Share Market Segmentation and 7 Ps
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What does the "Product" element in the marketing mix refer to?
The goods or services a business offers to satisfy customer needs and wants.
Give an example of how "Price" can influence customer perception of a brand.
High prices = luxury, low price = low quality
Name a brand that uses premium pricing as part of its marketing strategy.
Rolex or Apple.
What is the purpose of "Promotion" in the marketing mix?
To inform persuade and remind customers about a product or service
What type of company would focus heavily on "Place" to reach a broad customer base?
Amazon or McDonald's (because they focus on accessibility and convenience).
In the 7 P’s which element refers to the people involved in delivering customer service?
People.
What is an example of "Process" in a fast-food restaurant?
Drive-thru ordering or a streamlined kitchen workflow for fast service.
How might the "Physical Environment" element look different for a luxury brand vs. a budget brand?
Various Answers
Which element of the marketing mix would include product features quality and variety?
Product
If a company reduces its budget which internal factor might be influencing its marketing mix
Finance or budget constraints.
What is market segmentation?
Dividing a market into smaller groups based on shared characteristics.
Name the four main types of market segmentation.
Demographic, geographic, Income, Behavioural
What type of segmentation would a company use if it targets "young professionals living in urban areas"?
Demographic and geographic segmentation.
Give an example of behavioral segmentation.
Targeting customers who value eco-friendly products.
What is the main difference between niche and mass marketing?
Various Answers
If a company positions itself as “affordable luxury” what kind of market positioning is it using?
Income
