MKTG 409 Exam 1 Final MindTap Study Guide – Marketing Fundamentals, Environment &
Core Concepts Review
Individuals, groups, or organizations with one or more similar characteristics that cause them to
have
similar product needs are classified as
a) market segments.
b) heterogeneous markets.
c) concentrated markets.
d) demographic segments.
e) strategic segments. - ✔✔market segments
Mattel views the toy market as composed of four age groupings, each with different needs and
desires. Each
of these groups are known as
a) an undifferentiated market.
b) heterogeneous.
c) a market segment.
d) a marketing mix.
e) a concentrated market - ✔✔a market segment
The purpose of market segmentation is to
a) differentiate products.
b) divide a total market to enable a marketer to develop a more precise marketing mix.
c) reduce the overall cost of marketing activities.
d) identify a single marketing mix that will be satisfactory for the general market.
,e) meet the needs of homogeneous markets. - ✔✔divide a total market to enable a marketer
to develop a more precise marketing mix
Several conditions must exist for market segmentation to be successful. These conditions
include all of the
following except
a) the total market should be divided so that segments can be compared on sales potential,
costs, and
profits.
b) customers' needs for the product must be homogeneous.
c) the company must be able to reach the chosen segment with a particular marketing mix.
d) segments must be identifiable and divisible.
e) at least one segment must have enough profit potential to justify developing and maintaining
a special
marketing mix for that segment. - ✔✔customers' needs for the product need to be
homogeneous
A business advantage of the concentrated targeting strategy for any company is that it
a) requires less market research and information.
b) requires less intensive analysis of customers' characteristics and needs.
c) allows a firm to utilize all of its production capacity.
d) maintains the firm's flexibility in moving into other market segments.
e) allows a firm to develop a special marketing mix for a single market segment - ✔✔allows a
firm to develop a special marketing mix for a single market segment
A targeting strategy in which an organization targets a single market segment using one
marketing mix is
called a(n) _____ strategy.
, a) selective
b) focused
c) differentiated
d) concentrated
e) undifferentiated - ✔✔concentrated
A disadvantage of the concentrated targeting strategy is that
a) the firm's financial condition is tied to a single and specialized marketing mix.
b) large sales volumes cannot be generated.
c) production costs may be higher than with other strategies.
d) marketing personnel may become dissatisfied with the limited opportunities provided by this
approach.
e) marketing costs are often higher than for other strategies. - ✔✔the firm's financial condition
is tied to a single and specialized marketing mix
The primary advantage of a concentrated targeting strategy is
a) it meets the needs of a wide range of consumers.
b) it allows a firm to specialize to meet specific customer needs.
c) it is more flexible than any other approach.
d) it is the least risky targeting approach.
e) its customers are the most willing to repurchase the same brands. - ✔✔it allows the firm to
specialize to meet the specific customers needs
Procter & Gamble markets Cheer detergent to young singles and couples and Tide detergent to
families.
Procter & Gamble is using a(n) ___________ targeting strategy for laundry detergents.
a) multiuse
Core Concepts Review
Individuals, groups, or organizations with one or more similar characteristics that cause them to
have
similar product needs are classified as
a) market segments.
b) heterogeneous markets.
c) concentrated markets.
d) demographic segments.
e) strategic segments. - ✔✔market segments
Mattel views the toy market as composed of four age groupings, each with different needs and
desires. Each
of these groups are known as
a) an undifferentiated market.
b) heterogeneous.
c) a market segment.
d) a marketing mix.
e) a concentrated market - ✔✔a market segment
The purpose of market segmentation is to
a) differentiate products.
b) divide a total market to enable a marketer to develop a more precise marketing mix.
c) reduce the overall cost of marketing activities.
d) identify a single marketing mix that will be satisfactory for the general market.
,e) meet the needs of homogeneous markets. - ✔✔divide a total market to enable a marketer
to develop a more precise marketing mix
Several conditions must exist for market segmentation to be successful. These conditions
include all of the
following except
a) the total market should be divided so that segments can be compared on sales potential,
costs, and
profits.
b) customers' needs for the product must be homogeneous.
c) the company must be able to reach the chosen segment with a particular marketing mix.
d) segments must be identifiable and divisible.
e) at least one segment must have enough profit potential to justify developing and maintaining
a special
marketing mix for that segment. - ✔✔customers' needs for the product need to be
homogeneous
A business advantage of the concentrated targeting strategy for any company is that it
a) requires less market research and information.
b) requires less intensive analysis of customers' characteristics and needs.
c) allows a firm to utilize all of its production capacity.
d) maintains the firm's flexibility in moving into other market segments.
e) allows a firm to develop a special marketing mix for a single market segment - ✔✔allows a
firm to develop a special marketing mix for a single market segment
A targeting strategy in which an organization targets a single market segment using one
marketing mix is
called a(n) _____ strategy.
, a) selective
b) focused
c) differentiated
d) concentrated
e) undifferentiated - ✔✔concentrated
A disadvantage of the concentrated targeting strategy is that
a) the firm's financial condition is tied to a single and specialized marketing mix.
b) large sales volumes cannot be generated.
c) production costs may be higher than with other strategies.
d) marketing personnel may become dissatisfied with the limited opportunities provided by this
approach.
e) marketing costs are often higher than for other strategies. - ✔✔the firm's financial condition
is tied to a single and specialized marketing mix
The primary advantage of a concentrated targeting strategy is
a) it meets the needs of a wide range of consumers.
b) it allows a firm to specialize to meet specific customer needs.
c) it is more flexible than any other approach.
d) it is the least risky targeting approach.
e) its customers are the most willing to repurchase the same brands. - ✔✔it allows the firm to
specialize to meet the specific customers needs
Procter & Gamble markets Cheer detergent to young singles and couples and Tide detergent to
families.
Procter & Gamble is using a(n) ___________ targeting strategy for laundry detergents.
a) multiuse
