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Questions and Answers
What is a market composed of?
What is a market composed of?
What is the primary purpose of adding features to a basic product?
What is the primary purpose of adding features to a basic product?
What is the primary goal of segmenting a market?
What is the primary goal of segmenting a market?
What is a major factor in behavioral segmentation?
What is a major factor in behavioral segmentation?
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What does a brand typically consist of?
What does a brand typically consist of?
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What is essential to understand when selecting a target market?
What is essential to understand when selecting a target market?
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What is the primary benefit of a maintenance contract?
What is the primary benefit of a maintenance contract?
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What type of products are often considered impulse goods?
What type of products are often considered impulse goods?
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What is the most critical part of the product mix?
What is the most critical part of the product mix?
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What is the primary purpose of packaging?
What is the primary purpose of packaging?
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Study Notes
Marketing Strategy
- A marketing strategy outlines how to plan and coordinate marketing activities to achieve organizational goals.
Market and Market Segments
- A market consists of all consumers available for a business to serve by selling products or services.
- Markets are composed of many segments, each containing people with one or more similar characteristics.
Factors Used to Segment a Market
- Necessities, convenience items, and luxuries
- Age, gender, education, occupation, income, and geographic location
- Interests, hobbies, values, beliefs, religion, attributes, leisure activities, and preferences and habits
- Lifestyle and buy behavior pattern
Behavioral Segmentation
- Factors include previous experience with products, sources of information used, and loyalty.
Selecting Target Markets
- The target market consists of people with common important needs.
- People outside the target market should have significant differences from those in the target market.
- The company needs adequate information about the target market.
- It is essential to understand the important wants and needs of the target market and their buying behavior.
Product and Mix Elements
- The basic product is the most important part of the product mix element.
- Product features can be added to a basic product to differentiate it from competitors.
- Associated services, such as maintenance contracts, can be offered.
Brands and Image
- A brand is a unique name, symbol, or design that identifies a product or service.
- Brand names can be a crucial factor in purchasing decisions.
Guarantee and Warranty
- A guarantee or warranty provides assurance of a product's quality and value.
- If a product does not meet standards, customers can get a refund.
Packaging
- Packaging provides protection and security for products during transportation and storage.
- It also provides information about the product.
- Packaging is particularly important for impulse goods, candy, toys, and low-cost items, as well as for emergency goods such as towing services and umbrellas.
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Description
Understand how to develop a marketing strategy and segment a market based on various factors. Learn how personal characteristics affect consumer wants and needs, and how to identify market segments.
