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There are various types of markets like stock market, super market, fish market, flea market and labor market. These markets will have their characteristics. The market is composed of consumer markets that is people and business market that is organization. 2.Explain the importance of market segmentation Market segmentation is the practice of dividing up your company's audience into different groups with varying needs and interests. Market segmentation is important because it helps you understand the subgroups that make up your audience so you can tailor your products and your marketing. 3.Discuss the criteria for successful market segmentation Successful market segmentation depends on four basic criteria: (1) a market segment must be substantial and have enough potential customers to be viable; (2) a market segment must be identifiable and measurable; (3) members of a market segment must be accessible to marketing efforts; and (4) a market segment must respond to particular marketing efforts in a way that distinguishes it from other segments. 4.Describe the bases commonly used to segment consumer markets https://www.yourarticlelibrary.com/marketing/market-segmentation/top-4-bases-for-segmenting-consumer-market/32293 https://www.yourarticlelibrary.com/marketing/market-segmentation/top-4-bases-for-segmenting-consumer-market/32293#:~:text=%20Top%204%20Bases%20for%20Segmenting%20Consumer%20Market,Psychographic%20segmentation%20pertains%20to%20lifestyle%20and...%20More%20 Top 4 Bases for Segmenting Consumer Market 5.Describe the bases for segmenting business markets https://www.economicsdiscussion.net/market-segmentation/bases-of-market-segmentation/31458w https://blog.alexa.com/types-of-market-segmentation/ Market segmentation allows you to get to know your customers, identify what is needed in your market segment, and determine how you can best meet those needs with your product or service. This helps you design and execute better marketing strategies from top to bottom. 6.List the steps involved in segmenting markets https://www.chegg.com/homework-help/list-steps-involved-segmenting-markets-six-steps-involved-se-chapter-8-problem-6ra-solution-9781133171904-exc 1) selecting a market or product category for study; 7.Discuss alternative strategies for selecting target markets https://www.chegg.com/homework-help/essentials-of-marketing-7th-edition-chapter-8-problem-7ra-solution-9780538478342?trackid=4d8636c27aaa&strackid=80843223e27f Marketers select target markets using three different strategies: undifferentiated targeting, concentrated targeting, and multisegment targeting. An undifferentiated targeting strategy assumes that all members of a market have similar needs that can be met with a single marketing mix. 8.Explain how CRM can be used as a targeting tool Companies that successfully implement CRM tend to customize the goods and services offered to their customers based on data generated through interactions between carefully defined groups of customers and the company. 9.Explain how and why firms implement positioning strategies and how product differentiation plays a role. https://www.chegg.com/homework-help/explain-firms-implement-positioning-strategies-product-diffe-chapter-8-problem-9ra-solution-9781133171904-exc#:~:text=Explain%20how%20and%20why%20firms%20implement%20positioning%20strategies,the%20real%20or%20perceived%20differences%20between%20competing%20offerings. Positioning is used to influence consumer perceptions of a particular brand, product line, or organization in relation to competitors. The term position refers to the place that the offering occupies in consumers' minds. To establish a unique position, many firms use product differentiation, emphasizing the real or perceived differences between competing offerings. The segment a company chooses to serve is called: Target market What does MARS stand for? Measurable, accessible, responsive, substantial What is another term for responsive, in the context of segmentation? Actionable Data from United States Census is an example of ___________ segmentation. Demographic Which of the following is not necessarily true about demographic data? -Most widely used data Consumers in the same income group have similar demand patterns
Based on usage rate data, why do marketers want to target light users instead of heavy users? Light users may have specific needs not met by the dominant players What targeting strategy is the company using when deciding to go after the entire market with one product? Undifferentiated targeting A market that targets a relatively small and well-defined segment of the population is called a ___________. Niche market Which of the following is not valid for companies practicing multi-segment targeting? -They try to cover most of the market with a variety of offerings They promote the same brand in different segments Groups of consumers who have differences in preferences are referred to as: market segments Age, income, gender, and ethnicity are common examples of variables in: demographic segmentation Which of the following types of segmentation is best defined by lifestyle, personality and motives for purchase? Psychographic The segment a company chooses to serve is called its: target market How brands are perceived in the minds of the consumers is called: positioning Nissan segments its market according to size, and offers cars of varying sizes like the Versa, Sentra, Altima, and Maxima. Other car companies like Toyota and Ford do the same. Which of the following best describes the above scenario? a. b. c. d. ... When segments are ignored and the company decides to chase the entire market, we call this undifferentiated segmenting When a company focuses all its efforts on a single segment, we call this: concentrated targeting When markets for a product are segmented based on what consumers are seeking from it, we call this: concentrated targeting A company has designed a product line specifically for left-handed people. However, there are hardly any magazines, TV channels, or retail outlets aimed at this segment. What challenge are marketers facing in this situation? Accessibility What market practice is roughly analogous to the military principle of " divide and conquer?" Market segmentation Choose a statement that is NOT correct about positioning. a. b. c. d. e. It is a way to make our products similar to those offered by competitors. Some people drink Mountain Dew because they like its taste. Others drink it to help stay alert and awake. This suggests an opportunity to segment the market based on: benefits sought When does it make sense to segment a market? When segments are homogenous within, heterogeneous between Which of the following is most accurate about strategies for selecting appropriate segment(s)? a. b. c. d. e. ...
Because "same store sales" stagnate, Wal-Mart started targeting at more affluent consumer groups by upgrading their product assortments (e.g., more fancy apparels and organic food). This effort is an example of: a. b. c. d. e. ... Which of the following is most accurate about strategies for selecting appropriate segment(s)? a. b. c. d. e. Multi-segment strategy can be attractive to companies if core parts are same across products designed to target different segments. Fresh Samantha, a producer and distributor of fresh Juice, decided to operate primarily in the Eastern coast. Its customers are mostly college students and young professionals that are creative, whimsical, and fun-seeking in nature. Fresh Samantha emphasizes that its products are nutritious, healthy food that needs to be refrigerated even when the products are delivered by truck to retail stores. Choose a segmentation base that is least applicable to their target market. a. b. c. d. e. ... Choose a statement that is NOT correct about positioning. a. b. c. d. e. ... Which of the following is criterion for successful market segmentation?Effective segmentation should be measurable, accessible, substantial, differentiable, and actionable. When a company has segmented their market accordingly, there is a higher chance that it will become more profitable and successful in the long run.
What is a criterion for market segmentation?Segmentation Criteria. Geographic. nations, states, regions, cities, neighborhoods, zip codes, etc. Demographic. age, gender, family size, income, occupation, education, religion, ethnicity, and nationality.
What are the four criteria for successful market segmentation?There are four key types of market segmentation that you should be aware of, which include demographic, geographic, psychographic, and behavioral segmentations. It's important to understand what these four segmentations are if you want your company to garner lasting success.
Which of the following is not a criterion for successful market segmentation?Answer and Explanation: The correct answer is C. Competitive position. A competitive position is not an evaluation criteria when considering market segmentation, although improving a company's competitive position is an expected outcome and reason for considering segmenting customers into groups.
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