Marketing Chapter 6

Mass marketing

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

True

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.

More-for-the-same

Rad, a manufacturer of luxury watches, charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and service in comparison to cheaper alternatives available in the market. In this case, Rad offers a ____________ value proposition.

True

While designing a customer-driven marketing strategy, marketers are likely to divide the market.

Psychographic

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

Positioning

_____________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the mind of target consumers.

Market segmentation

______________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior.

Behavioral

Dividing buyers into groups on their knowledge, attitudes, uses, or responses to a product is called ________________ segmentation.

Demographic

Harry's caters to the clothing needs of men, manufacturing two different lines of fashion based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged men, and the other line targets younger, up-and-coming professionals. Harry's most likely segments the consumer market based on ______________ variables.

Image

When firms use symbols, colors, or characters to convey their personalities, they are using ________