GENERAL KNOWLEDGE

Detailed explanation-1: -Political party identifications have a clear and predictable effect on cereal consumption and cell phone plans. It is useful for marketers to understand the psychological and lifestyle choices that are relevant to the brand(s) the marketer is pitching.

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: -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 as one-to-one marketing, mass customization, and markets-of-one marketing.

Detailed explanation-4: -Life stage segmentation deals with where a person is in the course of their life. Someone who is married with five children is likely to purchase different products than someone who is just entering college.

Detailed explanation-5: -A demographic segmentation strategy in which a product-market is grouped into segments based on the basis of age so that the organisation can more precisely target its offerings to the needs and wants of each stage of life of interest to it.