Market Segmentation and Research Methods Quiz

Geographic segmentation = Dividing the market based on location Psychographic segmentation = Focuses on mental and emotional characteristics Behavioral segmentation = Segmenting based on consumer behaviors related to the product Transactional segmentation = Splitting up a market based on customers' transactional worth

Demographic segmentation = Segmenting based on characteristics like age, gender, income Firmographic segmentation = Looking at characteristics of companies that may become customers Generational segmentation = Segmenting consumers into categories like Gen Z, Millennials, etc. Life stage segmentation = Segmenting based on where consumers are in their lives

Market research = Detailed investigation including market size, target audience, profitability Seasonal segmentation = Segmenting based on buying different items at different times of the year Business-to-business (B2B) segmentation = Segmenting based on company characteristics for potential customers Market trend analysis = Examining critical success factors, distribution methods in an industry

<p>Demand = Produced by buyers Supply = Produced by sellers Market Segmentation = Process of dividing a target market into smaller groups with similar characteristics Mass Marketing = Undifferentiated marketing strategy appealing to the entire market</p> Signup and view all the answers

<p>Primary Data = Collected firsthand by the researcher for a specific purpose Secondary Data = Obtained from existing sources and not collected directly by the researcher Buyer and Seller = Two parties involved in a transaction Pricing Strategy = Determines the prices for goods and services regardless of the situation</p> Signup and view all the answers

<p>Market Research = Includes consumer surveys, pricing experiments, in-person interviews, focus groups, etc. Market Exchange = Setting where two or more parties exchange products, services, and information Target Market = Includes interests, goals, and pastimes Target Market and Demographics = Segments of potential customers with shared characteristics</p> Signup and view all the answers

<p>Distribution Channel = A set of middlemen or intermediaries who help an organization in the flow of goods and services from the manufacturers to the consumers Direct Distribution = A distribution level through which an organization directly sells its products to the customers without the involvement of any intermediary Types of Market = Enumerate the types of market alphabetically Key Success Factors = Factors that state the important elements required for a company to compete in its target markets</p> Signup and view all the answers

<p>Marketing Analysis = Significant part of the marketing analysis Value-Based Segmentation = Enables brands to develop strategies for various types of consumers based on how they perceive the overall value of specific products and services Demographic Segmentation = You may be able to obtain demographic data from customers directly by looking at their ___ Firmographic Segmentation = _______ companies may use firmographic segmentation to divide up the businesses in a market</p> Signup and view all the answers

<p>Target Market Benefits = Benefits of finding a target market Unreached Customers = In order to grow, there must be ______ who have yet to be reached Psychographic Segmentation = _____ segmentation is similar to demographic segmentation, but it focuses on mental and emotional characteristics Mass Marketing Mediums = Enumerate the medium of mass marketing alphabetically</p> Signup and view all the answers

<p>Human resource management = Managing employee relations and training Technological development = Researching and implementing new technologies Infrastructure = Providing necessary facilities for operations Procurement = Sourcing and purchasing goods and services</p> Signup and view all the answers

<p>Direct channel, Zero level = Products go straight from producer to consumer Indirect channel, Indirect channels = Involves intermediaries like retailers or wholesalers Distribution channel = Network used to get products from production to consumers Virtual market = Online platform where buying and selling occurs</p> Signup and view all the answers

<p>Auction market = Goods are sold to the highest bidder Black market = Illegal trading of goods or services Financial market = Trading of financial securities like stocks and bonds Market for intermediate goods = Deals with products used in further production processes</p> Signup and view all the answers

<p>More effective marketing mix = Maximizing sales and profits through efficient resource allocation Helps you choose the right marketing channel = Assisting in selecting the most suitable platform for promotion Use limited time, money, and resource efficiently = Optimizing resources for better marketing outcomes Maximize sales and profits = Achieving highest revenue potential through strategic marketing actions</p> Signup and view all the answers

<p>Magazines and email marketing = Print and digital formats for targeted promotions Newspaper = Traditional print media for general audience outreach Social media = Online platforms for interactive and engaging advertising Television = Broadcast medium for reaching mass audiences</p> Signup and view all the answers

<p>Psychographic = Segmentation based on lifestyle, values, and interests Business to business, Business-to-business = Targeting organizations as customers rather than individual consumers Potential customers = Individuals or businesses likely to make a purchase Increasing market = Expanding the customer base or entering new markets</p> Signup and view all the answers

<p>Demographic segmentation = Segmenting based on age, gender, income, etc. Geographic segmentation = Segmenting based on location, region, climate, etc. Behavioral segmentation = Segmenting based on purchasing behavior, product usage, etc. Psychographic segmentation = Segmenting based on lifestyle, values, personality traits, etc.</p> Signup and view all the answers

<p>Gross Profit Margin = Ratio of gross profit to revenue EBITDA = Earnings before interest, taxes, depreciation, and amortization Net Profit Margin = Ratio of net profit to revenue Operation Profit Margin = Ratio of operating income to revenue</p> Signup and view all the answers

<p>Market size = Total sales volume in a market Market volume = Number of units sold in a market Market growth = Rate at which a market is expanding Market profitability = Ability of a market to generate profits</p> Signup and view all the answers

<p>Value segmentation = Segmenting based on customer's values and beliefs Firmographic segmentation = Segmenting based on company characteristics Generational segmentation = Segmenting based on different generations Lifestage segmentation = Segmenting based on customer's life stage or phase</p> Signup and view all the answers

<p>Magazine and email marketing = Print and digital media advertising Newspaper = Traditional print advertising Social media = Online platforms for engagement and promotion Television = Broadcast media for visual advertisements</p> Signup and view all the answers

<p>Inbound logistics = Receiving, storing, and distributing inputs Operations = Transforming inputs into finished products Primary activities = Directly involved in creating and delivering a product Support activities = Indirectly support primary activities for value creation</p> Signup and view all the answers