Answers to Review Questions Chapter 7 Part 1

Answers to Review Questions Chapter 7 Part 1 - Chapter 7...

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Chapter 7 Part 1 Pg. 218 1. Briefly describe the four major steps in designing a customer driven marketing strategy. Market Segmentation: divide a market into smaller groups of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. Market Targeting: evaluate each segment’s attractiveness and select one or more segments to enter. Differentiation: differentiate the firm’s market offering to create superior customer value. Positioning: arrange for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers. 2. Name and describe the four major sets of variables that might be used in segmenting consumer markets. Which segmenting variable(s) do you think Starbucks is using? Geographic Demographic (most popular) Psychographic Behavior 2. Big-N-Large (BnL) sells self-aware robot trash compactors. If BnL has 43% of the market
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Answers to Review Questions Chapter 7 Part 1 - Chapter 7...

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