BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mass marketing
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Target marketing
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Micro marketing
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Product-variety marketing
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Detailed explanation-1: -A multisegment marketing strategy can allow firms to respond to demographic changes and other trends in markets. For example, the growing number of people too old to travel have the option of moving into one of Marriott’s “Senior Living Services” facilities, which cater to retirees who need certain types of care.
Detailed explanation-2: -The four target markets are geographic, demographic, psychographic, and behavioral.
Detailed explanation-3: -Dividing a target market into segments means grouping the population according to the key characteristics that drive their spending decisions. Some of these are gender, age, income level, race, education level, religion, marital status, and geographic location.
Detailed explanation-4: -There are three different target market strategies you can implement – differentiated marketing, concentrated marketing, and undifferentiated marketing. Learn the differences and select the right strategy for your business.