BUISENESS MANAGEMENT
MARKETING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Splitting the number of products you sell each year
|
|
|
Splitting the market for a product into different parts
|
|
|
Splitting the staff in a business so they can produce goods quicker
|
|
|
Splitting the holidays that staff take so that not all staff are away at the same time
|
Detailed explanation-1: -Market segmentation is the process of dividing the market into subsets of customers who share common characteristics. The four pillars of segmentation marketers use to define their ideal customer profile (ICP) are demographic, psychographic, geographic and behavioral.
Detailed explanation-2: -Market segmentation is a marketing strategy that uses well-defined criteria to divide a brand’s total addressable market share into smaller groups. Each group, or segment, shares common characteristics that enable the brand to create focused and targeted products, offers and experiences.
Detailed explanation-3: -Market segmentation refers to subdividing a larger market into smaller submarkets. Philip Kotler defines, “Market segmentation is a process of identifying groups of buyers with different desires or requirements."
Detailed explanation-4: -What is product segmentation? Product segmentation entails taking your product and making small changes to it so that it meets the needs of a different group of customers-sometimes offered under different brand names. This is done to increase market share while reducing the cost of developing completely new products.
Detailed explanation-5: -Segmentation is the process of dividing a company’s target market into groups of potential customers with similar needs and behaviours. Doing so helps the company sell to each customer group using distinct strategies tailored to their needs.