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MBA 706 - DARRAT (EXAM 3) questions and answers verified answers||Latest 2024/2025
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MBA 706 - DARRAT (EXAM 3)Targeting - ANSprocess of identifying customers for whom the company will optimize its offering
Mass Marketing - ANSthe firm ignores segment differences and goes after the whole market
with one offer
Mass Customization - ANShe ability of a company to meet each customer's requirements—to
prepare on a mass basis individually designed products, services, programs, and
communications
Strategic Targeting - ANSfocuses on customers whose needs the company can fulfill by
ensuring that its offerings are customized to their needs
Target Compatibility - ANSreflection of the company's ability to outdo the competition in fulfilling
the needs of target customers; in other words, to create superior customer value
a function of the company's resources and its capacity to use these resources in a way that
creates value for target customers
Essential Resources for the Success of a Company's Targeting Strategy Include Factors: - ANS-
business infrastructure: manufacturing infrastructure (houses company's production facilities
and equipment), service infrastructure (call centers, crm solutions), supply chain infrastructure
(procurement and processes), management infrastructure (company culture)
- access to scarce resources: gives the company a distinct competitive edge because it restricts
the strategic options of competitors.
- skilled employees: prime strategic assets
- technological expertise: expertise required to develop an offering that addresses a particular
customer need, includes a company's proprietary processes, its technological processes, and
its
intellectual property such as patents and trade secrets.
- strong brands: enhance value by conferring unique identification on the offering and generat-
ing meaningful associations that create value over and above the value created by the offering's
attributes.
- collaborator networks: include vertical networks of collaborators in the company's supply chain
and horizontal networks of research and development, manufacturing, and promotion
collaborators that help the company create its offering and inform customers about it.
Core Competency - ANS1) it is a source of competitive advantage and makes a significant
contribution to perceived customer benefits,
(2) it has applications in a wide variety of mar- kets, and
(3) it is difficult for competitors to imitate.
, Target Attractiveness - ANSreflects the ability of a market segment to create superior value for
the company.
Monetary Value - ANSconsists of the capability of customers to engender profits for the
company.
- customer revenues: involve money received by the company from customers for the right to
own or use its offering.
- costs of serving target customers include the expense of tailoring the offering's benefits to the
needs of target customers, along with communicating and delivering the offering to them.
Strategic Value - ANSnon-monetary benefits that customers bring to the company.
- social value: reflects the influence of target customers on other potential buyers. Customers
might be as attractive to the company for their social networks and ability to impact the opinions
of other buyers as for the revenues they offer to the company.
- scale value denotes the benefits derived from the scale of the company's operations.
- information value is the worth of the information that customers provide.
Tactical Targeting - ANSidentifying target customers, as does strategic targeting, it has a
different objective: to determine which customers to target and which to ignore, and to
determine how the company's offering can be effectively and cost-efficiently communicated and
delivered to the target customers that have already been selected
Customer Profile - ANS- demographic: age, gender, income, occupation, level of education,
religion, eth- nicity, nationality, employment status, population density (urban or rural), social
class, household size, and stage in the life cycle.
- geographic: physical location of target customers
- behavioral: customers' actions
- psychographic: aspects of an individual's personality; such as attitudes, value system,
interests, and lifestyle.
Personas - ANSdetailed profiles of one, or perhaps a few, hypothetical target consumers,
imagined in terms of demographic, psychographic, geographic, or other descriptive attitudinal or
behavioral information
Product Specialization - ANSthe firm sells a certain product to several different market
segments
Market Specialization - ANSthe firm concentrates on serving many needs of a particular
customer group
Market Segmentation - ANS- divides a market into well-defined slices
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