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

The largest,fastest-growing market segments are generally the most attractive.

Briefly explain the necessary characteristics of an effective and useful market segment.

User status segmentation involves finding the major advantages or features people look for in the product class,the kinds of people who look for each advantage or feature,and the major brands that deliver each advantage or feature.

What is the following statement an example of? 'To families concerned about safety,Volvo offers a vehicle with state-of-the-art safety features and stylish design that give you peace of mind when driving.'

Why and how do businesses segment their markets?

A manufacturer of toothpaste has segmented the market and developed distinct product offerings designed to appeal to the three different segments.One product offers all day protection from tooth decay,a second product offers whiter,brighter teeth and the third product offers all day mouth freshness.Which approach to segmentation is the company most likely to have used?

The division of buyers into groups based on their knowledge,attitudes,uses or responses to a product is ________ segmentation.

Some critics of marketing worry that premium offers and high-powered advertising appeals presented through the mouths of lovable animated characters will overwhelm children's ________.

A chain of food stores hires employees who are superior to employees hired by the competition by conducting lengthy searches and interviews.Management also trains employees at higher levels than its rivals.It has gained a strong competitive advantage through which type of differentiation?

'More for more' positioning involves charging a ________ price for higher costs or more benefits.

What are the four steps,in order,to designing a customer-driven marketing strategy?

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.

Companies today recognise that they cannot appeal to all buyers in the marketplace,or at least not to all buyers in the same way.

The International Drilling Company segments its foreign markets by the income levels of a country's population.This firm segments on what basis?

Explain the concept of positioning for competitive advantage.

BMW allows customers to design their own vehicle from a set of options at BMW's website.What is this called?

Briefly outline the principal steps in designing a customer-driven marketing strategy.

________ segmentation divides a market into groups based on variables such as education,religion and nationality.

Consumer and business marketers use many of the same variables to segment markets.Business marketers use all of the following EXCEPT which one?

A perceptual positioning map is a device often used by marketers in planning their differentiation and positioning strategies.This map always shows customer perceptions of a given company's brands compared with competitors along the attributes of price and benefits.