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

Stores such as Walmart, Best Buy, PetSmart, David's Bridal, and DSW Shoes use ________ positioning.

Rex Steelworks makes steel sheets which the firm markets and sells to companies all over the world. Which of the following marketing strategies is most suitable for Rex Steelworks?

Mass marketing involves identifying market segments, selecting one or more of them, and developing products and marketing programs tailored to each.

Which of the following is true about the concentrated marketing strategy?

Why do companies opt for market segmentation?

Consumers who show their allegiance to brands, stores, or companies help marketers to segment consumers by their ________.

Different soft drinks target different personalities. This is an example of ________ segmentation.

Ferrari sports cars claim superior quality, performance, and style. Ferrari provides "perfection" at a premium price to keep its brand image intact. Which type of value proposition does Ferrari most likely position its products with?

"To busy multitaskers who need help remembering things, Evernote is a digital content management application that makes it easy to capture and remember moments and ideas from your everyday life using your computer, phone, tablet, and the Web." This is an example of a(n) ________.

Refer to the scenario below to answer the following questions. Herb Marks was making wooden pens and pencils, which had unique engravings, as a hobby until Mel Yoder recognized Herb's talent. Mel immediately ordered 250 pens and pencils of various styles to be displayed in his shop's showcase. Within three months, the wooden pencils were a hit with all school goers! Herb Marks had never thought of marketing his talent, but Mel's enthusiasm and the recent sales were enough to change his mind. With limited resources, Herb contacted three additional specialty shops within 100 miles which were situated near schools. He explained his manufacturing processes and engraving options to each. All three shop owners placed a trial order. Within two months, just prior to the holiday season, each shop owner placed an additional order. Herb was ecstatic! "I figured business would slow down after that," Herb stated, "but in February I was contacted by Elmore Distributors. At that point, I had to make a huge decision about how far I wanted to go with this business." Elmore Distributors provides products for school fundraisers in a seven-state area. Herb was offered a two-year contract and immediate inclusion in Elmore's promotional flyer. Herb Marks accepted the offer and, along with it, the responsibility to produce thousands of wooden pens and pencils. "I had to get a grip on the magnitude of this project," Herb added. Herb decided to place his major focus on the large contract with Elmore. However, to avoid placing his total emphasis with one customer, Herb continued nurturing his four previously established accounts without targeting any additional customers. "At this point, I had set up an assembly line in a rented building," Herb explained. "I had to hire three full-time employees to work the line while I managed the customer orders and purchased materials." Herb paused. "But I can't take the Elmore project for granted. It might not always be there. I'll have to have a good alternate plan if that day comes." -If Herb interacted one-to-one with his customers to design his products and services according to individual needs, he would be practicing ________.

________ is the process by which firms interact one-to-one with masses of customers to design products and services tailor-made to individual needs.

In the context of behavioral segmentation, markets segmented by ________ can be categorized into light, medium, and heavy product users.

Demographic segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses concerning a product.

Marketers often segment international markets according to the type and stability of government. In such instances, they segment markets based on ________.

________ requires finding the major advantages people look for in a product class, the kinds of people who look for each positive aspect of a product, and the major brands that deliver it.

Why are demographic factors the most popular bases for segmenting customer groups?

How do companies identify attractive market segments? How do they choose a target marketing strategy?

"Many companies today are localizing their products, advertising, promotion, and sales efforts to fit the needs of individual regions, cities, and neighborhoods." This is an example of ________.

How does loyalty status enhance a company's understanding of its consumers?

The relative power of buyers affects segment attractiveness.