Question 1

Unlike many other hotel groups which develop different service offerings for different market segments,the Four Seasons group has elected to focus its marketing efforts on the luxury hotel market.As a result,the company has been able to achieve operational efficiencies in production,distribution and promotion,all of which translates into higher rates of return.The Four Seasons segmentation approach is best described as ________.
A)undifferentiated
B)differentiated
C)concentrated
D)dispersed
E)tightly targeted

Accepted Answer

The Four Seasons' segmentation approach is concentrated, as they have chosen to focus on the luxury hotel market rather than developing different service offerings for different market segments.

Question 2

An exercise equipment company produces exercise equipment designed for people with back injuries.Since this is a small market largely ignored by other exercise equipment makers,this equipment manufacturer is engaged in ________.
A)local marketing
B)aggregated marketing
C)individual marketing
D)micromarketing
E)derived marketing

Accepted Answer

The exercise equipment company is engaged in micromarketing as they are targeting a small market segment of people with back injuries. Micromarketing focuses on targeting a specific group with a unique set of needs or characteristics.

Question 3

It is most accurate to say that successful niche marketing relies on a firm's ________ and its ________.
A)marketing strategy;services
B)individual relationships with customers;positioning
C)superior products;value network partners
D)greater knowledge of customers' needs;special reputation
E)competitive advantage in comparison to mass-market companies;affordable pricing

Accepted Answer

Successful niche marketing requires a greater understanding of the target customers' needs and a special reputation for meeting those needs. A firm can have superior products, but without the ability to connect with the niche market and build a reputation for serving its needs, the products will not succeed in the market. Value network partners and affordable pricing may also play a role in niche marketing, but they are not the most critical factors. The individual relationships with customers and positioning may also be important, but they are not the only factors that determine success in niche marketing.

Question 4

The move toward individual marketing mirrors the trend in consumer ________.
A)self-imaging
B)interaction
C)customising
D)spending
E)self-conceptualisation

Accepted Answer

The answer of The move toward individual marketing mirrors the...

Question 5

________ marketing tailors brands and promotions to the needs and wants of specific cities,neighbourhoods and even stores.
A)undifferentiated
B)differentiated
C)Niche
D)Local
E)Variable

Accepted Answer

Local marketing tailors brand and promotions to specific cities, neighborhoods, and even stores to meet the needs and wants of the local market.

Question 6

When competitors use differentiated or concentrated marketing,________ marketing can be a high-risk strategy.
A)differentiated
B)undifferentiated
C)concentrated
D)customised
E)localised

Accepted Answer

Undifferentiated marketing targets the entire market with a single marketing mix, which may not be effective when competitors are using differentiated or concentrated marketing strategies. It could result in being unable to compete effectively with their specific targeting and positioning strategies.

Question 7

Under what circumstances would local marketing likely be the most effective?
A)When pronounced differences in psychographics are present.
B)When pronounced differences in lifestyles are present.
C)When pronounced regional and local differences in demographics and lifestyles are present.
D)When regional demographics and lifestyles are similar.
E)When pronounced similarities in psychographics are present.

Accepted Answer

Local marketing would likely be most effective when there are pronounced regional and local differences in demographics and lifestyles. This would allow for targeted messaging and customization of marketing tactics to cater to the specific needs and preferences of the local population. If regional demographics and lifestyles are similar, a more general or national marketing approach may be more effective. Similarly, if pronounced differences in psychographics or lifestyles are not present, a broader marketing approach may be more effective.

Question 8

When food retailer,IGA,customises its merchandise store by store to meet shopper needs,it is practicing ________.
A)niche marketing
B)psychographic marketing
C)local marketing
D)social segmentation
E)individual marketing

Accepted Answer

Local marketing involves tailoring products and marketing efforts to meet the specific needs and preferences of local customers. IGA customises its merchandise store by store, indicating it practices local marketing. Niche marketing focuses on serving a specific market segment with unique and specialised products, while psychographic marketing deals with segmentation based on lifestyle, values, and personality characteristics. Social segmentation uses demographic factors like income, education, and occupation to create segments, while individual marketing relies on data on individual customers to create marketing programs.

Question 9

Which of the following is NOT a drawback of local marketing?
A)It can drive up manufacturing costs.
B)It can drive up marketing costs by reducing economies of scale.
C)It can create logistics problems.
D)A brand's overall image might be diluted through too much variation.
E)Supporting technologies are not cost-effective.

Accepted Answer

The other options all represent legitimate drawbacks of local marketing, but the statement about supporting technologies not being cost-effective is not necessarily true. Local marketing can now be facilitated through a range of digital tools and platforms that are affordable and effective.

Question 10

When choosing a target marketing strategy,many factors need to be considered.Which of the following does your text NOT mention as important?
A)company resources
B)degree of product variability
C)product life-cycle stage
D)product cost
E)competitors' marketing strategies

Accepted Answer

The text does not mention product cost as an important factor to be considered when choosing a target marketing strategy.

Question 11

When a company interacts one-on-one with large numbers of customers to create customer-unique value by designing products and services tailor-made to individual needs,it is following ________.
A)concentrated marketing
B)mass marketing
C)mass customisation
D)undifferentiated marketing
E)localisation

Accepted Answer

Mass customization involves creating tailor-made products and services that cater to individual customers' needs. This requires the company to interact with large numbers of customers on a one-on-one basis in order to learn about their unique requirements. Mass marketing, on the other hand, involves advertising and promoting a product or service to a broad audience in order to reach as many people as possible. Concentrated marketing involves targeting a specific group of customers with a particular product or service, while undifferentiated marketing is a strategy that does not distinguish between different segments of the market. Localization involves adapting a product or service to fit the cultural, linguistic, and other specific needs of a particular region or market.

Question 12

Which of the segmentation strategies is most susceptible to changes in consumer market?
A)concentrated
B)mass
C)differentiated
D)undifferentiated
E)multiple-segment

Accepted Answer

Concentrated segmentation focuses on a single market segment, making it highly vulnerable to changes in consumer preferences within that segment.

Question 13

It is considered socially irresponsible when the marketing of adult products spills over into the marketing towards _____.
A)elderly
B)children
C)animals
D)minorities
E)seniors

Accepted Answer

Marketing adult products towards children is not only socially irresponsible but can also be illegal in some countries. Children should not be exposed to such products, and marketing towards them can negatively impact their mental and emotional well-being.

Question 14

Target marketing sometimes generates controversy and concern.Issues usually involve the targeting of ________ consumers with ________ products.
A)elderly;expensive
B)young;appealing
C)vulnerable;marketing
D)vulnerable or disadvantaged;controversial or potentially harmful
E)mass market;deceptive

Accepted Answer

Targeting vulnerable or disadvantaged consumers with potentially controversial or harmful products raises ethical concerns about taking advantage of those who may not fully understand the consequences of their purchase decisions.

Question 15

Which of the following is the narrowest strategy?
A)segmented strategy
B)local marketing
C)differentiated marketing
D)mass marketing
E)undifferentiated marketing

Accepted Answer

Local marketing is the narrowest strategy as it targets a very specific local market or community. It involves tailoring marketing efforts and product offerings to meet the needs and preferences of a specific geographic location, as opposed to a broader national or international market. Segmenting, differentiated, and undifferentiated strategies all involve targeting larger and more diverse markets, while mass marketing targets the broadest possible audience with a standardized message.

Question 16

Using concentrated marketing,the marketer goes after a ________ share of ________.
A)small;a small market
B)small;a large market
C)large;one or a few niches
D)large;the mass market
E)moderate;the local market

Accepted Answer

With concentrated marketing, the marketer focuses on one or a few niches, meaning they are going after a large share of a specific market segment. This approach allows for more customization and tailoring of marketing efforts to fit the needs of the target audience.

Question 17

Niche marketing offers smaller companies the opportunity to compete by focusing their limited resources on serving niches that may be ________ or ________ larger companies.
A)unimportant to;desired by
B)unimportant to;overlooked by
C)too large;undesirable to
D)unknown by;desired by
E)disappointed by;geographically far from

Accepted Answer

Niche marketing allows smaller companies to target segments of the market that larger companies might overlook or consider unimportant, providing them with a competitive advantage.

Question 18

Today,the low cost of setting up shop ________ makes it even more profitable to serve very small niches.
A)in malls in major cities
B)in mail-order catalogues
C)on the internet
D)near major competitors
E)far from competitors

Accepted Answer

The internet has greatly reduced the cost of setting up a shop, and it allows businesses to serve even the smallest niche markets. Therefore, C is the best choice for this question. Malls in major cities, mail-order catalogues, and opening near or far from competitors may still carry higher costs and logistical challenges compared to starting an online business.

Question 19

As You Like It Ltd customises 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 ________.
A)niche marketing
B)micromarketing
C)variable marketing
D)mass marketing
E)undifferentiated marketing

Accepted Answer

Micromarketing is a marketing strategy that focuses on a specific group of consumers or small geographic region. It involves tailoring the marketing mix and product offers to match the unique needs and preferences of a particular group, which is the case with As You Like It Ltd customising its offers to each individual consumer. Niche marketing targets a specific segment of the market, while undifferentiated marketing offers the same product to all customers. Variable marketing involves adjusting the marketing mix to meet the needs of different markets, while mass marketing targets the entire market with a standardised product and marketing mix.

Question 20

Dell creates and delivers custom-configured computers for individual customers.This is best described as ________.
A)niche marketing
B)tightly targeted marketing
C)focused strategy
D)micromarketing
E)mass customisation

Accepted Answer

Mass customization refers to creating products that are specifically tailored to the needs and preferences of individual customers. Dell's approach of custom-configuring computers for individual customers fits this definition, as they are able to create unique products based on each customer's desired specifications.

Quiz 6: Customer-Driven Marketing Strategy: Creating Value for Target Customers

An exercise equipment company produces exercise equipment designed for people with back injuries.Since this is a small market largely ignored by other exercise equipment makers,this equipment manufacturer is engaged in ________.

It is most accurate to say that successful niche marketing relies on a firm's and its .

The move toward individual marketing mirrors the trend in consumer ________.

________ marketing tailors brands and promotions to the needs and wants of specific cities,neighbourhoods and even stores.

When competitors use differentiated or concentrated marketing,________ marketing can be a high-risk strategy.

Under what circumstances would local marketing likely be the most effective?

When food retailer,IGA,customises its merchandise store by store to meet shopper needs,it is practicing ________.

Which of the following is NOT a drawback of local marketing?

When choosing a target marketing strategy,many factors need to be considered.Which of the following does your text NOT mention as important?

When a company interacts one-on-one with large numbers of customers to create customer-unique value by designing products and services tailor-made to individual needs,it is following ________.

Which of the segmentation strategies is most susceptible to changes in consumer market?

It is considered socially irresponsible when the marketing of adult products spills over into the marketing towards _____.

Target marketing sometimes generates controversy and concern.Issues usually involve the targeting of consumers with products.

Which of the following is the narrowest strategy?

Using concentrated marketing,the marketer goes after a share of .

Niche marketing offers smaller companies the opportunity to compete by focusing their limited resources on serving niches that may be or larger companies.

Today,the low cost of setting up shop ________ makes it even more profitable to serve very small niches.

As You Like It Ltd customises 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 ________.

Dell creates and delivers custom-configured computers for individual customers.This is best described as ________.