MKT 320F Unit 3 Exam Questions and Answers 100% Solved | Rated A+
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Course
MKT
Institution
MKT
MKT 320F Unit 3 Exam Questions and
Answers 100% Solved | Rated A+
Market - people or organizations with needs or wants and the ability
and willingness to buy
Market Segment - a subgroup of people or organizations sharing one or
more characteristics that cause them to have similar product needs...
Market - ✔✔people or organizations with needs or wants and the ability
and willingness to buy
Market Segment - ✔✔a subgroup of people or organizations sharing one or
more characteristics that cause them to have similar product needs
Market Segmentation - ✔✔the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
What are the four basic criteria for successful market segmentation? -
✔✔(1) a market segment must be substantial and have enough potential
customers to be viable; (2) a market segment must be identifiable and
measurable;
(3) members of a market segment must be accessible to marketing efforts;
(4) a market segment must respond to particular marketing efforts in a way
that distinguishes it from other segments.
What are the 5 bases for customer segmentation? - ✔✔1. geographic
segmentation
, 2. demographic segmentation
3. psychographic segmentation
4. Benefit segmentation
5. usage rate segmentation
Geographic segmentation - ✔✔segmenting markets by region of a country
or the world, market size, market density, or climate
Demographic segmentation - ✔✔Segmenting markets by age, gender,
income, ethnic background, and family life cycle
Psychographic segmentation - ✔✔segmenting markets on the basis of
personality, motives, lifestyles, and geodemographics
Benefit segmentation - ✔✔the process of grouping customers into market
segments according to the benefits they seek from the product
Usage rate segmentation - ✔✔dividing a market by the amount of product
bought or consumed
Family Life Cycle (FLC) - ✔✔a series of stages determined by a
combination of age, marital status, and the presence or absence of children
80/20 principal - ✔✔a principle holding that 20 percent of all customers
generate 80 percent of the demand
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