BMAL 590 WEEK 1 SECTION 2 MARKETING SEGMENTATION EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS

BMAL 590 WEEK 1 SECTION 2 MARKETING SEGMENTATION EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS Why segment? Because it is not possible for firms to satisfy everyone's needs with a single offering Market segment: Is a group of customers who share similar inclinations towards a brand. Bases for Consumer segmentations demographics geographic psychological/psychographic VALS (values and lifestyle) behaviors Bases for B2B segmentations demographics geographic type of firm attitudes cluster adn factor analysis Breadth strategy: Reaching Multiple Markets This company elects to market a single product to two or more segments. Depth Strategy: Serving one segment well This company focuses on a single segment and has multiple offerings for the segment. Tailoring strategy: Customizing for segments This company serves multiple segments, marketing a different product for each segment Instead of trying to appeal to the entire marketplace, smart marketers and smart companies will try to find out _____. A what will appeal to high end users B which customers might like their product, and how to get the product into their hands C which customers are price sensitive D which customers have brand loyalty and seek a brand image similar to other brands they like B The ideal goal for the marketer is to find a(n) ______ group of customers whose needs they can easily and profitably meet. A quality B unmet