Question 1

A company uses market segmentation to divide large,heterogeneous markets into smaller segments.These segments can be reached more ________ with products and services that match their unique needs.

Accepted Answer

The answer of A company uses market segmentation to divide...

Question 2

A market rarely exists for products that offer less and therefore cost less.

Accepted Answer

While it is true that some consumers may value more expensive and feature-packed products, there can still be a market for products that offer less but cost less. This market may include budget-conscious consumers or those who simply don't need or want all the bells and whistles of a more expensive product.

Question 3

Mass marketing is becoming a marketing principle for the twenty-first century.

Accepted Answer

Mass marketing is becoming less popular in the twenty-first century as marketers focus on targeting specific niche markets and tailoring their messaging to those audiences.

Question 4

Global Food Incorporated has decided to localize its products and services to meet local market demands.It would be wise to use ________ segmentation.

Accepted Answer

The answer of Global Food Incorporated has decided to localize...

Question 5

Because Cruise Ships International currently has limited financial and personnel resources,it should avoid concentrated or niche marketing until resources are again substantial.

Accepted Answer

Concentrated or niche marketing can be highly effective for companies with limited resources because it allows them to focus their efforts on a specific segment of the market, potentially reducing marketing costs and increasing efficiency.

Question 6

When practising ________,a company identifies the parts of the market it can serve best and most profitably.

Accepted Answer

The answer of When practising ________,a company identifies the parts...

Question 7

When Pacific Fisheries groups its customers by countries and regions,such as Asia,Australia,or New Zealand,it is using which segmenting base?
A)	Economic factors
B)	Political and legal factors
C)	Geographic location
D)	Benefits sought
E)	Demographics

Accepted Answer

Grouping customers by countries and regions is an example of segmentation based on geographic location.

Question 8

When marketers at Procter & Gamble selected the Millennials,a demographic that includes college students,as an untapped group of potential customers for their Febreze line of products,they were executing which step in the process of designing a customer-driven marketing strategy?
A)	Market segmenting
B)	Mass marketing
C)	Differentiation
D)	Targeting
E)	Positioning

Accepted Answer

Targeting involves selecting a specific segment of the market to focus marketing efforts on. By choosing Millennials and college students as their focus for the Febreze line, Procter & Gamble was engaging in the targeting step of creating a customer-driven marketing strategy.

Question 9

When Kia offers a new car model with the same features as a comparable Toyota or Ford and provides a longer warranty,Kia is following a more-for-less strategy.

Accepted Answer

The answer of When Kia offers a new car model...

Question 10

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

Accepted Answer

This statement is true. When a company can differentiate itself by offering unique features or benefits that appeal to customers, it can establish a competitive advantage by providing superior customer value. This can lead to greater customer loyalty, increased market share, and ultimately, higher profits.

Question 11

A product's position is the way the product is defined by the retailers who sell it to target markets.It is how it is defined on important attributes-the place the product occupies in the retailers' minds relative to competing products.

Accepted Answer

A product's position is the way the product is defined by consumers, not retailers, and refers to how it is perceived on important attributes—the place the product occupies in consumers' minds relative to competing products.

Question 12

All brand differences are meaningful or worthwhile and every difference makes a good differentiator.

Accepted Answer

Not all brand differences are meaningful or worthwhile. It is important for brands to identify and highlight differences that are truly relevant and valuable to consumers in order to effectively differentiate themselves from competitors. Additionally, not every difference will make a good differentiator, as some differences may not be significant enough to sway consumer preference.

Question 13

Although the use of mass marketing has been widespread in the past 100 years,for centuries consumers were served as individuals as businesses practised individual marketing.

Accepted Answer

For centuries, before the emergence of mass marketing, businesses served consumers as individuals and thus practised individual marketing.

Question 14

What are the four steps to designing a customer-driven marketing strategy?
A)	Market segmentation, targeting, differentiation, and positioning
B)	Positioning, market selection, mass marketing, and targeting
C)	Market segmentation, differentiation, partitioning, and targeting
D)	Market alignment, market segmentation, differentiation, and market positioning
E)	Market recognition, market preference, market targeting, and market insistence

Accepted Answer

The four steps to designing a customer-driven marketing strategy are market segmentation (dividing the market into distinct groups of buyers), targeting (selecting which market segments to enter), differentiation (differentiating the market offering to create superior customer value), and positioning (arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers).

Question 15

Walmart uses more than 200 finely tuned planograms (shelf plans)to match soup assortments to each store's demand patterns.

Accepted Answer

This statement is true. Walmart uses over 200 shelf plans (planograms) to match their soup assortment to the demand patterns of each specific store location.

Question 16

While it is very important for all companies to complete the task,there ________ to segment a market.

Accepted Answer

The answer of While it is very important for all...

Question 17

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

Accepted Answer

This is a common consumer behavior known as mental mapping, where consumers categorize products based on their attributes, benefits, and other characteristics in order to make purchasing decisions easier.

Question 18

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.

Accepted Answer

The statement is true as the factors mentioned, namely company resources, product variability, and product life-cycle stage, are critical in determining the target marketing strategy of a company.

Question 19

Critics worry that marketers of everything from lingerie and cosmetics to Barbie dolls are directly or indirectly targeting young girls with provocative products.

Accepted Answer

Critics have expressed concern over the marketing of provocative products to young girls by various brands, including those selling lingerie, cosmetics, and Barbie dolls.

Question 20

Firms that practise channel differentiation gain competitive advantage through the way they design their channel's coverage,expertise,and performance.

Accepted Answer

Channel differentiation refers to the practice of designing channels that offer unique value to customers. By creating channels that have superior coverage, expertise, and performance, firms can gain a competitive advantage over rivals who offer more generic channels. As such, channel differentiation is an important strategy for firms looking to stay ahead of the competition.

Quiz 8: Customer-Driven Marketing Strategy: Creating Value for Target Customers