BCOR 350 Quiz 2 Questions with All Correct Answers

BCOR 350 Quiz 2 Questions with All Correct Answers As the needs, interests, and desires of a market segment change over time, marketing professionals can agree that _____. - Answer-segmentation approaches should change as well The target market should include only those segments of a market that are both profitable to serve and likely to be receptive to the products a company provides. - Answer-True The type of market research that is commonly used for further defining company issues, areas for potential growth and alternative courses of action is known as: - Answer-Exploratory research One example of this type of segmentation includes Generation Z, also known as centennials who were born between 1995 and 2015. - Answer-Generational segmentation The key benefits of market segmentation include all of the following except: - Answer-All of the above are correct ____________ assumes that consumers with similar age, occupation, social class will exhibit similar purchasing patterns, motivations, interests and lifestyles and that these characteristics will translate into similar product/brand preferences. - Answer-Demographic segmentation _____________ is measured by studying the activities, interests, and opinions of customers. This approach is widely used as it enables marketers to identify tightly defined market segments and better understand individual consumer motivations for the selection of products. - Answer-A. Psychographic segmentation B. Geo-demographic segmentation C. Lifestyle segmentation D. A and C are correct Attempt - Answer-2 When conducting primary research, it is critical that _____. - Answer-the right individuals are contacted all response are examined for bias proper scientific methods are used True or false: Every business s marketing plan should start and end with the product or service it is offering in mind. - Answer-False Research that involves numbers, such as statistics and percentages, is referred to as _____ research. - Answer-quantitative Wellington Consommé is a maker of high-end, gourmet canned soups. Recently, it has experienced a loss of market share due to the entry of several similar companies to the market, and its marketing department has decided to conduct research on the environmental factors that may be impacting this. Which questions would such a research project focus on? Select all that apply. - Answer-Do our products sell better in more culturally diverse urban areas than in rural ones, and if so, why? Have our customers been affected by economic factors that make them unable to afford our products? Marketers often use the STP model when creating marketing communication plans. It helps marketers to prioritize propositions and then deliver relevant messages to engage with targeted audiences. What does the STP model stand for? - Answer-Segmentation-targeting-positioning In consumer marketing, it is not difficult to find examples of undifferentiated approaches, as is the case with salt products. - Answer-False The most common form of this type of research takes place in the form of open-ended questions; for example, Why did you buy a particular brand? - Answer-Explicit research ______________ is measured by studying the activities, interests, and opinions of customers. This approach is widely used as it enables marketers to identify tightly defined market segments and better understand individual consumer motivations for the selection of products. A. Psychographic segmentation B. Geo-demographic segmentation C. Lifestyle segmentation D. A and C are correct - Answer-D. A and C are correct In a ______ approach, the firm targets one or more market segments and develops separate offers for each segments. - Answer-Differentiated Factors that can trigger the decision to reposition a product, service, or brand include _____. Select all that apply. - Answer-changes in the political climate changing tastes and preferences Gina is the head of marketing at SystemsCorp, a very large B2B supplier of networking equipment. Since SystemsCorp is so large, it segments its target customers by both their industry and the size of their organizations. This approach is known as _____ segmentation. - Answer-two-tiered When repositioning a product, it is important that the marketer _____. Select all that apply." - Answer-preserve the features that customers like about the product make informed choices about how to shift positioning to improve perceptions When implementing a positioning strategy, it is important to align the strategy with the _____. - Answer-marketing mix