Marketing chapter 6

Concentrated marketing

In which targeting strategy does a firm go after a large share of one or a few smaller​ segments?

Geographic

Munoz Specialty Foods groups its customers by regions in the United​ States, such as​ Midwest, Northeast, and Southwest. For each​ region, Munoz creates a different set of advertisements and promotions. On which of the following segmentation variables does the firm divide its​ market?

targeting

Once segments have been​ identified, market​ ________ evaluates each​ segment's attractiveness and selects one or more to serve.

New entrants finding it easy to enter the segment

Which of the following would make a segment less attractive to​ enter?

psychographic

H2Coast, an automobile​ manufacturer, produces​ fuel-efficient hybrid vehicles that are targeted toward​ high-end exotic-vehicle collectors with ample leisure time. H2Coast most likely segments the consumer market based on​ ________ variables.

demographic

Heeltoe, a boutique that caters to the footwear needs of​ women, manufactures two different lines of footwear based on the purchasing power of its customers. One product line caters to the needs of​ affluent, middle-aged​ women, and the other line targets younger professionals and homemakers. Heeltoe most likely segments the consumer market based on​ ________ variables.

Business​ demographics, operating​ characteristics, purchasing​ approaches, situational​ factors, and personal characteristics

Like consumer​ markets, business markets are segmented. Which of the following describes the variables that marketers use to segment business​ markets?

Geographic, demographic,​ psychographic, and behavioural

Major variables used to segment consumer markets include which of the​ following?

it can increase costs

One important consideration in using a differentiated targeting strategy is that​ _______.

reach them more​ efficiently, and tailor market offerings and messages

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 set of possible​ differentiations; advantages

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.

Concentrated marketing

The website leftyslefthand.com markets products to​ left-handed consumers only. Which targeting strategy does this​ represent?

Image differentiation

The​ Ritz-Carlton has carefully created a strong and distinctive differentiation​ strategy, which is supported by everything the company​ says, is, and does. Which type of differentiation is​ this?

value proposition

The​ ________________________ is a​ brand's full positioning or the full mix of benefits on which the brand is positioned.

Market​ segmentation, market​ targeting, differentiation, and positioning

What are the four major steps in designing a customer​ value-driven marketing​ strategy, in the correct​ sequence?

The first two steps allow the company to select the customers that it will​ serve, while the company decides on a value proposition in the last two steps.

What are the goals of the first two steps and the last two steps when designing a customer​ value-driven marketing​ strategy?

Dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviours and who might require separate marketing strategies or mixes

What is market​ segmentation?

Micromarketing

When a car company allows buyers to customize cars to meet their exact needs and​ preferences, it is practicing which type of​ marketing?

actionable

When effective programs can be designed for attracting and serving market​ segments, these segments are​ ________.

unique selling proposition

When marketers aggressively promote only one benefit to the target​ market, the benefit promoted is known as the product or​ service's _____________________.

Positioning

Which of the following describes the process of arranging for a market offering to occupy a​ clear, distinctive, and desirable place relative to competing products in the minds of target​ consumers?

Differentiation

______________________ is part of a​ company's decision on how it will create market offerings to deliver superior customer value

preemptive

if competitors cannot easily copy the benefit a company chooses to​ promote, that benefit is said to be​ _________.

perceptual positioning map

A manufacturer of​ half-ton pickup trucks creates a positioning map for the Canadian​ half-ton pickup market. The position of each circle on the map indicates the​ brand's perceived positioning on two​ dimensions: price and orientation​ (economy versus​ performance). The size of each circle indicates the​ brand's relative market share. This is an example of a​ ________________.

market variability and competitive marketing strategies

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​ ________________________.