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Questions and Answers
What is the main purpose of market segmentation?
What is the main purpose of market segmentation?
- To divide a market into smaller segments with distinct needs, characteristics, or behaviors (correct)
- To combine a market into larger segments with similar needs, characteristics, or behaviors
- To target the entire market with a single marketing approach
- To ignore the differences in market segments for a unified marketing strategy
What are the requirements for effective market segmentation?
What are the requirements for effective market segmentation?
- Combining all market segments into one
- Targeting the entire market with a single marketing approach
- Ignoring differences among market segments
- Identifying segments with distinct needs, characteristics, or behaviors (correct)
Which type of markets does market segmentation involve segmenting?
Which type of markets does market segmentation involve segmenting?
- Local markets and global markets
- Online markets and offline markets
- Consumer markets and business markets (correct)
- Mass markets and niche markets
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Study Notes
Market Segmentation
- The main purpose of market segmentation is to identify and target specific groups of consumers with distinct needs, preferences, and characteristics, allowing businesses to tailor their marketing efforts and increase customer satisfaction.
Effective Market Segmentation
- Requirements for effective market segmentation include:
- Identifying measurable, accessible, and actionable segments
- Ensuring segments are sizeable, profitable, and have growth potential
- Developing a unique marketing mix for each segment
- Continuously monitoring and updating segment profiles
Types of Markets Segmented
- Market segmentation involves segmenting consumer markets, which include:
- Business-to-consumer (B2C) markets
- Business-to-business (B2B) markets are not typically segmented using market segmentation techniques
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