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What is market segmentation?
Dividing customers into groups with specific characteristics
What are the four methods of market segmentation?
Geographic, demographic, psychographic, behavioral
Ethnic origin and social class are elements of which segmentation method?
Demographic
Television broadcasters target sport lovers. Which segmentation method do they use?
Psychographic
State two benefits of market segmentation
Customer loyalty, avoid wasting promotional resources
Time and date of consumption is part of which segmentation method?
Behavioral
Airlines offering first-class accommodation on long haul flights segment the market according to which characteristic?
Income
Marketing mix is also known as ...
4P
Which stages does product development include?
Generating ideas, analysis, development, test marketing, launch
Which stages does product development include?
Generating ideas, analysis, development, test marketing, launch
Which stages does product development include?
Generating ideas, analysis, development, test marketing, launch
Testing the product in a small section of the total market is called ...
Test marketing
What is the difference between goods and services?
Goods are tangible, services are intangible
What are consumer goods?
Products that are bought by customers and can't be used for further production
What are producer goods?
Product sold to other businesses
State two factors that may influence choice of packaging
Protection, information
