22 Questions
What does one-to-one marketing involve?
Forming close relationships with best customers and meeting their needs
What is the main goal of market segmentation from a consumer perspective?
To meet their needs and get what they want
How do some firms differentiate themselves in the market?
By deliberately avoiding unprofitable customers
What is the importance of combining historical data with other information for companies?
To predict customer behavior and choices
In customer segmentation, why is it crucial to focus on selling efforts on current customers?
To understand what they really want and build close relationships
What is the essence of the one-to-one marketing approach?
Forming close, personal relationships with best customers
What is the main difference between target marketing and mass marketing?
Differentiated marketing aims at one type of customer, while undifferentiated marketing targets all customers.
How can segmenting and targeting markets benefit a business?
By helping enlarge the customer base and adjust marketing strategies effectively.
How can the use of loyalty cards help in market segmentation?
By providing information on consumer buying behavior.
What role does technology play in market segmentation?
Technology enables small companies to gather detailed information about potential customers.
Why is avoiding head-on competition important in targeted marketing?
To differentiate the marketing mix for different customer groups.
What is the purpose of market segmentation?
To identify and categorize the overall market into groups of customers with similar needs and wants
How can social media assist in understanding customer needs?
By helping in identifying early adopters of new products.
What does 'Position of Differentiation (POD)' refer to?
A unique aspect of a product that sets it apart from competitors in a way that is valued by customers
Which of the following is not a differentiation strategy?
Price: offering the lowest price in the market
What is the purpose of a tagline for a product?
To clearly communicate the essence of the product to customers
How can differentiation through 'Personnel' impact a company's offering?
By enhancing customer service quality and building strong relationships with customers
Which group of customers are 'Experiencers' according to Vals categories?
Customers who are impulsive, seek variety, and want excitement
What is the main goal of niche marketing?
To target a select group of customers and be a big fish in a small pond
'Segment attractiveness' criteria includes all EXCEPT:
'Growing' - segment should be stagnant, not showing growth potential
'Microtargeting' involves:
Targeting a very select group of customers
What is the significance of having a 'clear point(s) of differentiation' in a product's positioning statement?
It helps communicate how a product stands out from competitors to target customers.
Test your knowledge on market segmentation by identifying demographics, lifestyles, usage behaviors, attractiveness, profitability, and positioning strategies for different segments based on customer needs.
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