Podcast
Questions and Answers
Which of the following is the MOST accurate definition of market segmentation?
Which of the following is the MOST accurate definition of market segmentation?
- Creating a single marketing strategy that appeals to all potential customers.
- Dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics. (correct)
- Focusing marketing efforts solely on geographic location.
- Ignoring consumer differences to achieve economies of scale.
Which of the following segmentation variables focuses on grouping customers based on their lifestyles, values, and attitudes?
Which of the following segmentation variables focuses on grouping customers based on their lifestyles, values, and attitudes?
- Geographic
- Psychographic (correct)
- Demographic
- Behavioral
McDonald's adapts its menu to suit local tastes and preferences in different countries. Which type of market segmentation is reflected by this strategy?
McDonald's adapts its menu to suit local tastes and preferences in different countries. Which type of market segmentation is reflected by this strategy?
- Demographic
- Psychographic
- Geographic (correct)
- Behavioral
If a company targets its marketing efforts toward customers who are early adopters of technology, which type of market segmentation are they primarily using?
If a company targets its marketing efforts toward customers who are early adopters of technology, which type of market segmentation are they primarily using?
Which of the following is the primary focus of content marketing?
Which of the following is the primary focus of content marketing?
Which of the following is NOT considered a basic form of content marketing?
Which of the following is NOT considered a basic form of content marketing?
A company hosts a free workshop to teach customers how to use its products more effectively. Which type of marketing strategy does this BEST exemplify?
A company hosts a free workshop to teach customers how to use its products more effectively. Which type of marketing strategy does this BEST exemplify?
Which of the following BEST describes a key difference between content marketing and experiential marketing?
Which of the following BEST describes a key difference between content marketing and experiential marketing?
Which of the following marketing strategies involves actively reaching out to customers (e.g. cold calling, email advertisements)?
Which of the following marketing strategies involves actively reaching out to customers (e.g. cold calling, email advertisements)?
A company creates blog posts, infographics, and videos to attract customers to its website. This is an example of:
A company creates blog posts, infographics, and videos to attract customers to its website. This is an example of:
Companies that analyze population statistics such as age, gender, and income are utilizing __________ segmentation.
Companies that analyze population statistics such as age, gender, and income are utilizing __________ segmentation.
Which of the following marketing approaches is characterized by creating a hands-on experience for customers (e.g. events, campaigns) so they can understand the products/services?
Which of the following marketing approaches is characterized by creating a hands-on experience for customers (e.g. events, campaigns) so they can understand the products/services?
Which unique marketing strategy uses unconventional marketing tactics to create a buzz and make a statement?
Which unique marketing strategy uses unconventional marketing tactics to create a buzz and make a statement?
What is the ultimate goal of market segmentation?
What is the ultimate goal of market segmentation?
Which of the following statements is FALSE concerning Inbound and Outbound Marketing?
Which of the following statements is FALSE concerning Inbound and Outbound Marketing?
Which of the following is MOST important for ensuring high-quality content marketing?
Which of the following is MOST important for ensuring high-quality content marketing?
Which of the following statements is TRUE regarding content marketing?
Which of the following statements is TRUE regarding content marketing?
Which of the following is not a strategy used in experiential marketing?
Which of the following is not a strategy used in experiential marketing?
Which of the following is NOT a market segmentation?
Which of the following is NOT a market segmentation?
Which is another name for Experiential Marketing?
Which is another name for Experiential Marketing?
Flashcards
Market Segmentation
Market Segmentation
Dividing a market into smaller groups with distinct needs so marketers can tailor strategies.
Demographic Segmentation
Demographic Segmentation
This segments customers based on characteristics such as age, gender, income, and education.
Geographic Segmentation
Geographic Segmentation
Segmentation based on where customers live (countries, regions).
Psychographic Segmentation
Psychographic Segmentation
Grouping customers by lifestyle, values, attitudes, and interests.
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Marketing Strategies
Marketing Strategies
Promotional ideas, getting business products and services into a particular marketplace.
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Inbound marketing
Inbound marketing
Attracting customers to your website using valuable content i.e blogs, socio-media, etc.
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Outbound marketing
Outbound marketing
Reaching out to customers directly to promote a product through cold calls, ads etc.
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Content Marketing
Content Marketing
Avoids conventional ads, uses valuable, engaging content.
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Experiential Marketing
Experiential Marketing
Marketing strategy that provides fun, unique brand experiences for customers.
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Event marketing
Event marketing
Creating an event to promote a business' product.
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Guerilla Marketing
Guerilla Marketing
Using unconventional marketing that shocks the audience.
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Unique Marketing
- Two important aspects highlighted are understanding market segmentations and identifying different marketing strategies.
- This information should be applied to case studies that is in the workbook.
Market Segmentation
- Market segmentation involves dividing a market into smaller groups with distinct needs, characteristics, or behaviors.
- This allows marketers to tailor strategies to attract specific groups.
- Segmentation can be based on demographics, geographics, psychographics, and behavior.
- Demographics are a focus.
Unique Marketing Strategies
- Marketing strategies discussed: inbound/outbound marketing, content marketing, and experiential marketing.
Inbound and Outbound Marketing
- Inbound marketing involves providing information for target customers to find on their own.
- Valuable content is important for inbound marketing.
- Content marketing is included as an example of inbound marketing
- Outbound marketing involves actively reaching out to customers to promote a product.
- Examples of outbound marketing are cold calling, email campaigns, in-person approaches, and trade shows.
- Both Inbound and outbound marketing can work together.
Content Marketing
- Definition includes avoiding conventional advertising.
- Instead, it uses valuable content to engage customers
- This includes educational, entertaining, and informative content.
- Forms of content include videos, texts, images, and audios.
- Content is distributed through socio-media, websites, podcasts and blogs
- Examples of content marketing inlcudes Canva Design School, IKEA blog and GoPro Instagram account
Experiential Marketing
- Experiential marketing is also known as ground marketing or engagement marketing.
- Its purpose is to create fun and unique experiences for customers, to learn about the brand.
- It involves hands-on experiences like events and campaigns, to encourage customer participation, engagement, and awareness.
- Event marketing is used to activate a brand.
- Common strategies include event marketing, guerilla marketing campaigns, and pop-up shops.
- Guerilla marketing involves shocking/unconventional marketing.
- Chagee @Tear and Win and Angry Birds with T-Mobile campaigns mentioned as examples for guerilla marketing campaigns
Summary
- Unique strategies include inbound marketing, outbound marketing, content marketing and experiential marketing.
- outbound/inbound marketing involves putting information on platforms for customers to discover, while outbound/inbound marketing involves directly feeding information to customers.
- The Michelin Star guidebook represents an early instance of content marketing for the tire industry.
- Experiential Marketing, also known as Engagement Marketing, aims to create enjoyment for customers.
Upcoming
- The next lecture is Tuesday, regarding franchises and buyout businesses.
- The tutorial on Wednesday includes a case study on a pop-up café and food truck business in Malaysia.
- Students should read the case and complete the questions in the workbook, as one of the case studies will be tested in the final exam.
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