Exam 8: Customer-Driven Marketing Strategy: Creating Value for Target Customers

The most popular base for segmenting markets is _____________.

Target marketing sometimes generates controversy and concern.Issues usually involve the targeting of ________ consumers with ________ products.

When marketers divide buyers into groups based on their knowledge,attitudes,uses,or responses to a product,this is called ________ segmentation.

Most companies use demographic variables in market segmentation because they ________.

Explain the four major steps in designing a customer-driven marketing strategy.

Mega Mining and Smelting Co.segments its foreign markets by their overall level of economic development.This firm segments on what basis?

ByWay Ventures chose a differentiated marketing strategy.The company had to weigh ________ against ________ when selecting this strategy.

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

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

________ and ________ segmentation provide the best basis for segmenting business markets according to many marketers.This is also true for consumer markets.

When Kia offers a new car model with the same features as a comparable Toyota or Ford and provides a longer warranty,Kia is following a more-for-less strategy.

Which of the segmenting strategies carries higher-than-average risks in consumer markets?

All brand differences are meaningful or worthwhile and every difference makes a good differentiator.

Which of the following is the narrowest marketing strategy?

Although the use of mass marketing has been widespread in the past 100 years,for centuries consumers were served as individuals as businesses practised individual marketing.

When it first opened for business,Home Depot claimed to offer better products at lower prices.This hard-to-sustain value proposition is called ________.

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

At a recent marketing seminar,the featured speaker stated that a target market consists of a set of buyers who share common needs or characteristics that the company decides to serve.This is a correct definition.

Few people can afford the best in everything they buy.At times everyone needs a product with less quality or performance with a correspondingly lower price.In this case a consumer would purchase a product positioned with a ________ strategy.

You have discovered that the segments you are targeting are conceptually distinguishable and respond differently to different marketing mix elements and programs.These segments are ________.