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Questions and Answers
What is the main goal of market segmentation?
How many LSM groups are defined in the current SAARF Universal LSM?
Which of the following is NOT a characteristic considered in consumer segmentation?
What does the SAARF LSM measure primarily categorize consumers by?
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Which of these statements about the consumer market is correct?
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What kind of traits does market segmentation consider?
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What does the reduction from eight to ten LSM groups signify in market segmentation?
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Which factor is NOT associated with the Living Standards Measure (LSM)?
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Study Notes
The Consumer Market
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The consumer market refers to buyers who purchase goods and services for personal consumption, not for resale.
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Different consumer characteristics lead to diverse tastes, preferences, and buying habits within this market.
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Key consumer characteristics include demographic, psychographic, behavioral, and geographic traits.
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Marketers utilize market segmentation to identify and separate distinct customer groups, based on these characteristics.
South African Consumer Segmentation with SAARF LSM
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The SAARF LSM (Living Standards Measure) is a widely used marketing research tool in Southern Africa.
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It segments the South African population into ten LSM groups, ranked from 10 (highest) to 1 (lowest).
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The SAARF Universal LSM was introduced in 2001, replacing a previous system that had eight groups.
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The SAARF LSM stands out as a unique market segmentation tool, moving away from outdated categorizations like race.
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It groups people based on their living standards, considering factors like degree of urbanization and ownership of cars and major appliances.
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Description
This quiz explores the concepts of the consumer market and the unique segmentation of South African consumers using the SAARF Living Standards Measure (LSM). Participants will learn about various consumer characteristics and how they impact buying habits. Delve into the significance of market segmentation in identifying distinct customer groups in South Africa.
