Question 1

If Ruben interacted one-to-one with his customers to design his products and services according to individual needs, he would be practicing ________.

Accepted Answer

A)  concentrated marketing 
B)  trigger-based marketing 
C)  undifferentiated marketing 
D)  mass customization 
E)  segmented marketing

Question 2

Market targeting is ________.

Accepted Answer

A)  arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers 
B)  dividing a market into distinct groups of buyers who have different needs and characteristics 
C)  evaluating segment attractiveness and deciding how many and which segment(s) to serve 
D)  marketing to buyers with separate marketing strategies or mixes 
E)  differentiating the firm's market offering to create customer value

Question 3

A market segment that is large enough or profitable enough to serve is ________.

Accepted Answer

A)  measurable 
B)  accessible 
C)  substantial 
D)  profitable 
E)  differentiable

Question 4

The full mix of benefits on which a brand is differentiated and positioned is known as the brand's ________.

Accepted Answer

A)  value proposition 
B)  service life 
C)  value stream 
D)  supply chain 
E)  demand chain

Question 5

Calypso Motors recently rolled out its Proteus hatchback. Proteus combines the attractiveness of a luxury car with the excellent agility of a sports car. Calypso Motors is confident that Proteus will appeal to both sports car enthusiasts as well as the luxury segment. Which of the following types of market segmentation is evident here?

Accepted Answer

A)  gender segmentation 
B)  income segmentation 
C)  benefit segmentation 
D)  geographic segmentation 
E)  age and life-cycle segmentation

Question 6

A segment is less attractive if it ________.

Accepted Answer

A)  is difficult for new entrants to enter 
B)  is substantial 
C)  is actionable 
D)  already contains many strong and aggressive competitors 
E)  contains weak suppliers

Question 7

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

Accepted Answer

The answer of Explain the four major steps in designing...

Question 8

Which of the following is true with regard to the same for less value proposition?

Accepted Answer

A)  Discount stores and "category killers" rarely use the same-for-less value proposition. 
B)  The same-for-less value proposition is mostly offered by marketers who sell higher quality upscale products or services. 
C)  The same-for-less value proposition cannot generate profits. 
D)  Offering the same for less can be a powerful value proposition because everyone likes a good deal. 
E)  The same-for-less positioning involves meeting consumers' lower performance or quality requirements at a much lower price.

Question 9

Companies find it as easy to come up with a good positioning strategy as to execute it.

Accepted Answer

A) True 
 B)False

Question 10

With technology advances making it simple to contact many customers at once, companies have moved toward mass marketing over target marketing.

Accepted Answer

A) True 
 B)False

Question 11

When it first opened stores across the United States, Bateman's, an office supply chain store, had the best product selection, the best service, and the lowest prices compared to other office supply chain stores. As a result, Bateman's captured a significant chunk of the market in the short run. Which of the following positioning strategies did Bateman's most likely use?

Accepted Answer

A)  more for the same 
B)  more for less 
C)  same for less 
D)  less for much less 
E)  more for more

Question 12

Which of the following marketing strategies is most suitable for smaller firms with limited resources?

Accepted Answer

A)  mass marketing 
B)  undifferentiated marketing 
C)  niche marketing 
D)  differentiated marketing 
E)  one-to-one marketing

Question 13

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

Accepted Answer

A)  product 
B)  image 
C)  price 
D)  channel 
E)  people

Question 14

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

Accepted Answer

A)  Mass marketing 
B)  Trigger-based marketing 
C)  Differentiated marketing 
D)  Concentrated marketing 
E)  Micromarketing

Question 15

Why do companies opt for market segmentation?

Accepted Answer

The answer of Why do companies opt for market segmentation?...

Question 16

Apex describes its clothing line as, "Elegance and attitude, now as one. For the daily office-goer, who takes pride in what he or she wears everyday, Apex makes sure you get noticed." This exemplifies a ________.

Accepted Answer

A)  statement of purpose 
B)  vision statement 
C)  positioning statement 
D)  general need description 
E)  product specification

Question 17

Papillon, a popular retailer of chic women's clothing, segments its market according to consumer lifestyles. Papillon most likely uses ________ segmentation for segmenting its market.

Accepted Answer

A)  geographic 
B)  psychographic 
C)  benefit 
D)  age and life-cycle 
E)  occasion

Question 18

The relative power of buyers affects segment attractiveness.

Accepted Answer

A) True 
 B)False

Question 19

Explain the different segmentation variables used in segmenting consumer markets.

Accepted Answer

The answer of Explain the different segmentation variables used in...

Question 20

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

Accepted Answer

The answer of Why must marketers guard against stereotypes when...

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

If Ruben interacted one-to-one with his customers to design his products and services according to individual needs, he would be practicing ________.

Market targeting is ________.

A market segment that is large enough or profitable enough to serve is ________.

The full mix of benefits on which a brand is differentiated and positioned is known as the brand's ________.

A segment is less attractive if it ________.

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

Which of the following is true with regard to the same for less value proposition?

Companies find it as easy to come up with a good positioning strategy as to execute it.

With technology advances making it simple to contact many customers at once, companies have moved toward mass marketing over target marketing.

Which of the following marketing strategies is most suitable for smaller firms with limited resources?

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

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

Why do companies opt for market segmentation?

Apex describes its clothing line as, "Elegance and attitude, now as one. For the daily office-goer, who takes pride in what he or she wears everyday, Apex makes sure you get noticed." This exemplifies a ________.

Papillon, a popular retailer of chic women's clothing, segments its market according to consumer lifestyles. Papillon most likely uses ________ segmentation for segmenting its market.

The relative power of buyers affects segment attractiveness.

Explain the different segmentation variables used in segmenting consumer markets.

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