. accessible. Cheryl's Cookies has decided to create a charity that ships cookies to soldiers stationed in Syria. The soldiers could request the cookies through a mobile app and the orders would be paid for through donations. Because of the difficulty in communicating with people in a war zone, Cheryl's may have trouble with this segment not being: a. responsive. b. substantial. c. measurable. d. accessible. - Answers d. accessible. Which of the following is an advantage of multiple-variable market segmentation? a. It is more precise than single-variable segmentation. b. It uses secondary data that are easily available. c. It is simpler and easier to use than single-variable segmentation. d. It maintains the size of each market segment even with multiple segmentation bases. - Answers a. It is more precise than single-variable segmentation. In the context of gender segmentation, which of the following statements is true of women? a. They are rarely part of all-male markets, such as financial markets. b. They tend to research investments in-depth more than men do. c. They tend to accumulate money for the sake of accumulation. d. They are an inexperienced purchasing group, unlike men. - Answers b. They tend to research investments in-depth more than men do. Which of the following statements is true of income? a. Income level determines consumers' buying power. b. Income makes no impact on the family life cycle. c. Income is a popular geographic variable for segmenting markets. d. Income level does not influence consumers' wants. - Answers a. Income level determines consumers' buying power. _____ is a psychographic segmentation variable that reflects a person's traits, attitudes, and habits. a. Lifestyle b. Gender c. Personality d. Motive - Answers c. Personality A company that uses a psychographic market segmentation strategy will be most interested in the _____ of its potential customers. a. lifestyle b. marital status c. age d. gender - Answers a. lifestyle In the context of psychographic segmentation, _____ segmentation divides people into groups according to the way they spend their time, the importance of the things around them, their beliefs, and socioeconomic characteristics such as income and education. a. ethnic b. family life cycle c. lifestyle d. gender - Answers c. lifestyle _____ segmentation clusters potential customers into neighborhood lifestyle categories. a. Family life cycle b. Usage-rate c. Benefit d. Geodemographic - Answers d. Geodemographic In the context of market segmentation, _____ segmentation divides a market by the amount of product bought or consumed. a. family life cycle b. geographic c. usage-rate d. benefit - Answers c. usage-rate A buyer that has little time to make a purchase decision would likely be classified as _____ rather than _____. a. an institution; a satisficer b. a satisficer; an optimizer c. an optimizer; a reseller d. a producer; a volume purchaser - Answers b. a satisficer; an optimizer Marketers at North Face have listed their segmentation descriptors as market size, density, and climate. They are likely segmenting the market: a. geographically. b. by benefit. c. psychographically. d. demographically. - Answers a. geographically. A target market is a group of people a. who do not benefit from a new product or any changes made to an existing product targeted at them. b. who are least likely to change their purchasing patterns irrespective of any changes in the marketing mix for a product. c. who collaborate and co-brand their products to increase their market share, boost the sales records, and gain greater profits. d. for whom an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group. - Answers d. for whom an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group. In the context of the strategies for selecting target markets, which of the following is an advantage of undifferentiated marketing? a. It offers potential savings on production and marketing costs. b. It results in highly imaginative and attractive product offerings. c. It caters to the specific needs of individual customers. d. It makes a company immune to competition. - Answers a. It offers potential savings on production and marketing costs. In the context of the strategies for selecting target markets, which of the following is a disadvantage of undifferentiated targeting? a. It makes a company more susceptible to competitive inroads. b. It leads to cannibalization. c. It increases the production and marketing costs of a company. d. It results in market segments that are too small. - Answers a. It makes a company more susceptible to competitive inroads. In the context of the strategies for selecting target markets, a firm that chooses to serve two or more well-defined market segments and develops a distinct marketing mix for each has a(n) _____. a. multisegment targeting strategy b. concentrated targeting strategy c. universal targeting strategy d. undifferentiated targeting strategy - Answers a. multisegment targeting strategy Which of the following is a disadvantage of a multisegment targeting strategy? a. It leads to lower sales volume and lower profits for a company. b. It results in cannibalization. c. It reduces a firm's market share. d. It results in sterile, unimaginative product offerings. - Answers b. It results in cannibalization. Which of the following is a trend that will lead to the continuing growth of customer relationship management (CRM)? a. Cannibalization b. Loyalty c. Standardization d. Indirect marketing - Answers b. Loyalty Which of the following statements is true of a product's positioning? a. It refers to the market share of a company. b. It is ignored by consumer goods marketers. c. It influences potential customers' overall perception of a brand. d. It is not influenced by the quality of competing products. - Answers c. It influences potential customers' overall perception of a brand. Within a market, a _____ is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. a. parallel market b. marketing mix c. market segment d. network segment - Answers c. market segment A group of people or organizations is considered a market only if the people or organizations a. lack needs that can be satisfied by particular product categories. b. have the willingness to exchange resources for desired products. c. have the ability to change purchasing behavior based on advertisements. d. can sustain solely on government funds and subsidiaries. - Answers b. have the willingness to exchange resources for desired products. Which of the following is a similarity between a supermarket and a stock market? a. Both are composed of people who have the ability to buy the products they seek. b. Both deal in consumer durable products. c. Both use a barter system to facilitate the exchange of products. d. Both are composed solely of business organizations. - Answers a. Both are composed of people who have the ability to buy the products they seek. The process of dividing a market into meaningful, relatively similar, and identifiable groups is called _____. a. market segmentation b. market positioning c. horizontal diversification d. fractional attribution - Answers a. market segmentation Which of the following statements is true of market segmentation? a. It divides a market into submarkets of equal size and potential, which helps in the uniform allocation of resources. b. It allows marketers to use one marketing mix across all market segments. c. It helps marketers define customer needs and wants more precisely. d. It allows marketers to broadly define marketing objectives that apply to the entire market. - Answers c. It helps marketers define customer needs and wants more precisely. In the 1950s, Kellyn Derma, a skin care company, produced only one type of lotion targeting the entire skin care market. Today, it produces different types of creams and lotions to suit different age groups and different skin types. In this scenario, Kellyn Derma is using the strategy of _____. a. market cannibalization b. cause-related marketing c. market segmentation d. green marketing - Answers c. market segmentation The term _____ refers to a series of stages determined by a combination of age, marital status, and the presence or absence of children. a. lifestyle b. family life cycle c. ethnic segmentation d. perceptual mapping - Answers b. family life cycle Which of the following statements is true in the context of the family life cycle? a. Middle-aged married couples without dependent children are interested in new products. b. Young married couples without children have the highest purchase rate. c. Young single individuals have many financial burdens to overcome. d. Divorced couples with children have high liquid assets. - Answers b. Young married couples without children have the highest purchase rate. M&N, a popular apparel brand, segments its products on the basis of price. It has a line of high-end clothes targeted at fashionistas; a line of mid-range clothing suitable for middle classes; and a line of cheap, durable clothing that caters to college students. It has segmented its market in this way so that everyone is able to afford its products. In the given scenario, M&N most likely uses _____. a. income segmentation b. family life segmentation c. gender segmentation d. age segmentation - Answers a. income segmentation Nestor Motors, an automobile manufacturing firm, manufactures muscle cars that are mostly preferred by men. The company wants to widen its customer base and conducts research about the preferences of women in cars. It launches a new line of sleek cars that are reliable for day-to-day commute. This new line of cars is targeted toward women. In this scenario, Nestor Motors is using _____. a. age segmentation b. ethnic segmentation c. gender segmentation d. income segmentation - Answers c. gender segmentation In the context of purchasing profiles, _____ contact familiar suppliers and place the order with the first one to satisfy product and delivery requirements. a. maximizers b. augmenters c. optimizers d. satisficers - Answers d. satisficers In the context of purchasing profiles, which of the following statements is true of optimizers? a. They refrain from the act of soliciting bids. b. They choose the first supplier that meets their minimum product expectations. c. They consider numerous suppliers and study all proposals carefully before selecting one. d. They solely focus on speeding up the buying process. - Answers c. They consider numerous suppliers and study all proposals carefully before selecting one. The marketing mix has been described as a. product, place, promotion, and pricing strategies intended to bring about a mutually satisfying exchange relationship with a market. b. a principle that holds that 20 percent of all customers generate 80 percent of the demand for a product. c. the steps involved in segmenting a market based on the characteristics of individuals, groups, or organizations. d. groups of people or organizations sharing one or more characteristics that cause them to have similar product needs. - Answers a. product, place, promotion, and pricing strategies intended to bring about a mutually satisfying exchange relationship with a market. Marketing mixes are designed, implemented, and maintained with the prime intention of a. bringing about a mutually satisfying exchange relationship with a market. b. estimating the potential cost of market cannibalization. c. selecting a niche market and targeting products solely at its members.