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

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

What does a company focus on when using an undifferentiated marketing strategy?

The relative power of buyers affects segment attractiveness.

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?

________ segmentation refers to dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.

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

Market targeting can bring up concerns about privacy and abuse in all of the following ways EXCEPT ________.

Which of the following variables are the most popular for marketers to use in segmenting customer groups?

A recent study conducted by Estelle Cosmetics Company showed that heavy users of Estelle's products comprise a small percentage of the market. The study indicated that less than 7 percent of all shoppers buy nearly 71 percent of Estelle's products in the United States. This is an example of ________.

In evaluating different market segments, a firm should look at three factors: segment size and growth, segment structural attractiveness, and company objectives and resources.

List three variables that are used in segmenting business markets.

Which of the following is a disadvantage of using a differentiated marketing strategy?

The customer-driven marketing strategy involves four steps: market segmentation, market targeting, positioning, and differentiation.

When a company customizes its merchandise store by store to meet shopper needs, it is practicing ________ marketing.

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

Companies know they cannot appeal to all buyers in the marketplace, or at least not in the same way. Reasons for this include all of the following EXCEPT ________.

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

Briefly describe geographic segmentation.

While there may be many differences between brands, not all are meaningful or relevant to consumers. Which of the following is NOT a criterion for establishing the value of a difference to promote?

Describe how marketers use multiple segmentation bases to their advantage.