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

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

________ shows consumer perceptions of a company's brands versus competing products on important buying dimensions.

________ segmentation divides buyers into different segments based on social class, lifestyle, or personality characteristics.

In evaluating different market segments, a firm should look at three factors: segment size and growth, segment structural attractiveness, and company objectives and resources.

Which of the following is a drawback of local marketing?

When a company customizes its merchandise store by store to meet shopper needs, it is practicing ________.

A recent study conducted by Estelle Cosmetics Company showed that heavy users of Estelle's products comprise a small percentage of the market. The study indicated that less than 7 percent of all shoppers buy nearly 71 percent of Estelle's products in the United States. This is an example of ________.

________ refers to how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments.

Kinger Auto specializes in selling low-quality used vehicles that are priced a good deal lower than other used cars. Which of the following value propositions is evident here?

Briefly explain mass customization.

Psychographic segmentation divides buyers into different segments based on social class, lifestyle, or personality characteristics.

Gilron Holidays runs a premium membership club which caters to customers whose annual salary exceeds $100,000. Members of this club are offered seasonal discounts on select luxury hotels in select cities worldwide. Gilron Holidays most likely follows a(n) ________ segmentation approach.

The customer-driven marketing strategy involves four steps: market segmentation, market targeting, positioning, and differentiation.

A public relations firm tailors its advertising and promotional services according to the needs and preferences of specific customers. This exemplifies ________.

Less-for-much-less positioning involves meeting consumers' lower performance or quality requirements at a much lower price.

When segmenting by user status, markets are segmented into light, medium, and heavy product users.

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

Pacific Fisheries divides its customers into different regional units, such as Asia, Australia, and the Americas. This is an example of ________.

Which of the following is NOT a common variable used by both consumer and business marketers while segmenting markets?

Andrew Levitt runs a retail store in Norristown. Andrew's store stocks cold weather products as Norristown mostly has sub-zero temperatures. Which of the following is evident here?