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Market Segmentation and 7 Ps

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  • What is targeting in the context of STP?
    Selecting the most attractive segment(s) to focus marketing efforts on.
  • What is the main difference between niche and mass marketing?
    Various Answers
  • Give an example of how "Price" can influence customer perception of a brand.
    High prices = luxury, low price = low quality
  • If a company positions itself as “affordable luxury” what kind of market positioning is it using?
    Income
  • Name a brand that uses premium pricing as part of its marketing strategy.
    Rolex or Apple.
  • How can income segmentation be useful in the marketing mix?
    It helps businesses create products and pricing strategies suited to different income levels.
  • 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).
  • 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 does the "Product" element in the marketing mix refer to?
    The goods or services a business offers to satisfy customer needs and wants.
  • Why is market research important when choosing a target market?
    Various Answers
  • 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.
  • Give an example of behavioral segmentation.
    Targeting customers who value eco-friendly products.
  • Which type of market segmentation is used when a company targets customers based on lifestyle or personality?
    Behavioral segmentation.
  • What is the purpose of "Promotion" in the marketing mix?
    To inform persuade and remind customers about a product or service
  • 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.
  • 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
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