BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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position its product in the market.
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segment the market.
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mass market.
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target market.
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Detailed explanation-1: -You can use perceptual maps to learn about your competition through market research by tracking and observing how customers perceive competitor products. Understanding customer perceptions of competitor brands and products can help you develop marketing strategies to better compete in your industry.
Detailed explanation-2: -The importance of market segmentation is that it allows a business to precisely reach a consumer with specific needs and wants. In the long run, this benefits the company because they are able to use their corporate resources more effectively and make better strategic marketing decisions.
Detailed explanation-3: -True Explanation: One of the principles behind segmentation is that subgroups of customers can be identified on some basis of similarity. It is important to note that the basic logic and principles behind segmentation are sound, regardless of the basis on which a market is segmented.
Detailed explanation-4: -Niche marketing is a type of segmentation in which the company strategically focuses, targeting what? a smaller market, with particular needs that the company can serve well.