7.2 Targeting consumer groups

Question 1

What is the first stage of the marketing process?

Answer 1

To target particular groups of customers

Question 2

How can banks group people when using market segmentation?

Answer 2

• Age
• Gender
• Family status
• Income
• Occupation

Question 3

What are the advantages for a provider from targeting a specific group?

Answer 3

• Helps to maximise sales
• Get the best value from marketing budget
• Does not waste money trying to reach customer profile that does not fit product

Question 4

What is the most useful type of categorisation for financial services provider to define people in terms of?

Answer 4

Product-buying behavioir