Unit 7 Marketing

UNIT 7.1 

1. A mass market is larger than a market segment

2. Age, income, education and gender are examples of demographics 

3. Benefit segmentation is based on the value customers expect to receive from using a product or service

4. True or False: All market segments present a market opportunity

5. The market share is the total revenue that can be obtained from the market segment.

UNIT 7.2

1. Another name for a product feature is a(n) attribute

2. When pork developed their image as "the other white meat", the method of positioning was product classification 

3. Which of the following is NOT one of the areas that typically affects the selection of a positioning strategy? Pricing 

4. Which of the following ARE the areas that typically affects the selection of a positioning strategy? Changes in the business environment, Consumer Perceptions, Competitors in the marketplace

5. True or False: The most important influence on a company's positioning decision should be the action of competitors.

UNIT 7.3

1. When a supermarket offers prepared meals for consumers to purchase on the way home from work, restaurants would view that as indirect competition

2. The newspaper ads featuring weekly specials at supermarkets are examples of price competition

3. True or False: A negative effect of competition is that consumers usually end up paying higher prices for products and services

4. Which of the following is NOT a typical response to business competition? reduce the variety of product choices

5. Which of the following ARE typical responses to business competition? search for new product ideas, improve product quality and customer service, identify additional market segments

UNIT 7 Assessment 

1. The process of dividing a large group of consumers into subgroups based on specific characteristics and common important needs: market segmentation 

2. Dividing consumers into markets based on where they live: geographic segmentation 

3. People's interests and values: psychographics 

4. An identified market with excellent potential based on careful research: market opportunity 

5. The total revenue that can be obtained from the market segment: market potential 

6. The unique image of a product or service in a consumer's mind relative to similar competitive offerings: market position 

7. The images consumers have of competing goods and services in the marketplace: consumer perceptions 

8. Occurs when a business competes with other companies offering products that are not in the same product category but satisfy similar customer needs: indirect competition  

9. Rivalry among businesses on the basis of price and value: price competition 

10. Directs a company's marketing mix at a large and heterogeneous group of consumers: mass marketing 

11. True or false: a market segment must be defined by its demographic characteristics 

12. True or false: each segment of a market presents a viable market opportunity for a business 

13. True or false: in order to compete effectively with other businesses, marketers must create a unique image of their product or service in the consumer's mind 

14. True or false: in today's economy, price competition must be used with direct competitors 

15. True or false: marketers do not need to know how consumers are using their products, as long as they are using them 

16. True or false: an example of indirect competition would be competition between a bowling alley and a video arcade 

17. True or false: the type of competition that stresses convenient location or ample parking is called attribute competition 

18. True or false: there are relatively few consumer benefits from competition compared to the benefits businesses receive from increased sales and higher profits 

19. True or false: in order to compete effectively, it is important to learn as much as possible about your competitors marketing strategies 

20. True or false: it is illegal for businesses to use trade shows to gather competitive information 

21. True or false: a publication of a trade or professional association is an example of an information source that business could use to gain information about competitors 

True or false: companies should communicate their expectations about the confidentiality of information to employees, suppliers, and customers