Podcast
Questions and Answers
What is perceptual mapping?
What is perceptual mapping?
- A method of displaying product prices in relation to quality
- A means of graphing product sales data
- Displaying the location of products in customers' minds (correct)
- A technique for analyzing customer demographics
What are some of the bases for positioning a product?
What are some of the bases for positioning a product?
- Price and quantity sold
- Product packaging and promotion
- Product feature, customer benefit, and price (correct)
- Product user personality and user demographics
How does the price and quality positioning base work?
How does the price and quality positioning base work?
- It promotes a fixed price for all products
- It stresses high price as a signal of quality (correct)
- It focuses on competitive product pricing
- It emphasizes low price as a sign of poor quality
What does the use or application positioning base focus on?
What does the use or application positioning base focus on?
Which positioning base focuses on a personality or type of user?
Which positioning base focuses on a personality or type of user?
Why is high price sometimes used as a positioning strategy?
Why is high price sometimes used as a positioning strategy?
What is the main purpose of perceptual mapping?
What is the main purpose of perceptual mapping?
How does the use or application positioning base effectively position a product?
How does the use or application positioning base effectively position a product?
What does the price and quality positioning base emphasize when promoting low price?
What does the price and quality positioning base emphasize when promoting low price?
What is the main focus of the product user positioning base?
What is the main focus of the product user positioning base?
Why is the choice of segmentation bases crucial?
Why is the choice of segmentation bases crucial?
What is the current trend in segmenting most markets?
What is the current trend in segmenting most markets?
What is the key to identifying bases for segmentation?
What is the key to identifying bases for segmentation?
What is a disadvantage of multiple-variable segmentation?
What is a disadvantage of multiple-variable segmentation?
How does the size of individual segments change as the number of segmentation bases increases?
How does the size of individual segments change as the number of segmentation bases increases?
What is a challenge related to usable secondary data in multiple-variable segmentation?
What is a challenge related to usable secondary data in multiple-variable segmentation?
What is the multisegment targeting strategy?
What is the multisegment targeting strategy?
What should firms do before deciding to use the multisegment targeting strategy?
What should firms do before deciding to use the multisegment targeting strategy?
What are some advantages of multisegment targeting?
What are some advantages of multisegment targeting?
What is one of the disadvantages of multisegment targeting?
What is one of the disadvantages of multisegment targeting?
Study Notes
Markets and Market Segments
- A market consists of people or organizations with needs or wants and the ability and willingness to buy.
- All four characteristics (needs or wants, ability, willingness, and buying power) must be present for a market to exist.
Bases for Segmenting Consumer Markets
- Age Segmentation:
- Generation Z: born 1995-2015, want to work for their success, believe brands need to be real, and have their own rules for social media.
- Millennials: born 1980-1994, idealistic and pragmatic, technology-proficient, value trustworthiness, creativity, and authenticity.
- Generation Xers: born 1965-1979, stuck between supporting aging parents and young children, best-educated generation, disloyal to brands, and skeptical of big business.
- Baby Boomers: born 1946-1964, outspend average consumers, living longer, healthier, and more active lives, and spend money to maintain vitality.
- Silent Generation: born before 1946, cautious, hardworking, and disciplined, value economic resources, and may require product modifications.
Other Segmentation Bases
- Gender Segmentation: women drive 70% of purchases of consumer goods in Malaysia, companies traditionally targeting women now target men, and vice versa.
- Income Segmentation: income level influences consumers' wants and determines their buying power.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers the segmenting of consumer markets with a focus on the characteristics and behaviors of Baby Boomers. It includes information about their spending habits, lifestyle, and aging trends.
