MKTG1001 Quiz notes-
Definitions-
Segmentation-
1. Market segmentation- Analyzing and dividing a market into distinct groups of buyers who have
different needs, characteristics, or behaviors, and who might require tailored products or
marketing programs.
2. Market targeting- The process of evaluating each market segment’s attractiveness and selecting
one or more segments to serve.
3. Differentiation- Differentiating the company’s market offering from that offered by competitors,
to create superior customer value.
4. Positioning- Arranging for a market offering to occupy a clear. Distinctive and desirable place in
the minds of target consumers relative to competing products.
m
5. Geographic segmentation- Dividing a market into different geographical units, such as nations,
er as
regions, states, local government areas, cities, or neighborhoods.
co
6. Demographic segmentation- Dividing the market into segments based on variables such as age,
eH w
gender, family size, family life cycle, income, occupation, and nationality.
o.
7. Age and life cycle segmentation- Diving a market with the aim of directing marketing focus
rs e
based on different age and life-cycle groups.
ou urc
8. Gender segmentation- Dividing a market into different segments based on gender.
9. Income segmentation- Dividing a market into different income segments.
10. Psychographic segmentation- Dividing a market into different segments based on social class,
o
lifestyle or personality characteristics.
aC s
11. Behavioral segmentation- Dividing a market into segments based on consumer knowledge,
vi y re
attitudes, uses or responses to a product.
12. Occasion segmentation- Dividing the market into segments according to occasions when buyers
get the idea to buy, actually make their purchase or use the purchased item.
ed d
13. Benefit segmentation- Dividing a market with the aim of directing market focus based on the
different benefits that consumers seek from the product.
ar stu
14. Intermarket segmentation- Forming segments of consumers who have similar needs and buying
behavior even though they are located in different countries.
is
Requirements for effective segmentations-
Th
Measurable. The size, purchasing power and profiles of the segments can be
measured.
Accessible. The market segments can be effectively reached and served.
Substantial. The market segments are large or profitable enough to serve. A
sh
segment should be the largest possible homogeneous group worth pursuing with
a tailored marketing program. It would not pay, for example, for an automobile
manufacturer to develop cars especially for people whose height is greater than 2
metres.
Differentiable. The segments are conceptually distinguishable and respond
differently to different marketing mix elements and programs. If married and
This study source was downloaded by 100000827039679 from CourseHero.com on 08-10-2021 04:44:18 GMT -05:00
https://www.coursehero.com/file/84674488/MKTG1001-Quiz-notesdocx/
Definitions-
Segmentation-
1. Market segmentation- Analyzing and dividing a market into distinct groups of buyers who have
different needs, characteristics, or behaviors, and who might require tailored products or
marketing programs.
2. Market targeting- The process of evaluating each market segment’s attractiveness and selecting
one or more segments to serve.
3. Differentiation- Differentiating the company’s market offering from that offered by competitors,
to create superior customer value.
4. Positioning- Arranging for a market offering to occupy a clear. Distinctive and desirable place in
the minds of target consumers relative to competing products.
m
5. Geographic segmentation- Dividing a market into different geographical units, such as nations,
er as
regions, states, local government areas, cities, or neighborhoods.
co
6. Demographic segmentation- Dividing the market into segments based on variables such as age,
eH w
gender, family size, family life cycle, income, occupation, and nationality.
o.
7. Age and life cycle segmentation- Diving a market with the aim of directing marketing focus
rs e
based on different age and life-cycle groups.
ou urc
8. Gender segmentation- Dividing a market into different segments based on gender.
9. Income segmentation- Dividing a market into different income segments.
10. Psychographic segmentation- Dividing a market into different segments based on social class,
o
lifestyle or personality characteristics.
aC s
11. Behavioral segmentation- Dividing a market into segments based on consumer knowledge,
vi y re
attitudes, uses or responses to a product.
12. Occasion segmentation- Dividing the market into segments according to occasions when buyers
get the idea to buy, actually make their purchase or use the purchased item.
ed d
13. Benefit segmentation- Dividing a market with the aim of directing market focus based on the
different benefits that consumers seek from the product.
ar stu
14. Intermarket segmentation- Forming segments of consumers who have similar needs and buying
behavior even though they are located in different countries.
is
Requirements for effective segmentations-
Th
Measurable. The size, purchasing power and profiles of the segments can be
measured.
Accessible. The market segments can be effectively reached and served.
Substantial. The market segments are large or profitable enough to serve. A
sh
segment should be the largest possible homogeneous group worth pursuing with
a tailored marketing program. It would not pay, for example, for an automobile
manufacturer to develop cars especially for people whose height is greater than 2
metres.
Differentiable. The segments are conceptually distinguishable and respond
differently to different marketing mix elements and programs. If married and
This study source was downloaded by 100000827039679 from CourseHero.com on 08-10-2021 04:44:18 GMT -05:00
https://www.coursehero.com/file/84674488/MKTG1001-Quiz-notesdocx/
