GENERAL KNOWLEDGE

Detailed explanation-1: -To marketers, the most important feature of segments is their size, not their profitability. All of the qualities that marketers care about may be mapped onto segments in any product category. Regarding the phrase “time is money, ‘’ what type of effect does time seemingly have on money? negative effect.

Detailed explanation-2: -Substantial: The market segments are large or profitable enough to serve. Differentiable: The segments are respond differently to different marketing mix elements and programs.

Detailed explanation-3: -Which of the following questions best helps a marketer determine the profitability of a market segment? How frequently do the customer purchase?

Detailed explanation-4: -Importance of Market Segmentation Market segmentation allows companies to tailor their services, products, or marketing to the specific needs of their target group. Without this, brands develop one strategy for all target markets-this leads to wasted marketing efforts.

Detailed explanation-5: -Corporations and marketing teams use various criteria to develop target markets for their products and services. The criteria for a market segment include homogeneity among the segment’s main needs, uniqueness, and a common reaction to marketing tactics.