Gold Class Electricals, a consumer-electronics firm, targets market segments based on factors such as country, age, social class, usage rate, and benefits sought. The company divides its markets based on A) multiple segmentation bases B) psychographic segmentation bases C) geographic regions D) demographic variable E) behavioral variables
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Gold Class Electricals, a consumer-electronics firm, targets market segments based on factors such as country, age, social class, usage rate, and benefits sought. The company divides its markets based on
A) multiple segmentation bases
B) psychographic segmentation bases
C) geographic regions
D) demographic variable
E) behavioral variables
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- Market segmentationa.) Involves looking at the entire marketplace as oneb.) Involves dividing the marketplace into smaller interest groupsc.) Usually decreases total salesd.) Is no longer used by successful marketing strategies(1) The goal of any market segmentation is to divide a market into subgroups whose members have different criteria to find the common buying behaviors. (2) Choosing appropriate segmentation criteria starts with a descriptive profile of the total market to identify obvious segments and differences among them. A. 1st statement is correct, second statement is incorrect B. 1st statement is incorrect, second statement is correct C. Both statements are correct D. Both statements are incorrectComment if you agree or disagree with this post. 1. What type of variables are used for market segmentation? Benefit variables are used for markets that are segmented by customers seeking benefits that satisfy their needs. Demographic variables seek out characteristics in customers that fit certain descriptions that can include purchasing power and consumption patterns. Also, it can be more specific by gearing toward gender, age, occupation, whether married or single and income. 2. Would a small firm use the same variables as a large business? Why or why not? I would have to say yes. No matter the size of a company, the customer base remains the same. Someone is always shopping for something. Both types of variables are needed to implement forecasting and market strategy. (Longenecker, et al. 2020). Take an antique store, for example. Just because it's a small business, perhaps ran by mom and pop, doesn't mean it has to limit who it sells to. The variables are the parameters and as…
- Segmentation assumes that customers in the same segment have similar preferences and buying behavior (Green, 1977; Wind, 1978). Segmentation enables businesses to gain empathy for the segment's needs, and target them with products, services and marketing messages which are relevant. Consumers today respond poorly to mass marketing approach as “one-size-fits-all” messages lack contextual relevance (Bianco, 2004). Therefore Nike applies segmentation in its product lines to gain competitive advantage. Please share Nike Segmentation criteria and target market approaches, why they move from mass marketing to customization?Bombay Gifts divides its markets into units of nations, regions, and cities. Bombay uses geographic segmentation. Select one: a. False b. TrueMarket segmentation can be best described as the process of ________. A. evaluating each market segment's attractiveness and selecting one or more segments to enter B. turning marketing plans into marketing actions to accomplish strategic marketing objectives C. dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing programs D. assigning specific human attributes to a given brand E. maintaining a strategic fit between organizational goals and changing marketing opportunities
- Do a market segmentation based on demographics, psychographics, and geographic on Norwegian Cruise Line (NCL) and its top competitors Carnival Cruise Lines, and Royal Caribbean International.1. How Michael Porter’s five forces model can help marketers to analyze segment attractiveness? Explain with help of examples. 2. Suppose you are planning to launch a new product in the Pakistani market. What criteria you will use for an effective market segmentation strategy? Provide examples where applicableVinceShoe is a company who sells leather shoes. If you are the owner of VinceShoe, how will you segment your market according to the different type of segmentation? 1. Demographic Segmentation 2. Pshychographic Segmentation 3. Geographic Segmentation 4. Behavioral Segmentation
- Product: Apple HomeLife Conduct a segment analysis and identify the primary target market that your company with create the marketing strategies for. 1) Look for all possible customer segments and exclude those that are not identifiable as a potential customer. Describe and or explain all the applicable segment variables with a brief analysis including why the segment is relevant. Demographics (age, gender, income, family lifecycle, education, religion, geographic, etc, etc, etc) Psychographics (e.g. attitude, mindset) Behaviors (e.g. purchase behaviors) Be sure to include ALL segment variables (ie prospects) that are relevant to your product. Do not select or describe your target market here. 2) Primary Target Market Description (multi-segment) Select a combination of segment variables to describe your primary target market. This target market will serve as the focus for your marketing strategies. Include reasons for selecting the target market you identified: why attractive and…In your opinion, among the four (4) major segmentation variables, which is the most important? Explain Why? As a marketer, why segment the market? Explain what approaches can be used to segment the market and how can this lead to competitive advantage. Identifying and explain three (3) benefits of market segmentation. State the relationship between market targeting and market segmentation in the process of marketing strategy. Is market targeting important in the process? Elaborate your answer. In your outlook, which do you think is the most effective among the (4) strategies of market targeting? Explain why? Which do you think among the four will become profitable in gaining a successful business outcome considering with enough resources?Clearly identify your primary fan target market for NFL and secondary market segments. Describe the segmentation strategy and bases of segmentation you’re using. To whom do you intend to market your team? Be specific. Break your target market into specific market segments. Include rich information about each target market you’re pursuing. Document your sources.