Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products is a(n)

a) business market.

b) market.

c) undifferentiated market

d) segmented market

Answer: e) market variable

Company and brand positioning should be summed up in a ________.

A) mission statement

B) vision statement

C) profit statement

D) positioning statement

E) corporate statement

Answer: D) positioning statement

Zeal is a popular automobile brand, and its positioning statement reads as follows: "For upscale American families who require large vehicles, Zeal is the automobile of choice." Which of the following mandatory elements is missing from the positioning statement?

A) point of difference

B) target audience

C) brand name

D) product category

E) need

Answer: A) point of difference

Which of the following includes the target segment of a product, the category to which the product belongs, and the product's point of difference from other members in the category?

A) mission statement

B) vision statement

C) profit statement

D) positioning statement

E) inventory statement

Answer: D) positioning statement

Household Storez, a local retail store, claims to offer better products at lower prices than other retail stores. In this case, the firm's positioning reflects a ________ value proposition.

A) more-for-the same

B) more-for-less

C) same-for-less

D) more-for-more

E) same-for-more

Answer: B) more-for-less

Which of the following strategies is most likely to be followed by firms that position themselves as caterers of the best products at economical prices?

A) more for the same

B) more for less

C) same for less

D) more for more

E) less for much less

Answer: B) more for less