Readings: Flat World
Skill Soft: STGY0212: Developing Target Market Strategy
Skill Soft: En_US_42401_ng: Principles of Marketing - Fundamentals of Marketing
1. What is the difference between market segments and target markets? Market segmentation is the when a company wants to identify a specific type of consumer that they will market their product towards out of a borak market group.. Target Market is determined once the company has been able to decides which consumers they are going to market their product to.
2. What are different ways to demographically segment customers? The different ways to demographically segments customer is to by appealing to their age, life cycle stage, gender, income, and religion, race and nationality.
3. How would you describe psychographics? Is a term used to describe data collected in order to determine what a specific group feels, thinks, acts, and believe.
4. How would you describe product-related (behavioral) segmentation? Marketing method in which consumers are categorized by their buying habits. This done to identify groups for targeted marketing suck as promotions and incentive programs.
5. Explain each of these criteria for market segments: 1) measurable purchasing power and size; 2) match with marketing capabilities; 3) able to serve the segment; 4) good profit potential 1. The criteria must have a large consumer market and the power to make the power to have the final say. Market must be sizeable to make a profit. 2. The product must be able to meet the needs of the consumer. It may be better to market to smaller market segments of the large whole segment. 3. Must be able to appeal the majority consumer since they have the most influences on purchases. 4. The market must be able to make a profit so it must appeal to the correct consumer target in order to be successful.
6. What is market positioning? The effort to influence a consumer perception...
Please join StudyMode to read the full document