What is market segmentation? List the four fundamental factors marketers use to identify market segments

What will be an ideal response?


Answer: Market segmentation refers to the division of a diverse market into smaller, relatively homogeneous groups with similar needs, wants, and purchase behaviors. The overall goal of market segmentation is to understand why and how certain customers buy what they buy so that you use your finite resources to create and market products in the most efficient manner possible. Four fundamental factors marketers use to identify market segments are demographics, psychographics, geography, and behavior.

Business

You might also like to view...

How would customer's NSF checks be dealt with in a bank reconciliation?

a. added to company's book balance b. deducted from company's book balance c. added to bank statement balance d. deducted from bank statement balance

Business

Using accelerated depreciation for tax purposes and straight-line method for book purposes results in a deferred tax asset

Indicate whether the statement is true or false

Business

Use a chart when individual values are more important than the overall picture of what the information represents

Indicate whether the statement is true or false

Business

Ted is glad his company finally converted to an RFID system. Now, he no longer needs to go through all the new goods to make sure what they ordered was what they received. Ted is responsible for ________ in his company.

A. checking B. dispatching C. quick response D. receiving E. JIT

Business