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Questions and Answers
What are the characteristics used to define market segments?
What are the characteristics used to define market segments?
- Consumption behavior, demographics, media behavior, and other variables (correct)
- Price sensitivity, brand loyalty, geographic location, and product usage
- Psychographic traits, income level, age, and social class
- Product preferences, lifestyle choices, cultural background, and employment status
What is the first step in market segmentation?
What is the first step in market segmentation?
- Analyze market trends and economic indicators
- Develop marketing campaigns for different segments
- Group potential consumers into segments (correct)
- Conduct surveys to understand customer preferences
Which strategy involves offering the same product to multiple market segments?
Which strategy involves offering the same product to multiple market segments?
- Multiple products and multiple segments
- One product and multiple market segments (correct)
- Segments of one 'mass customization'
- Synergy 3 products - 3 segments cannibalization
What does 'cannibalization' refer to in the context of market segments?
What does 'cannibalization' refer to in the context of market segments?
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What is the primary focus of Zappos's segmentation strategy?
What is the primary focus of Zappos's segmentation strategy?
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Study Notes
Market Segmentation Characteristics
- Market segments are defined by characteristics such as geographic, demographic, psychographic, and behavioral characteristics.
Market Segmentation Steps
- The first step in market segmentation is to identify the market segment.
Marketing Strategies
- Undifferentiated marketing strategy involves offering the same product to multiple market segments.
Cannibalization
- Cannibalization refers to the phenomenon where a new product or service eats into the sales of an existing product or service from the same company.
Zappos's Segmentation Strategy
- The primary focus of Zappos's segmentation strategy is to focus on customer service, with a goal of creating a personalized experience for each customer.
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