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

Briefly describe geographic segmentation.

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

Kia Motors offers a new car model with the same features as other cars in the same segment. However, Kia's model is priced higher than its two main competitors. Kia is following a more-for-less positioning strategy.

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?

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

Venus Inc., a company designing and marketing branded diamond jewelry, targets wealthy consumers with similar needs and buying behaviors, even though the consumers are located in different countries. This is an example of ________ segmentation.

List three variables that are used in segmenting business markets.

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

Which of the following is NOT one of the major variables used in segmenting consumer markets?

Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here?

________ calls for dividing the market into regions, states, counties, cities, or even neighborhoods.

________ positioning involves providing the most upscale product or service and charging a higher price to cover the higher costs.

Double Drill Inc. segments its foreign markets by per capita income. This firm segments the international markets based on ________.

All of the following are ways a company can differentiate itself or its product EXCEPT ________.

Pierre's Mart, a grocery store in New Orleans, Louisiana, offers less merchandise selection and fairly low levels of service. Despite the lackluster service and limited selection of merchandise, customers still flock to Pierre's because it charges rock-bottom prices. Pierre's Mart most likely uses the ________ positioning.

Which of the following is the reason a company may choose not to focus on the largest, fastest-growing segments?

The Jay Group hires better employees than its competition by conducting effective searches and multi-tiered interviews. The company also provides high quality training to its employees, an aspect often neglected by competitors. The Jay Group is most likely to gain a strong competitive advantage through which type of differentiation?

Firms that practice product differentiation gain competitive advantage through the way they design their channel's coverage, expertise, and performance.

A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each is known as ________.

Product differentiation refers to the way a product is defined by consumers on important attributes-the place the product occupies in consumers' minds relative to competing products.