MKTG 3101 Exam #2 (A+ Guaranteed)

Four Major Steps in Designing a Customer-Driven Marketing Strategy correct answers *select customers to serve* 1. Segmentation 2. Targeting *decide on a value proposition* 3. Differentiation 4. Positioning Segmentation correct answers Dividing the total market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. Targeting correct answers Evaluating each market segment's attractiveness and selecting one or more market segments to enter Differentiation correct answers Differentiate the market offering to create superior customer value Positioning correct answers Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target cusumers Major Segmentation Variables for Consumer Markets correct answers -Geographic -Demographic -Psychographic -Behavioral Geographic Segmentation correct answers -Dividing a market into different geographical units --such as nations, regions, countries, cities, or neighborhoods Demographic Segmentation correct answers -Dividing a market into segments based on variables -- such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation Age and Life-Cycle Segmentation correct answers -Dividing a market into different age and life-cycle groups Gender segmentation correct answers -Dividing a market into different segments based on gender Income Segmentation correct answers -Dividing a market into different income segments Psychographic Segmentation correct answers -Marketers segment their markets using variables such as: --social class --consumer lifestyles