Mass marketing involves identifying market segments

true or false1) Mass marketing involves identifying market segments, selecting one or more of them, and developing products and marketing programs tailored to each.( )Page Ref:2032) The customer-driven marketing strategy involves four steps: market segmentation, market targeting, positioning, and differentiation.( )Page Ref:1923) Geographic segmentation divides the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.( )Page Ref: 1934) Gender segmentation has long been used in clothing, cosmetics, toiletries, and magazines.( )Page Ref: 1955) Psychographic segmentation divides buyers into different segments based on social class, lifestyle, or personality characteristics. ( )Page Ref: 1966) Demographic segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses concerning a product. ( )Page Ref: 1987) Benefit segmentation requires finding the major benefits people look for in a product class, the kinds of people who look for each benefit, and the major brands that deliver each benefit.( )Page Ref: 1988) When segmenting by user status, markets are segmented into light, medium, and heavy product users.( )Page Ref: 1999) When segmenting by usage rate, markets can be segmented into nonusers, ex-users, potential users, first-time users, and regular users of a product.( )Page Ref: 19910) Marketers usually limit their segmentation analysis to only one major variable.( )Page Ref: 20011) Intermarket segmentation refers to forming segments of consumers who have different needs and buying behaviors in a given geographical region.( )Page Ref: 20112) In evaluating different market segments, a firm should look at three factors: segment size and growth, segment structural attractiveness, and company objectives and resources.( )Page Ref: 203-20413) The relative power of buyers affects segment attractiveness.( )Page Ref: 20314) A target market consists of a set of buyers who share common needs or characteristics that the company decides to serve.( )Page Ref: 20315) Using an undifferentiated marketing strategy, a firm decides to target several market segments and designs separate offers for each.( )Page Ref: 20316) Using a segmented marketing strategy, a firm might decide to ignore market segment differences and target the whole market with one offer.( )Page Ref: 20317) When using a niche marketing strategy, a firm goes after a large share of one or a few smaller segments. ( )Page Ref: 20418) Niche marketing involves tailoring brands and promotions to the needs and wants of local customer groups—cities, neighborhoods, and even specific stores.( )Page Ref: 20819) Individual marketing is also known as one-to-one marketing, mass customization, and markets-of-one marketing.( )Page Ref: 20820) Product differentiation 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.( )Page Ref: 19221) A product position is the way a product is defined by consumers on important attributes.( )Page Ref: 21022) To the extent that a company can differentiate and position itself as providing superior customer value, it gains competitive advantage.( )Page Ref: 21123) Firms that practice product differentiation gain competitive advantage through the way they design their channel’s coverage, expertise, and performance.( )Page Ref: 21224) Less-for-much-less positioning involves meeting consumers’ lower performance or quality requirements at a much lower price.( )Page Ref: 21525) Kia Motors offers a new car model with the same features as other cars in the same segment. However, Kia’s model is priced higher than its two main competitors. Kia is following a more-for-less positioning strategy.( )Page Ref: 215