Multiple Choice Quiz


1	Opportunities that help innovators develop hard-to-copy marketing strategies that will be profitable for a long time are called _________________________.
		A)	Competitive advantages
		B)	Breakthrough opportunities
		C)	Market segmentation
		D)	Market penetration


2	Differentiation means that the marketing mix is distinct from and better than what is available from a competitor.
		A)	True
		B)	False


3	A useful aid that identifies and lists a firm's strengths and weaknesses and its opportunities and threats is called a ____________________________.
		A)	S.W.O.T. analysis
		B)	Market penetration analysis
		C)	Diversification analysis
		D)	Breakthrough opportunity analysis


4	When a firm tries to increase sales by selling present products in new markets, they are engaging in ___________________________________
		A)	Product development
		B)	Market penetration
		C)	Market development
		D)	Product penetration


5	A product-market is a market with very similar needs, and sellers offering various close substitute ways of satisfying those needs.
		A)	True
		B)	False


6	Which of the following is NOT one of the 4 parts of the "product-market" definition?
		A)	Product type
		B)	Customer type
		C)	Customer need
		D)	Product timeline


7	Market segmentation is a two-step process of: (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.
		A)	True
		B)	False


8	Which of the following is NOT one of the three basic ways to develop market-oriented strategies in a broad product-market?
		A)	Single target market approach
		B)	Dual target market approach
		C)	Multiple target market approach
		D)	Combined target market approach


9	What two (2) types of segmenting dimensions are used to select the important segmenting dimensions?
		A)	Qualifying and quantifying dimensions
		B)	Quantifying and determining dimensions
		C)	Determining and qualifying dimensions
		D)	Quantifying and differentiating dimensions


10	Positioning refers to how _________________ think about proposed and/or present brands in a market.
		A)	Firms
		B)	Marketing professionals
		C)	Customers
		D)	All of the above


11	A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods and/or services is called a ___________________________.
		A)	Target market
		B)	Broad-product market
		C)	Generic market
		D)	Market


12	The relevant market for finding opportunities should be __________________.
		A)	The current market
		B)	Bigger than the current market, but not so big the firm can't compete
		C)	Global, to encompass all opportunities
		D)	Smaller than the current market


13	A generic market description does NOT include any ___________________ terms.
		A)	Customer-type
		B)	Geographic area
		C)	Product-type
		D)	Customer needs


14	A market segment is a (relatively) homogeneous group of customers who will respond to a marketing mix in a similar way.
		A)	True
		B)	False


15	Which of the following criteria can be found in a "good" market segment?
		A)	Heterogeneous between
		B)	Homogeneous within
		C)	Substantial
		D)	All of the above


16	Combiners try to increase the size of their target markets by combining 2 or more segments, whereas, segmenters aim at one or more homogeneous segments and try to develop a different marketing mix for each segment.
		A)	True
		B)	False


17	If cost considerations encourage more aggregating to obtain economies of scale, and demand considerations suggest less aggregating to satisfy needs more exactly, the balancing point is _______________.
		A)	Customer satisfaction
		B)	Profit
		C)	Supply
		D)	Gross sales

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