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Target Market and Market Segmentation Quiz

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Target Market and Market Segmentation Quiz

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Questions and Answers

What is the purpose of defining a target market?

To limit the number of potential customers

To increase competition in the market

To allocate resources and marketing towards specific groups of people (correct)

To minimize the understanding of customer needs

What is an example of geographic segmentation?

Dividing customers based on their past spending patterns

Dividing customers based on age or gender

Dividing customers based on where they live (correct)

Dividing customers based on values and interests

What does psychographic segmentation involve?

Dividing customers based on age or gender

Dividing customers based on their past spending patterns

Dividing customers based on where they live

Dividing customers based on values, hobbies, and interests (correct)

Which type of market focuses on broad appeal and targets a large audience?

Mass Market Signup and view all the answers

What is an example of behavioral segmentation?

Dividing customers based on past spending patterns Signup and view all the answers

What is the main reason for market segmentation?

To understand customer needs and behavior more effectively Signup and view all the answers

Psychographic segmentation is...

Segmentation by values, hobbies, interests. Signup and view all the answers

Which of the following is NOT a reason why businesses engage in market segmentation?

To achieve economies of scale in production and distribution Signup and view all the answers

Study Notes

Market Segmentation

Defining a target market allows businesses to tailor their products, services, and marketing strategies to meet the specific needs and preferences of a specific group of customers.

Geographic Segmentation

An example of geographic segmentation is dividing a market into regions based on location, such as urban, rural, or coastal areas.

Psychographic Segmentation

Psychographic segmentation involves dividing a market based on lifestyle, personality, attitudes, values, and interests.
Psychographic segmentation is the practice of dividing a market into smaller groups based on psychological characteristics.

Types of Markets

A mass market focuses on broad appeal and targets a large audience.

Behavioral Segmentation

An example of behavioral segmentation is dividing a market based on usage patterns, such as frequent users, occasional users, or non-users.

Purpose of Market Segmentation

The main reason for market segmentation is to identify and target specific groups of customers with tailored products, services, and marketing strategies.

Reasons for Market Segmentation

Businesses engage in market segmentation to identify and target specific groups of customers, but not to avoid competition.

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Description

Test your knowledge on targeting and segmenting the market, including the definition of target market and market segmentation, its purpose, and examples. Explore how enterprises allocate resources and marketing efforts towards specific groups of people. Understand the concept of dividing a big group of people into smaller groups based on interests or characteristics.