Market Segmentation and Targeting Strategies Quiz
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Questions and Answers

What are the criteria that make a brand difference worth establishing?

  • Innovative, popular, affordable, visible, preemptive, and superior
  • Important, popular, visible, distinctive, communicable, and affordable
  • Important, distinctive, superior, communicable, preemptive, and affordable (correct)
  • Valued, distinctive, communicable, affordable, preemptive, and superior

    • What is the 'more-for-more' positioning strategy about?

  • Providing the most upscale product or service and charging a higher price (correct)
  • Offering the same for less
  • Meeting consumers’ lower performance or quality requirements at a much lower price
  • Offering more for the same price as competitors

    • What does the 'same for less' positioning involve?

  • Offering the same for less price (correct)
  • Offering more for the same price as competitors
  • Providing the most upscale product or service and charging a higher price
  • Meeting consumers’ lower performance or quality requirements at a much lower price

    • What is the essence of 'less-for-much-less' positioning?

    <p>Meeting consumers’ lower performance or quality requirements at a much lower price</p> Signup and view all the answers

    What does a positioning statement do?

    <p>Summarizes company or brand positioning for target customers, unsolved customer needs, product description, and key benefits</p> Signup and view all the answers

    What is the 'more for less' value proposition about?

    <p>Offering more for less</p> Signup and view all the answers

    What are the major steps in designing a customer value–driven marketing strategy?

    <p>Market segmentation, targeting, differentiation, and positioning</p> Signup and view all the answers

    What is market segmentation?

    <p>Dividing a market into distinct groups of buyers with different needs</p> Signup and view all the answers

    What is the purpose of differentiation in a customer value–driven marketing strategy?

    <p>To create superior customer value different from competitors</p> Signup and view all the answers

    What does market targeting involve?

    <p>Evaluating each market segment’s attractiveness and selecting one or more segments to serve</p> Signup and view all the answers

    What are the major bases for segmenting consumer markets?

    <p>Geographic, demographic, psychographic, and behavioral</p> Signup and view all the answers

    What is the primary focus of a customer value–driven marketing strategy?

    <p>Building the right relationships with the right customers</p> Signup and view all the answers

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

    <p>Psychographic segmentation</p> Signup and view all the answers

    Which segmentation categorizes buyers based on their knowledge, attitudes, uses, or responses to a product?

    <p>Behavioral segmentation</p> Signup and view all the answers

    Which segmentation groups buyers based on when they get the idea to buy, make purchases, or use items?

    <p>Occasion segmentation</p> Signup and view all the answers

    Which segmentation groups buyers based on the different benefits they seek from a product?

    <p>Benefit segmentation</p> Signup and view all the answers

    Which segmentation forms segments of consumers with similar needs and buying behaviors across different countries?

    <p>Intermarket segmentation</p> Signup and view all the answers

    What is a set of buyers with common needs or characteristics that a company decides to serve known as?

    <p>Target market</p> Signup and view all the answers

    What is the essence of micromarketing?

    <p>Tailoring products and marketing programs to the needs of specific individuals and local customer segments</p> Signup and view all the answers

    What is the primary focus of concentrated marketing strategy?

    <p>Going after a larger share of one or a few smaller segments or niches</p> Signup and view all the answers

    What is the key aspect of socially responsible targeting?

    <p>Considering whether targeted consumers use products wisely</p> Signup and view all the answers

    What does product positioning refer to?

    <p>How a product is defined by consumers on important attributes and the place it occupies in consumers' minds relative to competing products</p> Signup and view all the answers

    What is the goal of differentiation and positioning strategies?

    <p>To identify differentiating competitive advantages, choose the right competitive advantages, and select an overall positioning strategy</p> Signup and view all the answers

    What is the fundamental requirement to build profitable relationships with target customers and gain competitive advantage?

    <p>To understand customer needs and deliver more customer value better than competitors</p> Signup and view all the answers

    What are the criteria for effective segmentation analysis?

    <p>Measurable, accessible, substantial, differentiable, and actionable segments</p> Signup and view all the answers

    What factors do companies consider to choose a market-targeting strategy?

    <p>Segment size, growth characteristics, structural attractiveness, and compatibility with company objectives and resources</p> Signup and view all the answers

    What are the five winning value propositions that companies can choose from?

    <p>More for more, more for the same, the same for less, less for much less, or more for less</p> Signup and view all the answers

    What is the purpose of a positioning statement?

    <p>Summarize the target segment and need, the positioning concept, and specific points of difference with respect to the competition</p> Signup and view all the answers

    What does geographic segmentation involve?

    <p>Dividing the market into different geographical units and localizing products and services</p> Signup and view all the answers

    What variables are considered in demographic segmentation?

    <p>Age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation</p> Signup and view all the answers

    Study Notes

    Market Segmentation and Targeting Strategies

    • Market segmentation involves dividing the market into geographic, demographic, psychographic, and behavioral segments.
    • Business markets can also be segmented by business demographics, operating characteristics, purchasing approaches, situational factors, and personal characteristics.
    • Effective segmentation analysis depends on finding measurable, accessible, substantial, differentiable, and actionable segments.
    • Companies evaluate segment size, growth characteristics, structural attractiveness, and compatibility with company objectives and resources to choose a market-targeting strategy.
    • Market-targeting strategies range from undifferentiated (mass) marketing to micromarketing, depending on segment differences and company resources.
    • Differentiation and positioning strategy involves identifying possible differentiations for competitive advantage, selecting advantages to build a position, and choosing an overall positioning strategy.
    • Companies can choose from five winning value propositions: more for more, more for the same, the same for less, less for much less, or more for less.
    • Positioning statements summarize the target segment and need, the positioning concept, and specific points of difference with respect to the competition.
    • Designing a customer value–driven marketing strategy involves segmentation, market targeting, differentiation, and positioning.
    • Geographic segmentation divides the market into different geographical units, and companies are increasingly localizing their products and services.
    • Demographic segmentation divides the market based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.
    • Age and life-cycle stage segmentation is used by some companies to offer different products or marketing approaches for different age and life-cycle groups.

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    Description

    Test your knowledge of market segmentation and targeting strategies with this quiz. Explore the principles of geographic, demographic, psychographic, and behavioral segmentation, and learn about different market-targeting strategies, differentiation, and positioning. Gain insights into customer value-driven marketing strategies and the importance of segment analysis in business markets.

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