Chapter 2 MIDTERM MKT251

What is the first step in developing a customer value-driven marketing strategy?

• Positioning

• Differentiation

• Segmentation

• Targeting

Which of the following is NOT a basis for segmenting consumer markets?

• Geographic

• Demographic

• Psychological

• Behavioral

What does the term 'market targeting' refer to?

• Ignoring market segment differences

• Selecting one or more segments to serve

• Creating products for every market segment

• All of the above

What strategy involves targeting a wide market with one offer?

• Differentiated marketing

• Concentrated marketing

• Undifferentiated (mass) marketing

• All of the above

What is differentiation in marketing?

• Changing the market segment

• The same offer to every market segment

• Creating superior customer value

• Choosing multiple segments to target

Which type of segmentation divides the market based on lifestyle or personality characteristics?

• Geographic

• Behavioral

• Demographic

• Psychographic

In which marketing strategy does a firm target several segments and design separate offers for each?

• Micromarketing

• Concentrated marketing

• Differentiated marketing

• Undifferentiated marketing

What is the purpose of using perceptual positioning maps in marketing?

• To determine the price of a product

• To show consumer perceptions of a brand versus competitors

• To decide which products to discontinue

• All of the above

What describes tailoring products and marketing to the needs of specific individuals and local customer segments?

• Differentiated marketing

• Concentrated marketing

• Micromarketing

• All of the above

Which is NOT a requirement for effective segmentation?

• Measurable

• Accessible

• Identical

• Substantial