What is market segmentation and why is it important?
What will be an ideal response?
Market segmentation involves aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action. Segmentation links needs to marketing actions. It stresses the importance of aggregating - or grouping - people or organizations in a market according to the similarity of their needs and the benefits they are looking for in making a purchase. The needs and benefits to be satisfied must be related to specific, tangible marketing actions in terms of the marketing mix variables (product, price, promotion, and distribution), which the firm can control to satisfy the needs of these segments.
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A company has developed the prototype of a mobile phone that it plans to launch in the next few months. The phone comes equipped with the most advanced technological features
As part of its test marketing efforts, the company allows customers to examine and use the prototype and also gathers feedback regarding product features and price. The results of this test marketing effort show that customers are willing to pay at least $500, considering the phone's various features. As such, the company has discovered customers' ________. A) last paid price B) expected future price C) lower-bound price D) upper-bound price E) typical price
How can a code of conduct encourage ethical behavior in an organization?
What will be an ideal response?
An unconscionable contract is one that a court refuses to enforce because of fundamental unfairness
Indicate whether the statement is true or false
Jacob Smith overheard that Joe Dunn was blowing the whistle on managers at XYZ Company and that a full story would appear in Sunday's paper. Jacob quickly alerted the managers, who were able to stop the newspaper from printing the article. This is an example of managers'
A. ignoring the grapevine. B. involving the grapevine as a useless communication network. C. trying to eliminate the grapevine. D. using the grapevine as a managerial tool. E. reducing the credibility of information from the grapevine.