Question 1

What does a company focus on when using an undifferentiated marketing strategy?

Accepted Answer

The answer of What does a company focus on when...

Question 2

Harvey's Bookstore is a popular online bookstore that has differentiated itself through smooth-functioning delivery networks. This is an example of ________ differentiation.
A) product
B) image
C) price
D) channel
E) people

Accepted Answer

Harvey's Bookstore has differentiated itself through the smooth-functioning delivery networks, indicating that the differentiation is in their channel strategy.

Question 3

Distinguish between undifferentiated and differentiated marketing strategies.

Accepted Answer

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Question 4

Individual marketing is also known as one-to-one marketing, mass customization, and markets-of-one marketing.

Accepted Answer

Individual marketing is indeed known by these names as it involves tailoring marketing efforts to meet the unique needs and preferences of each individual customer.

Question 5

________ refers to how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments.
A) Targeted marketing
B) Market segmentation
C) Product positioning
D) Value proposition
E) Niche marketing

Accepted Answer

A value proposition outlines how a company will deliver unique value to its target segments and the positions it aims to occupy within those segments.

Question 6

When using a niche marketing strategy, a firm goes after a large share of one or a few smaller segments.

Accepted Answer

When using a niche marketing strategy, a firm focuses on a small subset of a market and aims for high market share in that specific segment, rather than trying to appeal to a broad audience.

Question 7

Using a segmented marketing strategy, a firm might decide to ignore market segment differences and target the whole market with one offer.

Accepted Answer

Using a segmented marketing strategy means targeting specific segments of the market with tailored offers that meet their unique needs and preferences. Ignoring market segment differences and targeting the whole market with one offer is an undifferentiated marketing strategy.

Question 8

When competitors use differentiated marketing to focus on the customer's needs, a firm should use undifferentiated marketing to compete with them.

Accepted Answer

If competitors are successfully using differentiated marketing to focus on specific segments of the market, it is not advisable for a firm to use undifferentiated marketing to compete with them. Instead, the firm should consider implementing its own differentiated marketing strategy that targets different segments or positioning its product or service differently in the market. Failing to do so may result in the firm losing market share to its competitors.

Question 9

What are the major structural factors affecting long-run segment attractiveness?

Accepted Answer

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Question 10

Briefly explain local and individual marketing.

Accepted Answer

The answer of Briefly explain local and individual marketing....

Question 11

To the extent that a company can differentiate and position itself as providing superior customer value, it gains ________.
A) competitive advantage
B) complementary assets
C) service life
D) core competencies
E) contingent liability

Accepted Answer

By differentiating and positioning itself as providing superior customer value, a company gains a competitive advantage over its rivals. This allows the company to attract more customers and potentially charge higher prices for its products or services, leading to increased profitability.

Question 12

________ show(s) consumer perceptions of a company's brands versus competing products on important buying dimensions.
A) Differentiation
B) Positioning
C) Market targeting
D) Perceptual positioning maps
E) Market segmentation

Accepted Answer

Perceptual positioning maps show the consumer perceptions of a company's brands versus competing products on important buying dimensions. They help marketers understand how consumers perceive their brand in relation to competitors and allow for strategic positioning of the brand in the market.

Question 13

Niche marketing involves tailoring brands and promotions to the needs and wants of local customer groups-cities, neighborhoods, and even specific stores.

Accepted Answer

Niche marketing focuses on targeting a specific, well-defined segment of the market, rather than local customer groups, which is more aligned with local or regional marketing strategies.

Question 14

How do companies identify attractive market segments? How do they choose a target marketing strategy?

Accepted Answer

The answer of How do companies identify attractive market segments?...

Question 15

List some important factors that companies need to consider when choosing a market-targeting strategy.

Accepted Answer

The answer of List some important factors that companies need...

Question 16

What does a company focus on when using a concentrated marketing strategy?

Accepted Answer

The answer of What does a company focus on when...

Question 17

Through ________ differentiation, brands can be differentiated on features, performance, or style and design.
A) services
B) channel
C) people
D) product
E) price

Accepted Answer

Product differentiation refers to the way in which brands can differentiate themselves based on their product features, performance, or design. This can include differences in quality, functionality, aesthetics, or other product characteristics that set the brand apart from competitors. Other forms of differentiation, such as price, distribution channels, or customer service, are also important factors in brand differentiation, but they are not included in the question.

Question 18

Briefly explain mass customization.

Accepted Answer

The answer of Briefly explain mass customization....

Question 19

A ________ refers to the way a product is defined by consumers on important attributes-the place the product occupies in consumers' minds relative to competing products.
A) core competency
B) value stream
C) value proposition
D) product position
E) product specification

Accepted Answer

Product position refers to the way a product is perceived by consumers in comparison to competing products on important attributes. It is the place a product holds in the minds of consumers. The other options are not related to the concept of product position.

Question 20

Even when competing offers look the same, buyers may perceive a difference based on ________ differentiation.
A) image
B) people
C) price
D) channel
E) services

Accepted Answer

Image differentiation refers to how a company's brand and reputation create a distinct perception in the minds of buyers. Even if the competing offers have the same price, features, and benefits, buyers may choose one over the other based on the perceived image or identity of the brand. For example, Apple products are often more expensive than their competitors, but the brand's reputation for quality and innovation creates a strong image differentiation that draws customers to buy their products.

Quiz 7: Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

What does a company focus on when using an undifferentiated marketing strategy?

Harvey's Bookstore is a popular online bookstore that has differentiated itself through smooth-functioning delivery networks. This is an example of ________ differentiation.

Distinguish between undifferentiated and differentiated marketing strategies.

Individual marketing is also known as one-to-one marketing, mass customization, and markets-of-one marketing.

________ refers to how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments.

When using a niche marketing strategy, a firm goes after a large share of one or a few smaller segments.

Using a segmented marketing strategy, a firm might decide to ignore market segment differences and target the whole market with one offer.

When competitors use differentiated marketing to focus on the customer's needs, a firm should use undifferentiated marketing to compete with them.

What are the major structural factors affecting long-run segment attractiveness?

Briefly explain local and individual marketing.

To the extent that a company can differentiate and position itself as providing superior customer value, it gains ________.

________ show(s) consumer perceptions of a company's brands versus competing products on important buying dimensions.

Niche marketing involves tailoring brands and promotions to the needs and wants of local customer groups-cities, neighborhoods, and even specific stores.

How do companies identify attractive market segments? How do they choose a target marketing strategy?

List some important factors that companies need to consider when choosing a market-targeting strategy.

What does a company focus on when using a concentrated marketing strategy?

Through ________ differentiation, brands can be differentiated on features, performance, or style and design.

Briefly explain mass customization.

A ________ refers to the way a product is defined by consumers on important attributes-the place the product occupies in consumers' minds relative to competing products.

Even when competing offers look the same, buyers may perceive a difference based on ________ differentiation.