BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -52 Maslow’s hierarchy ranges from satisfaction of basic biological needs to more abstract needs regarding well-being. TRUEMaslow’s hierarchy ranges from satisfaction of basic biological needs to more abstract needs regarding well-being. 54 Collectively, a marketplace of consumers is homogeneous.

Detailed explanation-2: -The goal of homogeneity in customers’ likes or dislikes is more achievable as the segment size gets smaller, but if the segment is too small, it might not be profitable to serve. On a continuum from mass marketing to one-to-one marketing, market segmentation is in the middle.

Detailed explanation-3: -Maslow’s hierarchy of needs by identifying their product with a certain level. Marketers use Maslow’s hierarchy of needs to offer an extended brand line so the consumer can start high on the pyramid and work his way down.

Detailed explanation-4: -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-5: -Segments become more homogeneous as they increase in size. A set of segments may be very clear from a statistical perspective, but they need to be useful from a managerial point of view. Some companies that tried mass customization have scaled back their attempts because it is not cost-effective.