Question 1

Why do companies opt for market segmentation?

Accepted Answer

Buyers in any market differ in their wan...

Question 2

________ is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.

Accepted Answer

A)   Mass marketing
B)   Trigger-based marketing
C)   Differentiated marketing
D)   Concentrated marketing
E)   MicromarketingF) C) and E)
G) A) and E)

Question 3

The relative power of buyers affects segment attractiveness.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following marketing strategies is most suitable for smaller firms with limited resources?

Accepted Answer

A)   mass marketing
B)   undifferentiated marketing
C)   niche marketing
D)   differentiated marketing
E)   one-to-one marketingF) A) and E)
G) C) and D)

Question 5

A segment is less attractive if it ________.

Accepted Answer

A)   is difficult for new entrants to enter
B)   is substantial
C)   is actionable
D)   already contains many strong and aggressive competitors
E)   contains weak suppliersF) B) and D)
G) A) and C)

Question 6

Explain the four major steps in designing a customer-driven marketing strategy.

Accepted Answer

The first step is market segmentation: d...

Question 7

A market segment that is large enough or profitable enough to serve is ________.

Accepted Answer

A)   measurable
B)   accessible
C)   substantial
D)   profitable
E)   differentiableF) B) and E)
G) D) and E)

Question 8

Which of the following is true with regard to the same for less value proposition?

Accepted Answer

A)   Discount stores and "category killers" rarely use the same-for-less value proposition.
B)   The same-for-less value proposition is mostly offered by marketers who sell higher quality upscale products or services.
C)   The same-for-less value proposition cannot generate profits.
D)   Offering the same for less can be a powerful value proposition because everyone likes a good deal.
E)   The same-for-less positioning involves meeting consumers' lower performance or quality requirements at a much lower price.F) A) and B)
G) B) and E)

Question 9

Why must marketers guard against stereotypes when using age and life-cycle segmentation?

Accepted Answer

This is primarily because age ...

Question 10

The full mix of benefits on which a brand is differentiated and positioned is known as the brand's ________.

Accepted Answer

A)   value proposition
B)   service life
C)   value stream
D)   supply chain
E)   demand chainF) None of the above
G) A) and E)

Question 11

With technology advances making it simple to contact many customers at once, companies have moved toward mass marketing over target marketing.

Accepted Answer

A) True 
 B)False

Question 12

Apex describes its clothing line as, "Elegance and attitude, now as one. For the daily office-goer, who takes pride in what he or she wears everyday, Apex makes sure you get noticed." This exemplifies a ________.

Accepted Answer

A)   statement of purpose
B)   vision statement
C)   positioning statement
D)   general need description
E)   product specificationF) A) and D)
G) C) and E)

Question 13

Calypso Motors recently rolled out its Proteus hatchback. Proteus combines the attractiveness of a luxury car with the excellent agility of a sports car. Calypso Motors is confident that Proteus will appeal to both sports car enthusiasts as well as the luxury segment. Which of the following types of market segmentation is evident here?

Accepted Answer

A)   gender segmentation
B)   income segmentation
C)   benefit segmentation
D)   geographic segmentation
E)   age and life-cycle segmentationF) A) and D)
G) A) and E)

Question 14

When it first opened stores across the United States, Bateman's, an office supply chain store, had the best product selection, the best service, and the lowest prices compared to other office supply chain stores. As a result, Bateman's captured a significant chunk of the market in the short run. Which of the following positioning strategies did Bateman's most likely use?

Accepted Answer

A)   more for the same
B)   more for less
C)   same for less
D)   less for much less
E)   more for moreF) A) and B)
G) All of the above

Question 15

Harvey's Bookstore is a popular online bookstore that has differentiated itself through smooth-functioning delivery networks. This is an example of ________ differentiation.

Accepted Answer

A)   product
B)   image
C)   price
D)   channel
E)   peopleF) A) and B)
G) A) and D)

Question 16

Papillon, a popular retailer of chic women's clothing, segments its market according to consumer lifestyles. Papillon most likely uses ________ segmentation for segmenting its market.

Accepted Answer

A)   geographic
B)   psychographic
C)   benefit
D)   age and life-cycle
E)   occasionF) A) and C)
G) A) and E)

Question 17

Explain the different segmentation variables used in segmenting consumer markets.

Accepted Answer

1. Geographic segmentation calls for div...

Question 18

Companies find it as easy to come up with a good positioning strategy as to execute it.

Accepted Answer

A) True 
 B)False

Question 19

If Ruben interacted one-to-one with his customers to design his products and services according to individual needs, he would be practicing ________.

Accepted Answer

A)   concentrated marketing
B)   trigger-based marketing
C)   undifferentiated marketing
D)   mass customization
E)   segmented marketingF) B) and E)
G) A) and B)

Question 20

Market targeting is ________.

Accepted Answer

A)   arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
B)   dividing a market into distinct groups of buyers who have different needs and characteristics
C)   evaluating segment attractiveness and deciding how many and which segment(s)  to serve
D)   marketing to buyers with separate marketing strategies or mixes
E)   differentiating the firm's market offering to create customer valueF) C) and E)
G) A) and E)

Exam 7: Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

If Ruben interacted one-to-one with his customers to design his products and services according to individual needs, he would be practicing ________.

Correct Answer
verified

Why do companies opt for market segmentation?

Correct Answer
verified
Buyers in any market differ in their wan...
View Answer

A market segment that is large enough or profitable enough to serve is ________.

Correct Answer
verified

With technology advances making it simple to contact many customers at once, companies have moved toward mass marketing over target marketing.

Correct Answer
verified

The full mix of benefits on which a brand is differentiated and positioned is known as the brand's ________.

Correct Answer
verified

The relative power of buyers affects segment attractiveness.

Correct Answer
verified

Apex describes its clothing line as, "Elegance and attitude, now as one. For the daily office-goer, who takes pride in what he or she wears everyday, Apex makes sure you get noticed." This exemplifies a ________.

Correct Answer
verified

Explain the different segmentation variables used in segmenting consumer markets.

Correct Answer
verified
1. Geographic segmentation calls for div...
View Answer

Correct Answer
verified

Papillon, a popular retailer of chic women's clothing, segments its market according to consumer lifestyles. Papillon most likely uses ________ segmentation for segmenting its market.

Correct Answer
verified

Correct Answer
verified

Why must marketers guard against stereotypes when using age and life-cycle segmentation?

Correct Answer
verified
This is primarily because age ...
View Answer

________ is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.

Correct Answer
verified

Harvey's Bookstore is a popular online bookstore that has differentiated itself through smooth-functioning delivery networks. This is an example of ________ differentiation.

Correct Answer
verified

Explain the four major steps in designing a customer-driven marketing strategy.

Correct Answer
verified
The first step is market segmentation: d...
View Answer

Which of the following marketing strategies is most suitable for smaller firms with limited resources?

Correct Answer
verified

Market targeting is ________.

Correct Answer
verified

A segment is less attractive if it ________.

Correct Answer
verified

Companies find it as easy to come up with a good positioning strategy as to execute it.

Correct Answer
verified

Which of the following is true with regard to the same for less value proposition?

Correct Answer
verified

Exam 7: Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

If Ruben interacted one-to-one with his customers to design his products and services according to individual needs, he would be practicing ________.

Correct AnswerverifiedShow Answer

Why do companies opt for market segmentation?

Correct AnswerverifiedBuyers in any market differ in their wan...View AnswerShow Answer

A market segment that is large enough or profitable enough to serve is ________.

Correct AnswerverifiedShow Answer

With technology advances making it simple to contact many customers at once, companies have moved toward mass marketing over target marketing.

Correct AnswerverifiedShow Answer

The full mix of benefits on which a brand is differentiated and positioned is known as the brand's ________.

Correct AnswerverifiedShow Answer

The relative power of buyers affects segment attractiveness.

Correct AnswerverifiedShow Answer

Apex describes its clothing line as, "Elegance and attitude, now as one. For the daily office-goer, who takes pride in what he or she wears everyday, Apex makes sure you get noticed." This exemplifies a ________.

Correct AnswerverifiedShow Answer

Explain the different segmentation variables used in segmenting consumer markets.

Correct Answerverified1. Geographic segmentation calls for div...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Papillon, a popular retailer of chic women's clothing, segments its market according to consumer lifestyles. Papillon most likely uses ________ segmentation for segmenting its market.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Why must marketers guard against stereotypes when using age and life-cycle segmentation?

Correct AnswerverifiedThis is primarily because age ...View AnswerShow Answer

________ is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.

Correct AnswerverifiedShow Answer

Harvey's Bookstore is a popular online bookstore that has differentiated itself through smooth-functioning delivery networks. This is an example of ________ differentiation.

Correct AnswerverifiedShow Answer

Explain the four major steps in designing a customer-driven marketing strategy.

Correct AnswerverifiedThe first step is market segmentation: d...View AnswerShow Answer

Which of the following marketing strategies is most suitable for smaller firms with limited resources?

Correct AnswerverifiedShow Answer

Market targeting is ________.

Correct AnswerverifiedShow Answer

A segment is less attractive if it ________.

Correct AnswerverifiedShow Answer

Companies find it as easy to come up with a good positioning strategy as to execute it.

Correct AnswerverifiedShow Answer

Which of the following is true with regard to the same for less value proposition?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
Buyers in any market differ in their wan...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
1. Geographic segmentation calls for div...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
This is primarily because age ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The first step is market segmentation: d...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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