Exam 8: Customer Driven Marketing Strategy: Creating Value for Target Customers

Evaluating each market segment's attractiveness and selecting one or more of the market segments to enter is called:

Marketers in hospitality companies need to work to establish images that differentiate their company from competitors.

Instead of going for a small share of a large market, the firm pursues a large share of one or a few small markets. This marketing strategy is called:

Which of the following do NOT contribute to a company's product differentiation efforts?

The effectiveness of frequent-flyer and frequent-guest programs is clearly enormous.

Loyal customers are price ________ compared to brand-shifting patrons.

When a firm introduces a new product, it may be practical to launch only one version, so ________ marketing makes the most sense.

With ________, the seller identifies market segments, selects one or more, and develops products and services tailored to each selected segment.

Over-positioning is defined as:

Offering consumers greater value either through lower prices or by providing more benefits that justify higher prices, is called:

Actionability is the degree to which the segment's size and purchasing power can be measured.

The increasing fragmentation of the mass market into hundreds of smaller markets is called:

The degree to which segments can be assessed and served is the ________ of the market segment.

To an economist, a market is all the buyers and sellers who transact for a good or service.

Which of the following is NOT a part of the psychographic variable?

Describe the basis for geographic segmentation.

The lodging industry is particularly effective in using income segmentation.

Formulating competitive positioning for a product and a detailed marketing mix is called:

Explain the four major segmenting variables for consumer markets.

Which of the following is a psychographic segmentation variable?