18 Questions
Which type of bases include information measurable and identifiable, indicating consumer needs and preferences?
Descriptive bases
What is another term for market segmentation?
Differentiated marketing
What type of bases focuses on helping businesses identify what consumers seek when purchasing a product?
Benefit bases
Which type of bases include information that is difficult to measure using simple market research methodologies?
Behavioral bases
What does market aggregation involve in terms of the number of consumers being targeted?
Marketing to a large group with similar needs and demands
Which strategy allows for more exposure to a product or service through targeting a large number of consumers with similar needs and demands?
Differentiated marketing
What is the main difference between market segmentation and market aggregation?
Market segmentation targets consumers with similar needs, while market aggregation targets a large group of consumers with identical needs.
What assumption is made in market segmentation?
Consumers have similar needs and wants.
How is marketing approach different in market segmentation compared to market aggregation?
Market segmentation tailors marketing to the preferences of different segments, while market aggregation uses a mass marketing approach.
In terms of pricing, what sets product pricing in market segmentation apart from pricing in market aggregation?
Product pricing in market segmentation is lower due to reduced production and marketing costs, while it is higher in market aggregation.
What does market aggregation involve when marketing a product or service?
Marketing to a large number of consumers with identical needs and demands.
How does market segmentation affect the way products are marketed compared to market aggregation?
Products are marketed using a standardized approach in market segmentation but a personalized approach in market aggregation.
What is the purpose of market segmentation?
To form prospective buyers into groups with similar characteristics
Which step is NOT part of creating a target market profile?
Incorporating random characteristics
What is the consequence of not properly segmenting a target market?
Target market will be considered as a general population
Why do huge businesses usually adopt market segmentation?
To cater to niche markets with specific needs
What does customer profiling involve?
Gathering detailed information about customers
Which characteristic is essential in building a realistic persona for market segmentation?
Incorporating important characteristics
Test your knowledge on market segmentation techniques including common bases for segmentation such as descriptive bases and more. Learn about differentiated marketing strategies and the importance of market research in identifying customer similarities.
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