Questions and Answers
Which of the following best describes psychographic variables?
What is a primary characteristic that should be considered for effective market segmentation?
In behavioral segmentation, which of the following variables would not typically be considered?
Which of the following exemplifies a psychological variable in consumer segmentation?
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Which type of factors should be analyzed for effective segmentation in the foreign market?
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What is the primary purpose of segmentation in marketing?
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Which of the following is NOT a geographic variable used for market segmentation?
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What is one of the main benefits of using demographic variables for segmentation?
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Which aspect is NOT part of creating a customer-driven communication strategy?
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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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Description
Explore the foundations of a customer-driven marketing strategy with this quiz. Learn about segmentation, targeting, differentiation, and positioning as essential components for effectively serving consumers. Test your understanding and enhance your marketing knowledge.
