Exam 6: Customer Value-Driven Marketing Strategy: Creating Value for Target Customers 

Which type of market segmentation is generally used by marketers who sell luxury products targeted to the affluent segments of a population?

Companies are likely to gain through speedy, convenient, or careful delivery of products.

Marketing the same product to a huge customer base without any customization is referred to as .

Compare and contrast the four major strategies that are generally used to target market segments. Provide an example for each of the four major strategies.

Describe a few ways in which a marketer can engage in socially responsible target marketing.

Micromarketing includes global marketing and standardized marketing.

Explain the four major segmentation variables for consumer markets.

Market segments that can be effectively reached and served are said to be .

Chosen symbols, characters, and other image elements are communicated through advertising that conveys the company's or brand's personality.

Compared with undifferentiated marketing, differentiated marketing is more likely to lead to .

Describe the different types of value propositions on which a company might position its products.

A successful niche marketing strategy relies on a firm's .

Argonaut Food Stores, a retail giant, hires better-skilled employees than its competitors by employing strategic recruitment practices. It also conducts highly specialized training programs for its employees. In this case, Argonaut has focused on gaining a strong competitive advantage through _ differentiation.

Niche marketing offers smaller companies an opportunity to compete by focusing their limited resources on serving niches that may be unimportant to or overlooked by larger companies.

Gold Class Electricals, a consumer-electronics firm, targets market segments based on factors such as country, age, social class, usage rate, and benefits sought. The company divides its markets based on .

By having over 90 different types of Tide detergent (stain remover, concentrate, scent, and HE liquid are just a few of the choices), Tide is trying to use a _ strategy.

segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics.

Although not recommended, some marketers decide to ignore market segmentation and target the whole market with one offer. This is known as marketing.

When segments are distinguishable and respond differently to different marketing mix elements, they are said to be _.

Canadian retailer Harry Rosen charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and exceptional service in comparison to cheaper alternatives available in the market. In this case, Harry Rosen offers a(n) value proposition.