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Terms in this set (118)
________ consists of evaluating each market segment's attractiveness and selecting one or more market segments to enter.
________ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
________ involves actually distinguishing the firm's market offering to create superior customer value.
When marketers at Fair & Leigh Inc. selected the Millennials, a demographic group that includes college students, as an untapped group of potential customers for their new line of products, they were engaging in ________.
________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
________ calls for dividing the market into regions, states, counties, cities, or even neighborhoods.
"Many companies today are localizing their products, advertising, promotion, and sales efforts to fit the needs of individual regions, cities, and neighborhoods." This is an example of ________.
________ segmentation divides the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.
Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here?
A company selling child care products ran a television ad depicting women as being primarily responsible for child care. Many women viewers considered this regressive alleging that the ad failed to recognize the much more diversified role of women in today's world. This is an example of ________.
________ segmentation has long been used in clothing, cosmetics, toiletries, and magazines.
Gilron Holidays runs a premium membership club which caters to customers whose annual salary exceeds $100,000. Members of this club are offered seasonal discounts on select luxury hotels in select cities worldwide. Gilron Holidays most likely follows a(n) ________ segmentation approach.
________ segmentation divides buyers into different segments based on social class, lifestyle, or personality characteristics.
Marketers who use ________ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals.
________ segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses concerning a product.
________ segmentation refers to dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.
Malcolm Sanders, a graduate student from Boston, makes customized snowboards for local snowboarding enthusiasts. The demand for snowboards peaks during the winter months, a busy time for Malcolm. He advertises more aggressively and sells most of his snowboards around this time. Which market segmentation approach does Malcolm most likely use?
________ requires finding the major advantages people look for in a product class, the kinds of people who look for each positive aspect of a product, and the major brands that deliver it.
Calypso Motors recently rolled out its hatchback, Proteus. 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 sport scar enthusiasts as well as the luxury segment. Which of the following types of market segmentation is evident here?
Which of the following refers to a behavioral segmentation variable that involves segmenting markets into nonusers, ex-users, potential users, first-time users, and regular users of a product?
In the context of behavioral segmentation, markets segmented by ________ can be categorized into light, medium, and heavy product users.
A recent study conducted by Estelle Cosmetics Company showed that heavy users of Estelle's products comprise a small percentage of the market. The study indicated that less than 7 percent of all shoppers buy nearly 71 percent of Estelle's products in the United States. This is an example of ________.
segmentation by usage rate
Consumers who show their allegiance to brands, stores, or companies help marketers to segment consumers by their ________.
degree of loyalty
Which of the following is true about behavioral segmentation on the basis of the loyalty variable?
By looking at customers who are shifting away from its brand, a company can learn about its marketing weaknesses and take actions to correct them.
Which of the following is true about multivariable segmentation systems?
Multiple segmentation bases help identify smaller, better-defined target groups.
Which of the following is NOT a common variable used by both consumer and business marketers while segmenting markets?
________ assumes that nations close to one another will have many common traits and behaviors.
Double Drill Inc. segments its foreign markets by per capita income. This firm segments the international markets based on ________.
Pacific Fisheries divides its customers into different regional units, such as Asia, Australia, and the Americas. This is an example of ________.
Marketers often segment international markets according to the type and stability of government. In such instances, they segment markets based on ________.
Which of the following refers to a cultural factor in the context of segmenting international markets?
values and attitudes
Using ________, marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries.
Orion Inc. markets luxury watches and chronographs. It targets the wealthy global elite segment, regardless of their geographic location. Orion most likely uses ________ segmentation.
Teen Mania Inc., a company marketing adventure sports merchandise for teenagers, targets the world's teenagers, who have similar needs and buying behavior even though they are located in different countries. Which of the following market segmentation is evident here?
An American cola-manufacturing company that primarily targets rebellious and adventurous people most likely uses ________ segmentation.
Venus Inc., a company designing and marketing branded diamond jewelry, targets wealthy consumers with similar needs and buying behaviors, even though the consumers are located in different countries. This is an example of ________.
Papillon, a popular retailer of chic women's clothing, segments its market according to consumer lifestyles. Papillon most likely uses ________ for segmenting its market.
When the size, purchasing power, and profiles of a market segment can be calculated, the market is ________.
A market segment that is large or profitable enough to serve is ________.
When an effective program can be designed for attracting and serving a chosen segment, the segment is best described as ________.
Bailey's Burgers promotes the Bailey's Jumbo Burger as a fun snack for teens and young adults. In this instance, Bailey's Burgers is practicing ________ segmentation.
age and life-cycle
________ segments are conceptually distinguishable and respond differently to different marketing mix elements and programs.
Market segments that can be effectively reached and served are ________.
Different soft drinks target different personalities. This is an example of ________ segmentation.
Which of the following is LEAST relevant when a firm evaluates different market segments?
core competencies of competitors
A segment is less attractive if ________.
already contains many strong and aggressive competitors
A(n) ________ consists of a set of buyers who share common needs or characteristics that the company decides to serve.
________ refers to a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.
Sanguine Services is a small company that uses a marketing strategy in which its limited resources are employed to target a large share of two small market segments. Sanguine most likely uses which of the following marketing strategies?
A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each is known as ________.
Which of the following is a disadvantage of using a differentiated marketing strategy?
the costs of doing business increase
With a(n) ________ marketing strategy, a firm goes after a large share of one or a few smaller niches.
Which of the following is true about the concentrated marketing strategy?
Companies that rely on a few segments for all of their business will suffer if a segment turns sour.
________ is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.
________ tailors brands and promotions to the needs and wants of regional customer groups, such as cities, neighborhoods, and even specific stores.
Which of the following is a drawback of local marketing?
Local marketing increases manufacturing costs by reducing the economies of scale.
Andrew Levitt runs a retail store in Norristown. Andrew's store stocks cold weather products as Norristown mostly has sub-zero temperatures. Which of the following is evident here?
A public relations firm tailors its advertising and promotional services according to the needs and preferences of specific customers. This exemplifies ________.
When a company customizes its merchandise store by store to meet shopper needs, it is practicing ________.
________ is the process by which firms interact one-to-one with masses of customers to design products and services tailor-made to individual needs.
When order requests come in, the designers of Titus Furniture often go to a client's location to note their requirements, budget, and expected date of delivery. In this way, Titus Furnitures is successful in tailor-making products for its customers. This is an example of ________.
Which of the following marketing strategies is most suitable for smaller firms with limited resources?
Rex Steelworks makes steel sheets which the firm markets and sells to companies all over the world. Which of the following marketing strategies is most suitable for Rex Steelworks?
GamaPix makes point-and-shoot cameras and handycams for amateur photographers and hobbyists. It also has a separate line of cameras dedicated to professional photographers. Additionally, it designs separate offers for each segment. Which of the following marketing strategies does GamaPix most likely use in this instance?
Jean Malone, a market researcher, recently found that most people in Bradburg County purchase automobiles with predominantly functional designs and prefer darker colors. Which of the following marketing strategies should Jean most likely recommend to an automobile dealer interested in opening a dealership in Bradburg County?
Shine Enterprises mass produces an all-purpose floor cleaner which is aimed at the whole market. This firm uses a(n) ________ marketing strategy.
________ marketing is more suited for uniform products, such as grapefruit or steel
________ is more suited for products that vary in design.
A catalog retailer in the United States has identified African American professionals between the ages of 35 and 45 as a group of potential customers for its products. The retailer plans to direct its marketing efforts toward this group of consumers. Which of the following market segmentation variables was most likely used by the catalog retailer?
________ refers to how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments.
A ________ refers to the way a product is defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products.
________ shows consumer perceptions of a company's brands versus competing products on important buying dimensions.
Perceptual positioning maps
To the extent that a company can differentiate and position itself as providing superior customer value, it gains ________.
Through ________ differentiation, brands can be differentiated on features, performance, or style and design.
Even when competing offers look the same, buyers may perceive a difference based on ________ differentiation.
Harvey's Bookstore is a popular online bookstore that has differentiated itself through smooth-functioning delivery networks. This is an example of ________.
The full mix of benefits on which a brand is differentiated and positioned is known as the brand's ________.
________ positioning involves providing the most upscale product or service and charging a higher price to cover the higher costs.
more for more
Stores such as Walmart, Best Buy, PetSmart, David's Bridal, and DSW Shoes use ________ positioning.
same for less
________ positioning involves meeting consumers' lower performance or quality requirements at a much lower price.
less for much less
Perry's Mart, a grocery store in New Orleans, Louisiana, offers less merchandise selection and fairly low levels of service. Despite the lackluster service and limited selection of merchandise, customers still flock to Perry's because it charges rock-bottom prices. Perry's Mart most likely uses the ________ positioning.
less for much less
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?
more for less
The winning value proposition would be to offer ________.
more for less
Which of the following states the product's membership in a category and then shows its point of difference from other members of the category?
a positioning statement
"To busy multitaskers who need help remembering things, Evernote is a digital content management application that makes it easy to capture and remember moments and ideas from your everyday life using your computer, phone, tablet, and the Web." This is an example of a(n) ________.
Chronos Inc. designs and markets different brands of cycling watches. Each brand has a single unique feature: the Chronos Cosmos has a heart rate monitor, the Chronos Acumen is designed for older cyclists who prefer a large display, and the Chronos Aegis has a GPS function. Which of the following is evident here?
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 ________.
The Jay Group hires better employees than its competition by conducting effective searches and multi-tiered interviews. The company also provides high quality training to its employees, an aspect often neglected by competitors. The Jay Group is most likely to gain a strong competitive advantage through which type of differentiation?
Symbols such as the McDonald's golden arches, the colorful Google logo, the Nike swoosh, or Apple's "bite mark" logo provide strong company or brand recognition and are indicative of ________ differentiation.
Kinger Auto specializes in selling low-quality used vehicles that are priced a good deal lower than other used cars. Which of the following value propositions is evident here?
less for much less
Ferrari sports cars claim superior quality, performance, and style. Ferrari provides "perfection" at a premium price to keep its brand image intact. Which type of value proposition does Ferrari most likely position its products with?
more for more
Which of the following is true with regard to the same for less value proposition?
Offering the same for less can be a powerful value proposition because everyone likes a good deal.
While Jenkins Stationeries was selling branded stationery at premium prices, Pembroke Stationeries, a store across the street, was selling the same branded stationery at discount prices. Which of the following value propositions best describes Pembroke's product positioning?
same for less
Mass marketing involves identifying market segments, selecting one or more of them, and developing products and marketing programs tailored to each.
The customer-driven marketing strategy involves four steps: market segmentation, market targeting, positioning, and differentiation.
Geographic segmentation divides the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.
Gender segmentation has long been used in clothing, cosmetics, toiletries, and magazines.
Psychographic segmentation divides buyers into different segments based on social class, lifestyle, or personality characteristics.
Demographic segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses concerning a product.
Benefit segmentation requires finding the major benefits people look for in a product class, the kinds of people who look for each benefit, and the major brands that deliver each benefit.
When segmenting by user status, markets are segmented into light, medium, and heavy product users.
When segmenting by usage rate, markets can be segmented into nonusers, ex-users, potential users, first-time users, and regular users of a product.
Marketers usually limit their segmentation analysis to only one major variable.
Intermarket segmentation refers to forming segments of consumers who have different needs and buying behaviors in a given geographical region.
In evaluating different market segments, a firm should look at three factors: segment size and growth, segment structural attractiveness, and company objectives and resources.
The relative power of buyers affects segment attractiveness.
A target market consists of a set of buyers who share common needs or characteristics that the company decides to serve.
Using an undifferentiated marketing strategy, a firm decides to target several market segments and designs separate offers for each.
Using a segmented marketing strategy, a firm might decide to ignore market segment differences and target the whole market with one offer.
When using a niche marketing strategy, a firm goes after a large share of one or a few smaller segments.
Niche marketing involves tailoring brands and promotions to the needs and wants of local customer groups—cities, neighborhoods, and even specific stores.
Individual marketing is also known as one-to-one marketing, mass customization, and markets-of-one marketing.
Product differentiation refers to the way a product is defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products.
A product position is the way a product is defined by consumers on important attributes.
To the extent that a company can differentiate and position itself as providing superior customer value, it gains competitive advantage.
Firms that practice product differentiation gain competitive advantage through the way they design their channel's coverage, expertise, and performance.
Less-for-much-less positioning involves meeting consumers' lower performance or quality requirements at a much lower price.
Kia Motors offers a new car model with the same features as other cars in the same segment. However, Kia's model is priced higher than its two main competitors. Kia is following a more-for-less positioning strategy.
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