Chapter 10

Question 1

marketing

Answer 1

is the process through which organizations design, develop, and communicate the value of their products and/or services.

Question 2

positioning

Answer 2

is the ability of an organization to develop a unique, credible, sustainable, and value place in the minds of our customers for its brand, products, and/or services.

Question 3

segmentation

Answer 3

refers to determining the best way to divide the market in a manner that will result in a better understanding of potential customer needs, interests, preferences, attitudes, and behaviors.

Question 4

primary sources of information

Answer 4

are those that an organization develops or utilizes to generate information specific to the organization and the products and services it offers.

Question 5

secondary sources of information

Answer 5

are those that already exist and are available at no cost or on a fee basis; managers use these information sources to conduct research and draw conclusions.

Question 6

target marketing

Answer 6

is the process whereby organizations determine which market segments represent the strongest clustering of potential customers who are most likely to purchase the product and who have the capacity to do so.

Question 7

segmentation stretch

Answer 7

refers to expanding the focus of a product/service to similar and related market segments that share a positive affinity for the product/service offering.

Question 8

cannibalism

Answer 8

is the reduction in sales of an existing product/service due to the launch of a new, similarly targeted product/service offering.

Question 9

customer desertion

Answer 9

occurs when customers move to a competitive offering due to a change in brand or product communication message focus.

Question 10

Marketing dynamic’s critical factors

Answer 10

are Market clarity and stability, customer analysis, competitor analysis, competitive advantage analysis and culture/business system analysis.