BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -It is useful for marketers to understand the psychological and lifestyle choices that are relevant to the brand(s) the marketer is pitching. Strengths & weaknesses are considerations that are external to the organization. A major concern of marketers is how profitable a specific segment will be.

Detailed explanation-2: -Psychographic factors may include personality characteristics, lifestyle, social class, habits, behaviors, and interests. Each of these unique psychological factors greatly influences a consumer’s behavior. You then use these factors to segment your audience based on their psychographic makeup.

Detailed explanation-3: -Positioning is a marketing strategy that aims to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer.

Detailed explanation-4: -Psychographic segmentation divides buyers into different segments based on social class, lifestyle, or personality characteristics.

Detailed explanation-5: -Niche marketing involves tailoring brands and promotions to the needs and wants of local customer groups-cities, neighborhoods, and even specific stores. Individual marketing is also known asone-to-one marketing, mass customization, and markets-of-one marketing.