Exam 2: Creating Marketing Strategies for Customer-Centric Organizations

Market analysis should include all of the following except:

Why is the 21st century appropriately called the "Century of the Consumer"?

Market segmentation is the process of identifying a group of people similar in one or more ways.

The identification of groups of customers who transcend traditional market or geographic boundaries is called:

Many firms in industrialized countries are focusing their attention on soliciting new customers rather than retaining their existing customers because it is usually cheaper to recruit new customers.

Mass customization is the customization of goods and services for individual customers in high volume and at relatively low costs.

Firms should anticipate which of the following from their competitors?

Which of the following is not a variable used for segmenting consumer markets?

Consumer analysis should include all of the following except:

Ethnographics refers to written representations of the lifestyles and social nuances of groups.

Coined brand names such as Xerox and Exxon are very effective in a global market because of their ease of translation.

The final stage of marketing strategy in customer-centric organizations is:

The degree to which a market can be reached is called:

The ability to obtain information about the size nature and behavior of the market segment refers to:

Having the lowest price is not as important as having the price fall in the range consumers expect to pay for the product.

A market segment is a group of consumers with similar needs and behavior that differ from those of the entire mass market.

Which is not a factor in determining the attractiveness of a market segment?

Most U.S. companies in the export business are large corporations.

Some advertising messages and specific product characteristics tend to be better suited than others for a globalized advertising approach. These include:

What is the goal in analyzing market segments?