Local areaA ________ consists of a group of customers who share a similar set of needs and wants. Show
Get answer to your question and much more _____ combines operationally driven mass customization with customized marketing in a way thatempowers consumers to design the product and service offering of their choice.Niche marketingMicromarketingGrassroots marketingMass marketingCustomization _____ Segmentation calls for dividing the market into groups based on age, family, size, family life cycle,gender, income, etc. Get answer to your question and much more In _____ segmentation, buyers are divided into groups on the basis of their knowledge of, attitudetoward, use of, or response to a product. Get answer to your question and much more A _____ is a set of segments sharing some exploitable similarity. Get answer to your question and much more In _____ specialization a firm selects a number of segments, each objectively attractive and appropriate.Full marketDifferentiatedProductMarketSelective In segmenting its markets, an aluminum company first looked at which end-use market to serve:automobile, residential, or beverage containers. This is an example of ________. Get answer to your question and much more MULTIPLE SEGMENT SPECIALIZATION Withselective specialization, a firm selects a subset ofall the possible segments, each objectively attractive and appropriate.Keeping synergies in mind,companies can try to operate in supersegments rather than in isolated segments. Asupersegmentisa set of segments sharing some ex- ploitable similarity.A firm can also attempt to achieve some synergy with product or market specialization.•Withproduct specialization, the firm sells a certain product to several different market segments. Amicroscope manufacturer, for instance, sells to university, government, and commerciallaboratories, making different instruments for each and building a strong reputation in the specificproduct area. The down- side risk is that the product may be supplanted by an entirely newtechnology.•Withmarket specialization, the firm concentrates on serving many needs of a particular customergroup, such as by selling an assortment of products only to university laboratories. The firm gains astrong reputation among this customer group and becomes a channel for additional products itsmembers can use. The downside risk is that the customer group may suffer budget cuts or shrink insize.SINGLE-SEGMENT CONCENTRATION With single-segment concentration, the firmmarkets to only one particular segment. Anicheis a more narrowly defined customer groupseeking a distinctive mix of benefits within a segment. Marketers usually identify niches bydividing a segment into subsegments.INDIVIDUALMARKETINGTheultimatelevelofsegmentationleadsto“segmentsofone,”“customizedmarketing,”or“one-to-onemarketing.”Today,customersaretakingmoreindividual initiative in determining what and how to buy. They log onto the Internet; look upinformationandevaluationsofproductorserviceofferings; conduct dialogue with suppliers,users, and product critics; and in many cases design the product they want.ETHICAL CHOICE OF MARKET TARGETS Marketers must target carefully to avoid consumer What is the process of selecting the market segments that are most attractive to the company?Targeting is the process of evaluating the attractiveness of the consumer segments, as well as determining how to attract the consumers.
What are the 4 types of market segmentation?Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types.
In which segmentation buyers are divided into different groups on the basis of life style or personality and values?The correct option is C) Psychographic segmentation
It is correct because consumers' personalities, motives, and lifestyles are based on their psychology. And a market segment based on psychological factors is called psychographic segmentation.
What are the parameters for selecting a segment as an attractive segment?They look at the potential profitability (is there an opportunity for a higher profit margin?) as well as the growth rate of the market segment. A segment becomes attractive when the product in question seems new to the customers and has plenty of room to expand.
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In specialization a firm selects a number of segments, each objectively attractive and appropriate
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