9 Questions
What is the main aim of both build-up and breakdown methods of market segmentation?
To identify market segments with identifiable differences and member homogeneity
Which approach to market segmentation identifies markets consisting of similar customers?
Build-up method
What are the main criteria used for segmenting consumer markets?
Geographic, Demographic, and Behavioral criteria
What does psychological criteria focus on in market segmentation?
Why the market behaves that way
What is the purpose of the STP process in marketing?
To enhance a company's competitive position
What are the sequential activities involved in the STP process?
Segmentation, targeting, positioning
How does market segmentation benefit organizations?
By focusing on specific customer needs in an efficient way
What is the relationship between market segmentation and product differentiation?
Product differentiation strategy emphasizes differences between products or competitors
What does the STP process enable companies to match effectively and efficiently?
Company resources and customer needs
Learn about the segmentation, targeting, and positioning process in marketing. Understand the benefits of the STP process, including how it enhances competitive position and provides direction for marketing strategies and brand differentiation.
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