MBA 706 Koksal Test 2 answers
Market SegmentationUsually one product/marketing approach does not appeal
to all customers
Market SegmentationMarket needs to be strategically divided into groups
consisting of consumers with similar wants and needs.
Market SegmentationProcess of divid...
MBA 706 Koksal Test 2 answers
Market Segmentation✔✔Usually one product/marketing approach does not appeal
to all customers
Market Segmentation✔✔Market needs to be strategically divided into groups
consisting of consumers with similar wants and needs.
Market Segmentation✔✔Process of dividing consumers into groups with similar
wants and needs.
Undifferentiated marketing✔✔Instead of segmentation, company targets all
consumers with a single offering.
Differentiated marketing✔✔Company targets different segments using different
marketing mixes.
Concentrated marketing✔✔Company targets a single segment
Measurable✔✔Data should be available to evaluate the attractiveness of
segmentation.
Accessible✔✔Segment should be accessible to the company
Substantial✔✔Segment should be large and valuable.
Unique✔✔Segment should be distinguishable from other segments.
Appropriate✔✔Characteristics of the segment should not contradict the resources of
the objectives of the company.
Stable✔✔Company should be able to predict the behavior of the segment in the
future.
Geographic✔✔One of the easier methods of segmentation. Markets are divided into
groups based on geography.
Geodemographic✔✔Combines geographic and demographic factors.
Demographic✔✔Markets are divided into groups using variables. Age, sex, income,
education, etc.
Behavioral✔✔Markets are divided into groups based on measures such as attitudes,
knowledge, loyalty, benefits sought, etc.
, Benefit segmentation✔✔Segmenting consumers based on what benefits they seek.
Shoe manufacturer may segment its market as those who seek style and those who
seek quality.
User status✔✔segmenting consumers based on their status.
Loyalty status✔✔Consumers are segmented based on their devotion to the brand.
Psychographic and lifestyle✔✔Segmenting markets based on personalities, values,
lifestyle, etc.
Market Targeting✔✔Size and growth potential of the segments. This varies based on
the company
Market Targeting✔✔Attractiveness of the segments (use Porter's Five Forces to
measure attractiveness)
Market Targeting✔✔Segment should match company objectives and company
should have necessary resources.
Single Segment Concentration✔✔Company focuses on a single segment, might be
risky.
Selective Specialization✔✔Company focuses on several segments, reduces the risk
associated.
Product Specialization✔✔Company specializes in a particular product type and
markets it to different segments.
Market specialization✔✔Company focuses on a segment and satisfies its needs with
various products.
Full Market Coverage✔✔Company targets most or all segments with all the products
they need.
Breadth of Market Coverage✔✔Coverage approach to be selected depends on a
company's current strategy, resources, and capabilities.
Product Positioning✔✔What place does the product occupy in the market?
Product Positioning✔✔How is the product different from actual and potential
competitors?
Positioning✔✔Designing an image based on range, performance, prices,
advertising, customers, etc. Has direct implications for the marketing mix.
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