Exam 7: Customer-Driven Marketing Strategy: Creating Value for Target Customers

What does a company focus on when using a concentrated marketing strategy?

Briefly explain local and individual marketing.

________ positioning involves meeting consumers' lower performance or quality requirements at a much lower price.

To the extent that a company can differentiate and position itself as providing superior customer value, it gains competitive advantage.

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.

Geographic segmentation divides the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.

Which of the following refers to a cultural factor in the context of segmenting international markets?

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?

Briefly describe competitive advantage.

Through ________ differentiation, brands can be differentiated on features, performance, or style and design.

Harvey's Bookstore is a popular online bookstore that has differentiated itself through smooth-functioning delivery networks. This is an example of ________.

Marketers who use ________ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals.

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

Using a segmented marketing strategy, a firm might decide to ignore market segment differences and target the whole market with one offer.

Describe how marketers use multiple-segmenting bases to their advantage.

Which of the following marketing strategies is most suitable for smaller firms with limited resources?

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

________ tailors brands and promotions to the needs and wants of regional customer groups, such as cities, neighborhoods, and even specific stores.

Explain the four major steps in designing a customer-driven marketing strategy.

Market segments that can be effectively reached and served are ________.