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