Question 1

Argonaut Food Stores, a retail giant, hires better-skilled employees than its competitors by employing strategic recruitment practices. It also conducts highly specialized training programs for its employees. In this case, Argonaut has focused on gaining a strong competitive advantage through _ differentiation.
A) people
B) product
C) services
D) image
E) channel

Accepted Answer

Argonaut Food Stores focuses on gaining a competitive advantage through differentiation by hiring better-skilled employees and providing specialized training, which falls under "people" differentiation.

Question 2

Which of the following is true of product positioning?
A) Consumers cannot position products with or without the help of marketers.
B) Consumers generally reevaluate products every time they make a buying decision.
C) To simplify the buying process, consumers are likely to position products in their minds.
D) A product's position is defined by the number of competitors in a market.
E) Product positioning has little influence on the design of marketing mixes.

Accepted Answer

Consumers position products in their minds to simplify the buying process by associating them with certain attributes or benefits, which helps them make quicker and more informed decisions.

Question 3

Micromarketing includes global marketing and standardized marketing.

Accepted Answer

Micromarketing focuses on targeting specific small groups or individual customers, whereas global marketing and standardized marketing involve broader, more uniform strategies across larger markets.

Question 4

Compare and contrast the four major strategies that are generally used to target market segments. Provide an example for each of the four major strategies.

Accepted Answer

The answer of Compare and contrast the four major strategies...

Question 5

Which of the following types of differentiation is used to gain competitive advantage through the way a firm designs its distribution coverage, expertise, and performance?
A) services differentiation
B) people differentiation
C) product differentiation
D) channel differentiation
E) price differentiation

Accepted Answer

Channel differentiation is used to gain competitive advantage by optimizing the design of distribution coverage, expertise, and performance.

Question 6

Describe the process by which companies identify attractive market segments and choose a target marketing strategy.

Accepted Answer

The answer of Describe the process by which companies identify...

Question 7

Companies are likely to gain through speedy, convenient, or careful delivery of products.
A) people differentiation
B) services differentiation
C) price differentiation
D) product differentiation
E) channel differentiation

Accepted Answer

The answer of Companies are likely to gain through speedy,...

Question 8

When a company interacts one-on-one with large numbers of customers to create customer-unique value by designing products and services tailor-made to individual needs, it is engaging in .
A) mass marketing
B) concentrated marketing
C) mass customization
D) differentiated marketing
E) local marketing

Accepted Answer

Mass customization involves creating products and services tailored to individual customer needs on a large scale, combining the personalization of custom products with the efficiency of mass production.

Question 9

Using a differentiated marketing strategy, a company is likely to design a product and a marketing program that will appeal to the largest number of buyers.

Accepted Answer

A differentiated marketing strategy involves targeting different segments with different products and marketing strategies, rather than trying to appeal to the largest number of buyers with a one-size-fits-all approach.

Question 10

At the extreme, micromarketing becomes insofar as products and marketing programs are tailored to the needs and preferences of customers.
A) local marketing
B) individual marketing
C) mass marketing
D) differentiated marketing
E) multi-segmented marketing

Accepted Answer

Micromarketing at its extreme becomes individual marketing, where products and marketing programs are tailored to the specific needs and preferences of individual customers.

Question 11

Bose promises "better sound through research." This is an example of _ .
A) price differentiation
B) services differentiation
C) channel differentiation
D) product differentiation
E) people differentiation

Accepted Answer

Bose's promise of "better sound through research" highlights a unique feature or quality of their product, which is an example of product differentiation.

Question 12

The distinctive yellow and blue "hands held high" logo of a local daycare distinguishes it from other establishments. The logo is prominently displayed on its building, t-shirts worn by the children, and at fundraising events. The daycare has differentiated itself through .
A) people
B) services
C) positioning
D) channels
E) image

Accepted Answer

The daycare has differentiated itself through its "hands held high" logo, which is an aspect of its image.

Question 13

Describe a few ways in which a marketer can engage in socially responsible target marketing.

Accepted Answer

The answer of Describe a few ways in which a...

Question 14

Even if a segment has the right size and growth and is structurally attractive, a company must consider its own objectives and resources before targeting that segment.

Accepted Answer

A company must assess if targeting a particular segment aligns with their overall business objectives and if they have the necessary resources to effectively compete in that segment.

Question 15

The full positioning of a brand is called the unique selling proposition.

Accepted Answer

The full positioning of a brand includes several elements such as target audience, value proposition, brand personality, and brand promise. The unique selling proposition is a specific aspect of the brand's value proposition that sets it apart from competitors and communicates a clear benefit to the target audience.

Question 16

The low cost of setting up shop on the Internet makes it even more profitable to serve seemingly small niches.

Accepted Answer

The low cost of setting up a website or online store makes it financially feasible to target even small niche markets, leading to potentially high profitability.

Question 17

Concentrated marketing can market more effectively by fine-tuning its products, prices, and programs to the needs of carefully defined segments.

Accepted Answer

Concentrated marketing focuses on targeting a specific, well-defined segment of the market, allowing for tailored marketing strategies that better meet the needs of that segment.

Question 18

Niche marketing offers smaller companies an opportunity to compete by focusing their limited resources on serving niches that may be unimportant to or overlooked by larger companies.

Accepted Answer

This statement is true as niche marketing allows smaller companies to target a specific audience with a unique offering, which can give them an advantage over larger companies that may have a broader, less targeted approach. By catering to a specific niche, smaller companies can establish themselves as experts in that area and build a loyal customer base.

Question 19

Compare and contrast local and individual marketing.

Accepted Answer

The answer of Compare and contrast local and individual marketing....

Question 20

Developing separate marketing plans for separate segments requires very little marketing research or channel management.

Accepted Answer

Developing separate marketing plans for different segments requires significant marketing research to understand each segment's needs and preferences, as well as channel management to effectively reach and engage each segment.

Quiz 6: Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

Which of the following is true of product positioning?

Micromarketing includes global marketing and standardized marketing.

Compare and contrast the four major strategies that are generally used to target market segments. Provide an example for each of the four major strategies.

Which of the following types of differentiation is used to gain competitive advantage through the way a firm designs its distribution coverage, expertise, and performance?

Describe the process by which companies identify attractive market segments and choose a target marketing strategy.

Companies are likely to gain through speedy, convenient, or careful delivery of products.

When a company interacts one-on-one with large numbers of customers to create customer-unique value by designing products and services tailor-made to individual needs, it is engaging in .