Question 1

Which type of market segmentation is generally used by marketers who sell luxury products targeted to the affluent segments of a population?

Accepted Answer

A)  gender 
B)  occasion 
C)  usage rate 
D)  benefits sought 
E)  income

Question 2

Companies are likely to gain through speedy, convenient, or careful delivery of products.

Accepted Answer

A)  people differentiation 
B)  services differentiation 
C)  price differentiation 
D)  product differentiation 
E)  channel differentiation

Question 3

Marketing the same product to a huge customer base without any customization is referred to as .

Accepted Answer

A)  individual marketing 
B)  local marketing 
C)  mass marketing 
D)  niche marketing 
E)  differentiated marketing

Question 4

Compare and contrast the four major strategies that are generally used to target market segments. Provide an example for each of the four major strategies.

Accepted Answer

The answer of Compare and contrast the four major strategies...

Question 5

Describe a few ways in which a marketer can engage in socially responsible target marketing.

Accepted Answer

The answer of Describe a few ways in which a...

Question 6

Micromarketing includes global marketing and standardized marketing.

Accepted Answer

A) True 
 B)False

Question 7

Explain the four major segmentation variables for consumer markets.

Accepted Answer

The answer of Explain the four major segmentation variables for...

Question 8

Market segments that can be effectively reached and served are said to be .

Accepted Answer

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

Question 9

Chosen symbols, characters, and other image elements are communicated through advertising that conveys the company's or brand's personality.

Accepted Answer

A) True 
 B)False

Question 10

Compared with undifferentiated marketing, differentiated marketing is more likely to lead to .

Accepted Answer

A)  higher costs of doing business 
B)  redundancy in product design across market segments 
C)  smaller market share in the industry 
D)  weaker product position in each market segment 
E)  reduced sales in each market segment

Question 11

Describe the different types of value propositions on which a company might position its products.

Accepted Answer

The answer of Describe the different types of value propositions...

Question 12

A successful niche marketing strategy relies on a firm's .

Accepted Answer

A)  knowledge of customer needs 
B)  affordable pricing 
C)  product positioning 
D)  availability of services 
E)  superior products

Question 13

Argonaut Food Stores, a retail giant, hires better-skilled employees than its competitors by employing strategic recruitment practices. It also conducts highly specialized training programs for its employees. In this case, Argonaut has focused on gaining a strong competitive advantage through _ differentiation.

Accepted Answer

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

Question 14

Niche marketing offers smaller companies an opportunity to compete by focusing their limited resources on serving niches that may be unimportant to or overlooked by larger companies.

Accepted Answer

A) True 
 B)False

Question 15

Gold Class Electricals, a consumer-electronics firm, targets market segments based on factors such as country, age, social class, usage rate, and benefits sought. The company divides its markets based on .

Accepted Answer

A)  multiple segmentation bases 
B)  behavioural variables 
C)  psychographic segmentation bases 
D)  geographic regions 
E)  demographic variables

Question 16

By having over 90 different types of Tide detergent (stain remover, concentrate, scent, and HE liquid are just a few of the choices), Tide is trying to use a _ strategy.

Accepted Answer

A)  concentrated 
B)  low cost 
C)  confusing 
D)  differentiated 
E)  niche

Question 17

segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics.

Accepted Answer

A)  Psychographic 
B)  User status 
C)  Geographic 
D)  Demographic 
E)  Behavioural

Question 18

Although not recommended, some marketers decide to ignore market segmentation and target the whole market with one offer. This is known as marketing.

Accepted Answer

A)  undifferentiated 
B)  niche 
C)  differentiated 
D)  local 
E)  individual

Question 19

When segments are distinguishable and respond differently to different marketing mix elements, they are said to be _.

Accepted Answer

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

Question 20

Canadian retailer Harry Rosen charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and exceptional service in comparison to cheaper alternatives available in the market. In this case, Harry Rosen offers a(n) value proposition.

Accepted Answer

A)  more-for-the-same 
B)  same-for-less 
C)  all-or-nothing 
D)  more-for-more 
E)  more-for-less

Exam 6: Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

Which type of market segmentation is generally used by marketers who sell luxury products targeted to the affluent segments of a population?

Companies are likely to gain through speedy, convenient, or careful delivery of products.

Marketing the same product to a huge customer base without any customization is referred to as .

Compare and contrast the four major strategies that are generally used to target market segments. Provide an example for each of the four major strategies.

Describe a few ways in which a marketer can engage in socially responsible target marketing.

Micromarketing includes global marketing and standardized marketing.

Explain the four major segmentation variables for consumer markets.

Market segments that can be effectively reached and served are said to be .

Chosen symbols, characters, and other image elements are communicated through advertising that conveys the company's or brand's personality.

Compared with undifferentiated marketing, differentiated marketing is more likely to lead to .

Describe the different types of value propositions on which a company might position its products.

A successful niche marketing strategy relies on a firm's .

Niche marketing offers smaller companies an opportunity to compete by focusing their limited resources on serving niches that may be unimportant to or overlooked by larger companies.

Gold Class Electricals, a consumer-electronics firm, targets market segments based on factors such as country, age, social class, usage rate, and benefits sought. The company divides its markets based on .

By having over 90 different types of Tide detergent (stain remover, concentrate, scent, and HE liquid are just a few of the choices) , Tide is trying to use a _ strategy.

segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics.

Although not recommended, some marketers decide to ignore market segmentation and target the whole market with one offer. This is known as marketing.

When segments are distinguishable and respond differently to different marketing mix elements, they are said to be _.