mkt101 - chapter 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 ________.

• buyers are too numerous

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

• buyers are varied in their needs and buying practices

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

• buyers are widely scattered

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

• Positioning

•  Mass customization

• Market targeting

• Market segmentation

• Differentiation

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

•  Mass customization

• Market targeting

• Market segmentation

• Differentiation

• Positioning

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

• Mass customization

•  Differentiation

• Market segmentation

• Diversifying

• Targeting

 When marketers at Fair & Leigh Inc. selected the Gen Z, 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 ________.

• occasion segmenting

• local marketing

• market diversification

• market targeting

• 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.

•  Mass customization

• Targeting

• Segmentation

• Differentiation

• 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

 What is differentiation?

•  Application of knowledge

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