Principles of marketing chap 7

Companies know they cannot appeal to all buyers in the marketplace, or at least not in the same way. Reasons for this include all of the following EXCEPT ________.

• A) buyers are too numerous

• B) companies vary widely in their abilities to serve different market segments

• C) buyers are varied in their needs and buying practices

• D) companies need more information to offer the right products to the right customers

• E) buyers are widely scattered

________ consists of evaluating each market segment's attractiveness and selecting one or more segments to enter.

• A) Positioning

• B) Mass customization

• C) Market targeting

• D) Market segmentation

• E) Differentiation

________ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.

• A) Mass customization

• B) Market targeting

• C) Market segmentation

• D) Differentiation

• E) Positioning

________ involves actually distinguishing the firm's market offering to create superior customer value.

• A) Mass customization

• B) Differentiation

• C) Market segmentation

• D) Diversifying

• E) Targeting

When marketers at Fair & Leigh Inc. selected the Millennials, a demographic group that includes many college students, as an untapped group of potential customers for their new line of products, they were engaging in ________.

• A) occasion segmenting

• B) local marketing

• C) market diversification

• D) market targeting

• E) product positioning

________ 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.

• A) Mass customization

• B) Targeting

• C) Segmentation

• D) Differentiation

• E) Positioning

Mass marketing involves identifying market segments, selecting one or more of them, and developing products and marketing programs tailored to each.

• TRUE

• FALSE

The customer-driven marketing strategy involves four steps: market segmentation, market targeting, positioning, and differentiation.

• TRUE

• FALSE

With technology advances making it simple to contact many customers at once, companies have moved toward mass marketing over target marketing.

• TRUE

• FALSE

Which of the following is NOT one of the major variables used in segmenting consumer markets?

• A) demographic

• B) behavioral

• C) ethical

• D) geographic

• E) psychographic