10 Questions
What are the different bases of market segmentation?
Geographic, demographic, psychographic, and behavioral
Define geodemographic segmentation and provide an example.
Geodemographic segmentation divides groups into consumer lifestyle patterns. An example is PRIZM NE, which classifies every American household into 66 unique segments organized into 14 different social groups.
What does income segmentation involve?
Income segmentation divides the market into affluent or low-income consumers.
How does behavioral segmentation divide buyers?
Behavioral segmentation divides buyers based on their knowledge, attitudes, uses, or responses to a product.
What factors are considered in segmenting international markets?
Geographic location, economic factors, political-legal factors, and cultural factors.
What is market segmentation?
Market segmentation is the process that companies use to divide large heterogeneous markets into small markets that can be reached more efficiently and effectively with products and services that match their unique needs.
What are the four segments of market segmentation?
The four segments of market segmentation are geographic segmentation, demographic segmentation, psychographic segmentation, and behavioral segmentation.
What are the three types of markets that can be segmented?
The three types of markets that can be segmented are consumer markets, business markets, and international markets.
What is the purpose of market segmentation?
The purpose of market segmentation is to reach small markets more efficiently and effectively with products and services that match their unique needs.
What are the requirements for effective segmentation?
The requirements for effective segmentation include measurability, accessibility, substantiality, and actionability.
Test your knowledge on market segmentation, targeting, differentiation, and positioning as outlined in Chapter 7 of 'Customer-Driven Marketing Strategy: Creating Value for Target Customers'.
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