WK 3: SEGMENTATION

Question 1

Segmentation

Answer 1

Dividing a “market” into specific groups according to needs…

1. developing separate
   marketing mixes..
2. provide the highest value for each chosen segment.

Question 2

How should we segment a market?

Answer 2

basis on which we should segment markets is the specific combination of needs that particular groups of people possess

Question 3

We need to take. 3 steps which are ___ before choosing which to target

Answer 3

1. IDENTIFY DIFFERENT SEGMENTS
   The same set of needs could be possessed by a diverse group of people
   Might be difficult to target all segments at once, using the same marketing mix
2. MEASURE THE SEGMENT(S)
   Need to assess how small/large each segment is before choosing which segment(s) to target
3. REACH THE SEGMENT(S)
   Need to figure out how to reach them

Question 4

4 types of segmentation

Answer 4

1. Geographic
2. Behaviour
3. Demographic
4. Psychographic

Question 5

“___” are the only “true” way of segmenting markets

Answer 5

Needs

Question 6

WTP

Answer 6

Willingness to pay

Question 7

___ sought by consumers determine their behavior much more accurately than do demographic characteristics or volume of consumption

Answer 7

Benefits