GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Some companies that tried mass customization have scaled back their attempts because it is not cost-effective. 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.
Detailed explanation-2: -1. Group potential buyers into segments. 2. Group products to be sold into categories.
Detailed explanation-3: -Market segmentation refers to aggregating prospective buyers into groups with common needs and who respond similarly to a marketing action.
Detailed explanation-4: -Customer lifetime value (CLV) is a business metric that measures how much a business can plan to earn from the average customer over the course of the relationship. Differences in products, costs, purchase frequencies and purchase volumes can make customer lifetime value calculations complex.
Detailed explanation-5: -While there are numerous ways to assess your company, one of the most effective methods is to conduct a SWOT analysis. A SWOT (strengths, weaknesses, opportunities and threats) analysis is a planning process that helps your company overcome challenges and determine what new leads to pursue.