 Show Copyright C 2018 Pearson Education, Inc. Principles ofMarketing, 17e (Kotler/Armstrong) Chapter 7 Customer Value-Driven Marketing Strategy: Creating Value for Target Customers 1) 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 Answer: D Skill: Concept Objective: LO 7.1: Define the major steps in designing a customer value-driven marketing strategy: market segmentation, targeting, differentiation, and pDSitioning. Difficulty: Easy 2) 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 Answer: C Skill: Concept Objective: LO 7.1: Define the major steps in designing a customer value-driven marketing strategy: market segmentation, targeting, differentiation, and positioning. Difficulty: Easy 3) 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 Answer: C Skill: Concept Objective: LO 7.1: Define the major steps in designing a customer value-driven marketing strategy: market segmentation, targeting, differentiation, and positioning. Difficulty: Easy i Is actually differentiating the market offering to create superior customer value?Differentiation is actually differentiating the market offering to create superior customer value. Using market differentiation strategy, a brand can create the perception of uniqueness in the minds of its customers. Marketing differentiation strategy can be based on price, service, product mix, or a unique focus.
What involves actually distinguishing the firm's?Differentiation involves actually differentiating the firm's market offering to create superior customer value.
What segmentation method divides buyers according to their attitudes knowledge uses or responses to a product?Behavioral segmentation divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product.
What is psychographic segmentation in marketing?Psychographic segmentation breaks down your customer groups into segments that influence buying behaviors, such as: beliefs, values, lifestyle, social status, opinions and activities.
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What involves actually distinguishing the firms market offering to create superior customer value?
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