GENERAL KNOWLEDGE

Detailed explanation-1: -Companies that adopt mass marketing assume that all customers in the product market have similar needs, and that these needs can be reasonably satisfied with a single marketing mix.

Detailed explanation-2: -Segmentation helps marketers to be more efficient in terms of time, money and other resources. Market segmentation allows companies to learn about their customers. They gain a better understanding of customer’s needs and wants and therefore can tailor campaigns to customer segments most likely to purchase products.

Detailed explanation-3: -A target market is a group of people that have been identified as the most likely potential customers for a product because of their shared characteristics such as age, income, and lifestyle.

Detailed explanation-4: -Automobiles, financial services, and travel marketers use the lifecycle segmentation. Life cycle segmentation comes under demographic segmentation, implying that the market is divided based on the age of individuals because there are different needs at each stage of life.