Chapter 9

Question 1

group customer based on similar needs and profiling each segments

Answer 1

market segmentation

Question 2

homogeneous groups of prospective buyers than result from the market segmentation process

Answer 2

market segments

Question 3

using different marketing mix actions to help consumers perceive a product as being different and better than competing products

Answer 3

product differentiation

Question 4

tailoring products or services to the tastes of individual customers on a high-volume scale

Answer 4

mass customization

Question 5

manufacturing a product only when there is an order from a customer

Answer 5

build-to-order

Question 6

new products or new chain simply stealing customers and sales from the order

Answer 6

cannibalization

Question 7

location based

Answer 7

geographic segmentation

Question 8

things we can see

Answer 8

demographic segmentation

Question 9

based on people’s beliefs

Answer 9

psychographic segmentation

Question 10

based on your purchasing habits

Answer 10

behavioral

Question 11

80 percent of a firm’s sales are obtained from 20 percent of its customers

Answer 11

80/20 rule

Question 12

Represents the financial worth of a customer to a company over the course of their relationship.

Answer 12

customer lifetime value

Question 13

capture the personalities, values, attitudes, beliefs, demographics, and expected interactions with a brand.

Answer 13

Personas

Question 14

Changing the place a product occupies in a consumer’s mind relative to competitive products

Answer 14

Product Repositioning

Question 15

A strategic document that communicates the unique value the brand offers to a particular target segment

Answer 15

Positioning Statement

Question 16

a positioning tool that visualizes how consumers perceive brands across key attributes

Answer 16

Perceptual Maps

Question 17

the quantity consumer or store visits during a specific period

Answer 17

Usage Rate