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

Demographic segmentation can be used to divide the market by different time periods of people's lives and different family situations.

A catalog retailer has identified African- American professionals between the ages of thirty- five and forty- five as the group of customers within the larger market that is a potential market for its products.The retailer plans to direct its marketing efforts toward this group of consumers.The retailer has identified a .

Consumers position products in their minds in order to simplify the buying process.

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

Explain how companies identify attractive market segments and choose a target marketing strategy.

Imagine that you are presenting a workshop on the Requirements for Effective Segmentation.Briefly describe the five items that will help your audience understand your topic.

BMW allows customers to design their own vehicle from a set of options at BMW's Web site.What is this called?

XYZ Computers,Inc. ,a business with limited resources,is a market nicher.How might XYZ benefit from this?

ByWay Ventures chose a differentiated marketing strategy.The company had to weigh against when selecting this strategy.

MTV targets the world's teenagers,who have similar needs and buying behavior even though they are located in different countries.This is called segmentation.

As You Like It,Inc.customizes its offers to each individual consumer.This practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations is referred to as marketing.

When a company chooses a target marketing strategy,its choices are influenced by factors related to company resources,the degree of product variability,and the product's life- cycle stage.

A marketer focuses on several commonalities among all consumers.This marketer appears to be engaging in _ .

Shampoo marketers rate buyers as light,medium,or heavy product users.This is segmentation.

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

In evaluating different market segments,a firm should look at three factors: segment size and growth,segment structural attractiveness,and company objectives and resources.

What is one way in which a marketer can attract nonloyal consumers?

The division of buyers into groups based on their knowledge,attitudes,uses,or responses to a product is segmentation.

Which difficult- to- sustain positioning strategy attempts to deliver the "best- of- both"?

How might a marketer benefit from using PRIZM?