Chapter 6 M

Firms with limited resources often target a market niche that is either ignored or unimportant to larger firms. This represents​ a(n) _______ strategy. A. concentrated marketing B. undifferentiated marketing C. mass marketing D. differentiated marketing E. micromarketing

A

concentrated marketing

A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches

positioning

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

​______________________ is part of a​ company's decision on how it will create market offerings to deliver superior customer value. A. Market targeting B. Mass marketing C. Differentiation D. Undifferentiated marketing E. Market segmentation

D

Behavorial Segmentation

Dividing a market based on some observable actions or attributes by prospective customers, such as where they buy, what benefits they seek, how frequently they buy and why they buy.

Like consumer​ markets, business markets are segmented. Which of the following describes the variables that marketers use to segment business​ markets? A. Operating​ characteristics, purchasing​ approaches, situational​ factors, and pricing B. Operating​ characteristics, purchasing​ approaches, situational​ factors, and geographic variables C. Operating​ characteristics, purchasing​ approaches, situational​ factors, and demographics Your answer is not correct. D. Operating​ characteristics, purchasing​ approaches, situational​ factors, usage​ rate, and demographics E. Business​ demographics, operating​ characteristics, purchasing​ approaches, situational​ factors, and personal characteristics

E

Segmentation provides a powerful tool for marketers of all kinds. It can help companies identify and better understand key customer​ segments, ________________ to their specific needs. A. ​target, and tailor market offerings and messages B. reach them more​ efficiently, and differentiate products and services C. reach them more​ efficiently, and position products and services D. ​position, and tailor market offerings and messages E. reach them more​ efficiently, and tailor market offerings and messages

E

The full positioning of a brand is called the​ brand's ________, which is the full mix of benefits on which a brand is differentiated and positioned. A. overall brand strategy B. differentiation statement C. positioning statement D. benefit proposition E. value proposition

E

undifferentiated marketing

a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

differentiated marketing

a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each

Differentiation

actually differentiating the market offering to create superior customer value

Gender segmentation

dividing a market into different segments based on gender

psychographic segmentation

dividing a market into different segments based on social class, lifestyle, or personality characteristics

occasion segmentation

dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item

geographic segmentation

segmenting markets by region of a country or the world, market size, market density, or climate

value proposition

the full positioning of a brand - the full mix of benefits on which it is positioned

Market Segmentation

the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups

benefit segmentation

the process of grouping customers into market segments according to the benefits they seek from the product

product position

the way a product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products

In addition to segmentation and​ targeting, there are two other major steps in designing a customer​ value-driven market​ strategy: ________ seeks to create superior customer value in the mind of the​ consumer, and​ ________ seeks to firmly place the market offering in the minds of target customers. A. ​Differentiation; positioning B. ​Positioning; segmentation C. ​Positioning; differentiation D. ​Differentiation; segmentation E. ​Positioning; target marketing

A

Major variables used to segment consumer markets include which of the​ following? A. ​Geographic, demographic,​ psychographic, and behavioral B. ​Geographic, demographic,​ psychographic, and psychological C. ​Income, age,​ geographic, and lifestyle D. ​Income, gender,​ age, and ethnicity E. ​Ethnicity, geographic,​ gender, and income

A

Although business marketers use many of the same variables to segment their​ markets, they also use some additional​ variables, such as​ ________, ____________.​ _________, and personal characteristics. A. customer operating​ characteristics, purchasing​ approaches, environmental factors B. customer operating​ characteristics, purchasing​ approaches, situational factors C. customer operating​ characteristics, vendor selection​ processes, situational factors D. customer operating​ characteristics, purchasing​ approaches, management factors E. customer operating​ characteristics, sales and proposal​ processes, situational factors

B

Companies need to consider many factors when choosing a​ market-targeting strategy.​ However, which targeting strategy is best depends on company​ resources, product​ variability, product​ life-cycle stage, as well as​ ________________________. A. distribution characteristics and competitive marketing strategies B. market variability and competitive marketing strategies C. sustainability strategies and market variability D. product development strategies and competitive marketing strategies E. market variability and sales strategies

B

Once market segments have been​ selected, the company then must decide on​ _____________________________. A. target market strategies B. differentiation and positioning strategy C. positioning map D. unique value proposition E. mission and vision

B

Once segments have been​ identified, market​ ________ evaluates each​ segment's attractiveness and selects one or more to serve. A. segmentation B. targeting C. micromarketing D. positioning E. differentiation

B

In which targeting strategy does a firm go after a large share of one or a few smaller​ segments? A. Differentiated marketing B. Undifferentiated marketing C. Concentrated marketing D. Mass marketing E. Micromarketing

C

Once a company has decided which segments to​ enter, it must decide on its​ ________ strategy. A. advertising and sales promotion B. sales and marketing C. positioning and differentiation D. channel and distribution E. financial and revenue

C

One important consideration in using a differentiated targeting strategy is that​ _______. A. the demand for customized products is decreasing B. serving one or a few smaller segments can limit sales C. it can increase costs D. it is easier for the company because it only needs to manage one market offering E. focusing on what is common in consumers can potentially appeal to the largest number of buyers

C

The differentiation and positioning task consists of three​ steps: identifying​ ________ that create competitive​ advantage, choosing​ ________ on which to build a​ position, and selecting an overall positioning strategy. A. products or​ services; features and benefits B. a set of possible​ differentiations; product features and benefits C. a set of possible​ differentiations; advantages D. positioning​ statements; advantages E. a set of​ products; advantages

C

positioning statement

a statement that summarizes company or brand positioning using this form: to (target segment and need) our (brand) is (concept) that (point of difference)

local marketing

tailoring brands and marketing to the needs and wants of local customer segments - cities, neighborhoods, and even specific stores

individual marketing

tailoring products and marketing programs to the needs and preferences of individual customers

To determine which market segments to target and​ serve, the company first evaluates each​ segment's ________. A. size and growth characteristics and structural attractiveness B. size and growth characteristics C. size and growth​ characteristics, structural​ attractiveness, and compatibility with company objectives and resources D. size and growth characteristics and compatibility with company objectives and resources E. compatibility with company objectives and resources

C

To target the best market​ segments, the company first evaluates various factors related to market attractiveness. Of the​ following, which is NOT one of those​ factors? A. Evaluation of each​ segment's size characteristics B. Evaluation of each​ segment's structural attractiveness C. Compatibility with company mission and vision D. Evaluation of each​ segment's growth characteristics E. Compatibility with company objectives and resources.

C

What are perceptual positioning maps used​ for? A. To compare a​ company's profitability with the profitability of competitors B. To find where to best position a product on a store shelf C. To show consumer perceptions of different brands on important buying dimensions D. To show consumer perceptions of an individual brand on important buying dimensions E. To implement a particular positioning strategy

C

What is market​ segmentation? A. Evaluating each market​ segment's attractiveness and selecting one or more market segments to enter B. Marketing to a mass market of homogenous buyers C. Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes D. Arranging for a market offering to occupy a​ clear, distinctive, and desirable place relative to competing products in the minds of target consumers E. Differentiating the​ firm's market offering to create superior customer value

C

Market segmentation is the act of dividing a market into distinct groups of buyers who have​ ________ and who might require separate marketing strategies or mixes. A. ​needs, wants, and desires B. primarily different behaviors C. different​ needs, characteristics, or buying power D. different​ needs, characteristics, or behaviors E. different​ needs, characteristics,​ traits, and behaviors

D

The​ ________________________ is a​ brand's full positioning or the full mix of benefits on which the brand is positioned. A. positioning map B. ​brand's personality and voice C. target marketing strategy D. value proposition E. differentiation strategy

D

What are the four major steps in designing a customer​ value-driven marketing​ strategy, in the correct​ sequence? A. Market​ segmentation, market​ targeting, positioning, and differentiation B. ​Positioning, market​ segmentation, market​ targeting, and differentiation C. Market​ segmentation, differentiation, market​ targeting, and positioning D. Market​ targeting, market​ segmentation, differentiation, and positioning E. Market​ segmentation, market​ targeting, differentiation, and positioning

E

When effective programs can be designed for attracting and serving market​ segments, these segments are​ ________. A. measurable B. substantial C. differentiable D. accessible E. actionable

E

Age and life-cycle segmentation

dividing a market into different age and life-cycle groups