Connecting with customers

Question 1

Name the three activities in target marketing

Answer 1

Market segmentation, market targeting and market positioning

Question 2

How many levels can markets be targeted in?

Answer 2

4 - segments, niches, local areas, and individuals

Question 3

What is a market segment?

Answer 3

Large identifiable groups within a market

Question 4

Name the two bases for segmenting consumer markets

Answer 4

Consumer characteristics and consumer responses

Question 5

What are the major segmentation variables for consumer markets?

Answer 5

Geographic, demographic, psychographic and behavioral

Question 6

What does market segments need to be, in order to be useful?

Answer 6

measurable, substantial, accessible, differentiable and actionable

Question 7

What is points-of-difference?

Answer 7

Those attribute and benefit associations unique to a brand that is also strongly held by the consumers

Question 8

What is points-of-parity

Answer 8

those associations not necessarily unique to a brand but perhaps shared with other brands

Question 9

What is the key to competitive advantage?

Answer 9

relevant brand differentiation

Question 10

What is a competitive advantage?

Answer 10

A company’s ability to perform in one or more ways that competitors cannot or will not match

Question 11

customer perceived value

Answer 11

the difference between the prospective customers’ evaluation of all the benefits and all the costs of a company’s offering and the perceived alternatives

Question 12

value proposition

Answer 12

tangible and intangible attributes and benefits that the company promises to deliver

Question 13

branding

Answer 13

the process of endowing products and services with the power of a brand

Question 14

emotional branding

Answer 14

engaging the consumer on the level of senses and emotions

Question 15

brand identity

Answer 15

the way a company aims to identify or position itself or it’s product or service in the minds of a consumer

Question 16

brand image

Answer 16

the way the consumer actually perceives the visual or verbal expressions of a brand

Question 17

Brand equity

Answer 17

the added value the brand gives a product or service

Question 18

Strategic brand management

Answer 18

The long-term effort of consciously providing an offering with an identity that is understood on all levels

Question 19

Brand portfolio

Answer 19

the set of all brands and brand lines that a particular company offers in a particular category or market segment

Question 20

brand community

Answer 20

a group of people who share their interest in a specific brand and create a parallel social universe with its own values, rituals, hierarchy, and vocabulary

Question 21

A global brand

Answer 21

a brand that in most countries share the same strategic principles, even though some of the marketing mix activities might be adapted

Question 22

Glocal strategies

Answer 22

changing some aspects of the brand to reflect the local market in which it is operating while maintaning many of the global brand aspects