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Questions and Answers
Which type of segmentation divides a market based on variables such as age, life-cycle stage, and generation?
Which type of segmentation divides a market based on variables such as age, life-cycle stage, and generation?
What is the primary goal of market segmentation?
What is the primary goal of market segmentation?
What is intermarket segmentation?
What is intermarket segmentation?
What type of marketing involves targeting several different market segments and designing separate offers for each?
What type of marketing involves targeting several different market segments and designing separate offers for each?
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What is a target market?
What is a target market?
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What type of segmentation divides a market into segments based on social class, lifestyle, or personality characteristics?
What type of segmentation divides a market into segments based on social class, lifestyle, or personality characteristics?
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What type of marketing targets a large share of a smaller market?
What type of marketing targets a large share of a smaller market?
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What is the main difference between demographic and psychographic segmentation?
What is the main difference between demographic and psychographic segmentation?
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What is behavioral segmentation?
What is behavioral segmentation?
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Which type of segmentation is used to divide a market into segments based on gender?
Which type of segmentation is used to divide a market into segments based on gender?
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Study Notes
Market Segmentation
- Dividing a market into smaller segments with distinct needs, characteristics, or behaviors to require separate marketing strategies or mixes.
- Types of market segmentation: segmenting consumer markets, segmenting business markets, and segmenting international markets.
Requirements for Effective Segmentation
- Not specified in the text, but generally includes factors such as measurability, accessibility, and profitability.
Types of Segmentation
Demographic Segmentation
- Divides the market into segments based on variables such as:
- Age
- Life-cycle stage
- Gender
- Income
- Occupation
- Education
- Religion
- Ethnicity
- Generation
Psychographic Segmentation
- Divides a market into different segments based on:
- Social class
- Lifestyle
- Personality characteristics
Behavioral Segmentation
- Divides a market into segments based on:
- Consumer knowledge
- Attitudes
- Uses of a product
- Responses to a product
Intermarket Segmentation
- Forms segments of consumers who have similar needs and buying behaviors, even though they are located in different countries.
Target Market
- A set of buyers who share common needs or characteristics that the company decides to serve.
Marketing Strategies
Differentiated Marketing
- Targets several different market segments and designs separate offers for each.
Concentrated Marketing
- Targets a large share of a smaller market.
Micromarketing
- The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.
Product Positioning
- The way the product is defined by consumers on important attributes.
Competitive Advantage
- An advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices.
Value Proposition
- The full mix of benefits upon which a brand is positioned.
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Description
This quiz covers the different types of market segmentation, including consumer, business, and international markets, as well as the requirements for effective segmentation. Test your knowledge of marketing strategies and mixes!
