BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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very close to mass marketing.
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very close to one-to-one marketing.
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in the middle.
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on a different continuum.
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Detailed explanation-1: -On a continuum from “mass marketing” to “one-to-one marketing, ” market segmentation is in the middle. Mass marketing occurs when: all customers are treated in the same manner.
Detailed explanation-2: -Mass marketing targets the average customer and one to one marketing targets the individual customers. In other words mass marketing assumes that an average customer can be satisfied with a generic product where as one to one marketing identifies customer needs based on individual basis and offer customized solutions.
Detailed explanation-3: -Audience segmentation is the process of determining which consumer traits characterize a certain group, or segment of a given market. In mass marketing, marketers ignore audience segmentation in favor of reaching all consumers in a large market and appealing to them with a product that most people need or use.
Detailed explanation-4: -Niche marketing is a type of segmentation in which the company strategically focuses on a smaller market. The goal of heterogeneity in customers’ likes or dislikes is more likely to be achieved as the segment size gets smaller.
Detailed explanation-5: -Niche marketing narrows the market concentration approach even more and focuses all marketing efforts on one small, well-defined market segment that has a unique, specific set of needs.