MKT 475 Week 3 Quiz 2 Chapter 2 and 3 – Strayer

MKT 475 Week 3 Quiz – Strayer (All Possible Questions With Answers)

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Chapter 02

Markets and Competitive Space

True/False Questions

1. When modularization occurs, products become commodities.

2. The influence of competing brands becomes weaker with closer substitutability and more direct competition.

3. The product-variant product-market structure includes a broad group of products that satisfy a general, yet similar, need.

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4. Customer function considers the role or purpose of the good or service.

5. It is important to focus on the distributor of a product when defining the market, since the distributor drives demand for the product.

6. The value chain analysis considers the vertical network of firms involved in production.

7. A new competitor entering a market is likely to come from companies competing in other geographical regions with similar products.

8. Sales forecasts, typically, fall short of market potential.

9. In the initial stage of competition, the competitors concentrate on market share for end products and profits.

10. In the final phase of competition, companies involve in partnering with the objective of controlling industry standards.

Multiple Choice Questions

11. _____ refers to firms using simpler and less costly ways to match the value requirements offered by the products of incumbent firms serving the market.
A. Modularization
B. Commoditization of product designs
C. Disruptive innovation
D. Creating new market space

12. _____ changes products into commodities, making it difficult for companies to earn anything more than subsistence returns from those products.
A. Disruptive innovation
B. Modularization
C. Cannibalization
D. Segmentation

13. The purpose of _____ is to target new opportunities where buyers’ value requirements are not being satisfied by existing products. 
A. disruptive innovation
B. commoditization of products
C. benchmarking
D. creating new market space

14. The _____ product-market includes a broad group of products that satisfy a larger common need.
A. generic
B. product-type
C. product-variant
D. larger-type

15. Which of the following is the first step in defining and analyzing product-markets?
A. Forecasting market size
B. Determining the boundaries of the market
C. Analyzing competition
D. Predicting rate of change of the market

16. Which of the following is the second step in analyzing product-markets? 
A. Analyze competition
B. Form the product-market
C. Forecast market size and rate of change
D. Analyze end users

17. Which of the following is the final step in analyzing the competition?
A. Anticipating actions by competitors
B. Evaluating key competitors
C. Identifying and evaluating potential competitors
D. Identifying key competitors

18. Which of the following is the most direct type of competition?
A. Budget competition
B. Generic competition
C. Product-category competition
D. Product-variant competition

19. _____ analysis is horizontal and only covers similar types of firms and operating practices of the firms. 
A. Value chain
B. Industry
C. Market segmentation
D. Customer profile

20. According to Porter’s five competitive forces, _____ recognizes that active competition among industry members helps determine industry performance and it is the most direct and intense form of competition. 
A. rivalry among existing firms
B. threat of new entrants
C. threat of substitute products
D. bargaining power of suppliers

21. If critical inputs are in jeopardy or prices of those inputs are extraordinarily high, companies may pursue vertical integration strategies or develop collaborative relationships to reduce the:
A. rivalry among existing firms.
B. bargaining power of buyers.
C. threat of substitute products.
D. bargaining power of suppliers.

22. _____ is measured by comparing the share of the firm against the competitor with the highest market share in the segment.
A. Market segmentation
B. Relative market position
C. Product differentiation
D. Customer segment

23. Market entry by a new competitor is likely under which of the following conditions?
A. When markets have matured and growth is slow
B. When major market-entry barriers are present
C. When competition is limited to one or a few competitors
D. When market incumbents’ profit margins have declined

24. _____ is the maximum amount of product sales that can be obtained from a defined product-market during a specified time period.
A. Market potential
B. Sales forecast
C. Market share
D. Modularization

25. Which of the following is a major source for new competitors?
A. Companies already targeting similar customer groups with other products.
B. Companies competing in the same regions with different products.
C. Companies competing in a different product-market.
D. Companies with advanced unrelated technologies.

26. _____ is the upper limit of sales that can be achieved by all firms for a specified product-market over an indicated time period.
A. Market potential
B. Market share
C. Differential pressure
D. Absolute threshold

27. _____ refers to the expected sales for a defined product-market during a specified time period.
A. Market potential
B. Sales forecast
C. Market share
D. Modularization

28. Company sales divided by the total sales of all firms for a specified product-market determines the _____ of a particular firm.
A. market potential
B. absolute threshold
C. relative market position
D. market share

29. Which of the following is an advantage of using the time-series analysis in sales forecasting?
A. It utilizes historical data when forecasting.
B. It consumes the least amount of time in forecasting.
C. It is a very subjective type of analysis.
D. It is most effective when forecasting new or innovative products.

30. Which of the following is the final phase of competition?
A. Partnering of companies with the objective of controlling industry standards
B. Companies competing in identifying product concepts
C. Competitors concentrating on market share for end products and profits
D. Firms focusing on building competencies

Essay Questions

31. Explain the competitive box. Why is there a need for strategic thinkers to “think outside the competitive box”?

32. Discuss the differences between a generic product-market and a product-type product-market.

33. Identify the three guidelines for defining a product-market.

34. Explain how buyers make choices in products and brands.

35. Identify Porter’s five competitive forces that impact industry performance.

Chapter 03

Strategic Market Segmentation

True/False Questions
1. Market segmentation involves choosing market targets and positioning against alternatives to build competitive advantage.

2. Strategic segmentation is concerned with consumer lifestyles and the benefits that different types of consumers seek in choosing and purchasing consumer electronics.

3. Operational segmentation issues are concerned with delivering relevant messages to targets, and supporting the segmentation strategy at store level.

4. The term “market niche” refers to the largest segment of buyers in a specific market.

5. Market targeting consists of selecting one or more segments whose value requirements provide a good match with the organization’s capabilities.

6. Segmentation is employed by first choosing a segment randomly.

7. Market segmentation lays the groundwork for market targeting and positioning strategies.

8. The use situation variables describe brand-use and consumption.

9. Demographics are often more useful to describe consumer segments after they have been formed rather than to identify them.

10. Market concentration determines the extent to which the supplier must tailor the product to each organizational buyer.

Multiple Choice Questions

11. The differences in buyers according to how they use products, the needs and preferences that the products satisfy, and their consumption patterns create market _____. 
A. segments
B. futures
C. shares
D. structures

12. _____ is the process of identifying and analyzing sub-groups of buyers in a product-market with similar response characteristics. 
A. Flighting
B. Benchmarking
C. Market segmentation
D. Product differentiation

13. _____segmentation links to the management vision and crucial intent of corporate action plan, and emphasizes product benefits that different types of buyers seek. 
A. Managerial
B. Strategic
C. Operational
D. Advertising-oriented

14. _____ segmentation is concerned with allocating resources around segment targets, including them in marketing plans, and aligning organizational processes around them. 
A. Strategic
B. Network
C. Operational
D. Managerial

15. _____ issues are concerned with the marketing program changes needed to reach segment targets with advertising, promotions, and distribution systems.
A. Strategic segmentation
B. Managerial segmentation
C. Operational segmentation
D. Audience management

16. _____ consists of evaluating and selecting one or more segments whose value requirements provide a good match with the organization’s capabilities. 
A. Strategic segmentation
B. Managerial segmentation
C. Audience management
D. Market targeting

17. _____ variables consider how the buyer utilizes the product, such as purchasing a meal away from home for the purpose of entertainment.
A. Use situation
B. Buyers’ needs and preferences
C. Demographic
D. Purchase-behavior

18. Which of the following segmentation variables include brand awareness?
A. Use situation variables
B. Buyers’ needs and preferences variables
C. Demographic variables
D. Purchase-behavior variables

19. Which of the following segmentation variables describe brand-use and consumption?
A. Use situation variables
B. Buyers’ needs and preferences variables
C. Demographic variables
D. Purchase-behavior variables

20. The ______ variables divide a market into segments according to the buyers’ age, income, education, and other such characteristics. 
A. use situation
B. buyers’ needs and preferences
C. demographic 
D. purchase-behavior

21. ______ include attitudes and brand awareness. 
A. Use situation variables
B. Buyers’ needs and preferences variables
C. Demographic variables
D. Purchase-behavior variables

22. Which of the following is a use situation variable?
A. Lifestyle of buyers
B. Brand loyalty status
C. Prior experience with product
D. Frequency of purchase

23. Which of the following is a segmentation variable measuring buyers’ needs and preferences?
A. Quality of the product
B. Importance of purchase
C. Geographic location of buyers
D. Size of purchase

24. _____ occurs when two competing goods are seen as varying on any physical or nonphysical characteristics, including price. 
A. Benchmarking
B. Flighting
C. Lifestyle segmentation
D. Product differentiation

25. Which of the following types of segmentations of customer groups would be characterized as a response difference?
A. Frequency of purchase
B. Income
C. Industrial sector
D. Age

26. _____ see global brands as quality products and accept the cultural symbols they provide, and are less concerned with social responsibility issues.
A. Global dreamers
B. Antiglobals
C. Global citizens
D. Global agnostics

27. Which of the following segment of consumers do not base purchase decisions on a brand’s global attributes, and judge them on the same criteria they use for local brands?
A. Global Citizens
B. Global Dreamers
C. Antiglobals
D. Global Agnostics

28. _____ groups people according to the similarity of their answers to questions such as brand preferences or product attributes.
A. Perceptual maps
B. Cluster analysis
C. Linear discriminant analysis
D. Factor analysis

29. Which of the following forms of segmentation seeks to identify narrowly defined segments using one or more of the segmentation variables?
A. Mass customization
B. Variety-seeking strategy
C. Microsegmentation
D. Specialized division

30. The _____ strategy follows the logic that buyers who are offered alternatives may increase their total purchases of a brand.
A. variety-seeking
B. mass customization
C. microsegmentation
D. macrosegmentation

Essay Questions

31. Explain the goal of strategic marketing segmentation.

32. What is market segmentation?

33. Explain target marketing.

34. Explain the activities and decisions in market segmentation.

35. List the segmentation variables.