Exam 7: Sharpening the Focus: Target Marketing Strategies and Customer Relationship Management

Children between 8 and 14 years old are referred to as ________.

________ is the financial value of customer relationships through the lifetime of the relationships.

A dentist has two new patients.One patient is single and has no children.The other patient is a parent with six children.All children are between the ages of 5 and 12.What factors can the dentist utilise from the demographics mentioned to determine the value of each customer? Explain your answer.

________ exists today as a result of people's diverse interests and backgrounds that divide them into numerous groups with distinct wants and needs.

A firm has categorised its customers into two groups.Each customer has been identified as being either a high-volume customer or a low-volume customer.Why would a firm want to implement different styles of communication for each group of customers? Identify one means of communication that would be best suited to be utilised by a firm for each of these customer groups.

Bob loves ferrets,the furry animals,so much that he decides to start an online business offering only ferret accessories (leashes,clothing,etc.

The 80/20 rule is most directly related to ________ segmentation.

A fast food company defines its competition as other fast food companies,whether they sell hamburgers,takeaways or pizzas.

Over time a firm may find it needs to change which segment it targets or even redo a product's position to respond to marketplace changes.This makeover strategy is called repositioning.Select any major,well-known firm.How has it repositioned its products or services in response to marketplace changes? Explain your answer.

Businesses often divide their markets according to when and how their offerings are in demand - e.

How can marketers make use of generational marketing - marketing programs designed for the distinct attitudes and consumer behaviour of the various generations in the marketplace? Illustrate using current marketplace examples.

Why might a marketer segment using family structure?

To market Suave shampoo,Unilever used data from the Australian Bureau of Statistics and Statistics New Zealand to identify neighbourhoods with high concentrations of young working women.

Gathering geographic information about Australia and New Zealand is difficult as governments only collect information about these countries as a whole.

________ is the process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics.

A company evaluates whether to develop two separate lines of sunscreen lotions,one for men and one for women.

A target market is not viable unless the segment is large enough to be profitable now and in the future and its members are similar to each other in terms of product needs and wants.

Size of company,total sales,type of product purchased and type of user are variables used when segmenting business-to-business markets.

The owner of a pet-grooming salon wants to determine the customer equity of a particular customer.

The VALS system categorises consumers as ________.