marketing, market segementation

Question

1) True or False: When selecting target markets it is usually best to use a Multi-Segment strategy so you can increase your opportunities for sales.

True

False

2)In the concept of the Customization Spectrum, all of the following are true management principles except which?

A) Marketers should seek to maximize customization for all customer groups in order reach more customers.

B) Mass-Customization describes the idea of offering a unique product to each customer while still reaching a wide audience.

C) Marketers should seek to balance cost and complexity when making customization decisions.

D) Customization is often related to Services because services are uniquely designed to meet specific customer needs.

3) According to the WSJ article "The Next Big Thing in Agriculture: Smart Collars for Cows", all of the following except which are primary concerns from ranchers and other market constituents?

A) The cattle collars will need to treat animals ethically and humanely.

B) The cattle collars will need to have strong internet and mobile phone connections to operate in remote ranches.

C) The cattle collars will need to be small and inconspicuous so they do not distract other animals.

D) The cattle collars will need to have robust solar batteries since ranchers sometimes do not see their cattle for months.

Answer 1

1.) True. When selecting target markets, using a multi-segment strategy can often be beneficial as it allows a company to target multiple segments of the market and increase opportunities for sales. By tailoring marketing efforts and product offerings to different segments, a company can effectively meet the diverse needs and preferences of various customer groups, potentially leading to higher sales and market share.

2.) "A" Marketers should seek to maximize customization for all customer groups in order to reach more customers.

While customization can be a valuable strategy, it is not always necessary or appropriate to maximize customization for all customer groups. Different customer segments have varying needs, preferences, and willingness to pay for customization. Marketers should evaluate the cost-benefit trade-off and prioritize customization efforts based on the potential value and profitability of each customer segment. Therefore, option A is not a universally true management principle in the context of the Customization Spectrum.

3.) "C" The cattle collars will need to be small and inconspicuous so they do not distract other animals.

While concerns related to treating animals ethically and humanely (option A), having strong internet and mobile phone connections in remote areas (option B), and having robust solar batteries (option D) are mentioned in the article, there is no mention of the size or inconspicuousness of the cattle collars. Therefore, option C is the correct answer.