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

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

________ segmentation assumes that nations close to one another will have many common traits and behaviors.

Why must marketers guard against stereotypes when using age and life-cycle segmentation?

________ is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.

Which of the following is LEAST relevant when a firm evaluates different market segments?

A target market consists of a set of buyers who share common needs or characteristics that the company decides to serve.

Briefly describe occasion segmentation.

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.

Harvey's Bookstore is a popular online bookstore that has differentiated itself through smooth-functioning delivery networks. This is an example of ________ differentiation.

When competitors use differentiated marketing to focus on the customer's needs, a firm should use undifferentiated marketing to compete with them.

Explain the different segmentation variables used in segmenting consumer markets.

Through market targeting, companies divide large, diverse markets into smaller segments that can be reached more efficiently and effectively with products and services that match their unique needs.

When marketers at Fair & Leigh Inc. selected the Millennials, a demographic group that includes many college students, as an untapped group of potential customers for their new line of products, they were engaging in ________.

Why do companies opt for market segmentation?

________ involves actually distinguishing the firm's market offering to create superior customer value.

Orion Inc. markets luxury watches. It targets the wealthy global elite segment, regardless of their geographic location. Orion most likely uses ________ segmentation.

When segmenting by usage rate, markets can be segmented into nonusers, ex-users, potential users, first-time users, and regular users of a product.

________ positioning involves meeting consumers' lower performance or quality requirements at a much lower price.

In the context of behavioral segmentation, markets segmented by ________ can be categorized into light, medium, and heavy product users.

________ segmentation divides buyers into different segments based on social class, lifestyle, or personality characteristics.