Chapter 7

Question 1

Customer Driven Marketing Strategy

Answer 1

Segmentation; Differentiation; Targeting; Positioning

Question 2

Segmentation

Answer 2

Divides the total market into smaller segments: consumer markets, international markets, business markets, requirement for effective segmentation

Question 3

Differentiation

Answer 3

Differentiate the market offering to create superior customer value

Question 4

Targeting

Answer 4

Select the segment or segments to enter

Question 5

Positioning

Answer 5

Position the market offering in the minds of target customer

Question 6

Geographic segmentation

Answer 6

Divides the market into different geographical units (nations, states, regions, country, city)

Question 7

Demographic segmentation

Answer 7

Divides markets into segments based on variables such as age, gender, income, occupation, religion.

Question 8

Psychographic segmentation

Answer 8

Divides the market into different segments based on social class, lifestyle, or personality

Question 9

Behavioral segmentation

Answer 9

Divides a market into segments based on consumer knowledge, attitudes, use of product or responses to a product

Question 10

Multiple segmentation

Answer 10

Used to identify smaller, better defined target groups