The major steps marketers follow to create a customer value-driven market strategy

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Question 1

The major steps marketers follow to create a customer value-driven market strategy include ________.

Question 2

Segmenting buyers in any market entails ________.

Question 3

Market segmentation strategies can include ________.

Question 4

Behavioral segmentation strategies ________.

Question 5

Income, ethnic background, gender, and age are all examples of ____________ segmentation bases.

Question 8

In market segmentation, a series of stages determined by a three-part combination of age, marital status, and the presence or absence of children is known as the ________.

Question 7

When selecting market segments to serve, which of the following should the marketer consider to focus on the most useful segment(s)?

Question 8

All efforts at market segmentation are meant to ________.

Question 9

Creating an appropriate marketing mix for each of phase of the product life cycle—from development and introduction to the market through growth, maturity, and decline—requires a slightly different strategy. Which of the following statements is TRUE?

Question 10

Marketing objectives during the maturity phase of the product life cycle include ________.

Question 11

Pricing is an important part of the marketing mix. Broadly speaking, firms can follow which three main strategies when pricing goods and services?

Question 12

When setting a pricing strategy, marketers should ________.

Question 13

New product pricing strategies are especially challenging; marketers must choose between which of the following broad strategies?

Question 14

Which of the following are reasons marketing managers choose to avoid a pricing strategy based on costs?

Question 15

Factors that affect price elasticity, or how responsive demand will be to a change in price, include all of the following except ________.

Question 16

Marketing managers setting pricing for a product line should take into account which of the following?

Question 17

Keurig, whose K-Cups account for over 75 percent of total sales, is following a ________ product pricing strategy with its K-Cups.

Question 18

Companies like McDonald’s are following ________ pricing strategies by offering value meals and Happy Meals.

Question 19

One of the ethical and legal issues that marketers must consider includes pricing. Which of the following represents a potential legal and/or ethical breach?

Question 20

Marketers in some marketplaces have initiated electronic dynamic pricing systems that can change product pricing based on a range of market factors that affect supply and demand. Marketers can use this type of system because ________.

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