Question

Q1, The major steps marketers follow to create a customer value-driven market strategy include ________.

A) segmentation, separation, positioning, and placement

B) segmentation, targeting, differentiation, and positioning

C) separation, positioning, placement, and pricing

Q2, 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 ________.

a) generation gap

b) family life cycle

c) maturation process

d)segmentation cycle

Q3, 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?

A) Appropriately managing the maturity stage of the product life cycle requires managing the marketing mix well.

B) In a product’s growth stage, when sales are climbing quickly, promotion costs are spread over a larger production volume.

C) In a product’s maturity stage, when product sales growth increases, marketers worry most about out-spending the competition.

Q4, Marketing objectives during the maturity phase of the product life cycle include ________.

A) creating product engagement

B) maximizing profit

C) maximizing market share

D) reducing expenditures

Answer 1

Q1, The major steps marketers follow to create a customer value-driven market strategy include ________.

B) segmentation, targeting, differentiation, and positioning

These are the major steps that the marketers following order to create a customer value-driven strategy by selecting the customers that are to be served and then accordingly, decide upon the value proposition. For this, segmentation, targeting differentiation and positioning activities are undertaken.

Q2, 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 ________.

b) family life cycle

Family life cycle is one of the strategies that marketers undertake where the study is undertaken to determine the potential needs of the person that keeps on changing as one move from one phase to the other.

Q3, 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?

B) In a product’s growth stage, when sales are climbing quickly, promotion costs are spread over a larger production volume.

In the growth stage, since the sales increase quickly, they help in generating more revenues to the Business. Owing to the large volume of sales, the promotion cost gets spread over a broader spectrum of production volumes thereby reducing the cost per unit of production.

Q4, Marketing objectives during the maturity phase of the product life cycle include ________.

A) creating product engagement

In the maturity phase, since there occurs a saturation in the market, the Marketers need to find ways to engage with the Product so that it helps them boost the sales of the matured product in a given market. For this, the Product prices are reduced, the Product goes few alterations, the budgets are hiked to promote such a Product all the more, etc.