Questions and Answers
Market segmentation involves dividing the market into smaller groups based on different characteristics and requirements.
True
The STP process stands for Segmentation, Targeting, Positioning.
True
Geodemography is not considered as a segmentation variable in market analysis.
False
Market segmentation is determined without analyzing the market according to experts.
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The STP process does not involve identifying market segments.
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Market segmentation is the process of dividing a target market into smaller, more defined categories based on demographics, interests, needs, or location.
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Targeting decision is part of the Positioning stage in the STP process.
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Market segment is a group of individuals who share no common characteristics, making it challenging for marketers to target them effectively.
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Targeting is the process of determining which market segments will receive the most effort and resources.
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Market segmentation helps businesses understand their customers better and identify what is needed in each market segment.
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Segmentation divides customers into groups that have no similarities, making it harder to create targeted marketing strategies.
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Market segmentation is not a useful tool for businesses to identify opportunities and develop effective marketing strategies.
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The purchase decision-making process involves Acknowledgment of the need, Search for information, Assessment of the alternatives, Purchase, and Post-purchase behaviour.
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Consumer purchasing decisions are not influenced by factors such as Cultural, Social, Individual, and Psychological.
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Educational Model TEC 21 emphasizes only Cultural factors in influencing the purchase decision-making process.
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Marketing Insights Module II focuses on Library Resources for developing marketing strategies.
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The Market Analysis for Generating Insights module is part of Educational Model TEC 21's Marketing Insights to Develop Strategies.
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Market Segmentation Process is discussed in Marketing Insights Module II of Educational Model TEC 21.
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