Podcast
Questions and Answers
What is market segmentation?
What is market segmentation?
- The process of merging different markets
- The process of dividing a market into distinct groups based on certain characteristics (correct)
- The process of targeting all consumers in a market
- The process of creating new markets
Why is market segmentation important for companies?
Why is market segmentation important for companies?
- To increase competition among different markets
- To target all consumers in a market
- To tailor marketing strategies and offerings to specific segments (correct)
- To create new markets
What factors can market segmentation be based on?
What factors can market segmentation be based on?
- Geographic and behavioral factors
- Demographic, psychographic, and behavioral factors (correct)
- Demographic, geographic, and behavioral factors
- Psychographic and geographic factors
Which discipline is consumer behaviour considered a sub-discipline of?
Which discipline is consumer behaviour considered a sub-discipline of?
What are some of the disciplines that consumer behaviour blends elements from?
What are some of the disciplines that consumer behaviour blends elements from?
What does consumer behaviour formally investigate?
What does consumer behaviour formally investigate?
What does consumer behaviour attempt to understand?
What does consumer behaviour attempt to understand?
What are some influences on the consumer that consumer behaviour investigates?
What are some influences on the consumer that consumer behaviour investigates?
Study Notes
Market Segmentation
- Market segmentation is the process of dividing a larger market into smaller groups of consumers with similar needs or characteristics.
Importance of Market Segmentation
- Market segmentation is important for companies as it helps them to identify and target specific customer groups, increasing the effectiveness of their marketing efforts.
Bases of Market Segmentation
- Market segmentation can be based on factors such as demographics (age, gender, income), geographic location, psychographics (lifestyle, personality), and behavioral variables (usage rate, loyalty).
Consumer Behaviour
Context and Scope
- Consumer behaviour is a sub-discipline of psychology.
- Consumer behaviour blends elements from psychology, sociology, anthropology, and economics.
Focus of Consumer Behaviour
- Consumer behaviour formally investigates the processes involved in the acquisition, use, and disposal of products, services, experiences, and ideas.
Goals of Consumer Behaviour
- Consumer behaviour attempts to understand why individuals or groups make certain purchasing decisions.
Influences on Consumer Behaviour
- Consumer behaviour investigates various influences on the consumer, including personal, social, and cultural factors.
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Description
Test your knowledge on market segmentation with this quiz! Learn what market segmentation is and why it is crucial for companies. Explore the various factors that market segmentation can be based on. Challenge yourself and become an expert in targeting the right audience for business success.
