Podcast
Questions and Answers
Which of the following best describes psychographic variables?
Which of the following best describes psychographic variables?
- Quantitative measures used for demographic analysis
- Geographic indicators affecting consumer behavior
- Qualitative attributes based on personality, values, and lifestyle (correct)
- Strictly financial metrics for business segmentation
What is a primary characteristic that should be considered for effective market segmentation?
What is a primary characteristic that should be considered for effective market segmentation?
- Consumers' emotional responses to advertisements
- Random sampling of consumer opinions
- The popularity of products across demographics
- The ability to quantify segment size and purchasing power (correct)
In behavioral segmentation, which of the following variables would not typically be considered?
In behavioral segmentation, which of the following variables would not typically be considered?
- Knowledge of the product
- Family composition (correct)
- Brand loyalty
- Frequency of product use
Which of the following exemplifies a psychological variable in consumer segmentation?
Which of the following exemplifies a psychological variable in consumer segmentation?
Which type of factors should be analyzed for effective segmentation in the foreign market?
Which type of factors should be analyzed for effective segmentation in the foreign market?
What is the primary purpose of segmentation in marketing?
What is the primary purpose of segmentation in marketing?
Which of the following is NOT a geographic variable used for market segmentation?
Which of the following is NOT a geographic variable used for market segmentation?
What is one of the main benefits of using demographic variables for segmentation?
What is one of the main benefits of using demographic variables for segmentation?
Which aspect is NOT part of creating a customer-driven communication strategy?
Which aspect is NOT part of creating a customer-driven communication strategy?
What role does targeting play in the customer-driven strategy?
What role does targeting play in the customer-driven strategy?
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Study Notes
Customer Driven Marketing Strategy
- Companies must determine which consumers to serve and how to provide service effectively.
- Implementation relies on four foundational strategies: segmentation, targeting, differentiation, and positioning.
Segmentation
- Market subdivision based on consumer needs and specific attributes.
- Essential variables for segmentation include:
Geographic Variables
- Segment market by geographic elements influencing sales like climate and population density.
- Examples include:
- Global regions (Asia, North America, Europe, Middle East).
- Climate factors (temperature, rainfall).
- Population density (urban vs. suburban areas).
Demographic Variables
- Classifies consumers based on measurable attributes.
- Commonly used due to clear links to customer needs.
- Examples include:
- Age (20s, 30-40s, etc.).
- Gender (male, female).
- Occupation (IT, service industry).
- Income brackets (less than 3 million to more than 10 million rupees).
- Academic background (high school, university, etc.).
- Family composition (single, married, children).
- Household size (1, 2, or more).
Psychographic Variables
- Segments based on personality, values, and lifestyle.
- More qualitative but improving due to online data availability.
- Examples include:
- Lifestyle focus (brand preference, organic choices).
- Personality traits (introverted, ambitious).
- Social class assessment (upper, middle, lower).
Behavioral Variables
- Focuses on consumer behavior patterns and usage.
- Examples include:
- Usage frequency (daily, weekends).
- Knowledge of products (repeat users vs. unfamiliar).
- Usage intensity (light, heavy, moderate users).
Business Market Segmentation
- Business markets require different strategies using operational characteristics, purchasing methods, and contextual circumstances.
Effective Segmentation Requirements
- Segments must be measurable regarding size, profiles, and purchasing power.
- Challenges arise with variables that are difficult to quantify effectively.
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