CH 3 - Segmentation and Target Market

Differentiated marketing is define as?

A targeted marketing strategy where the company targets more than one market segment and develops a unique marketing mix to target each segment separately.

How does market segmentation provide value to customers?

Bu allowing more effiicient marketing and by bringing more value to the customer

A _ is a tool used by marketers to bring their target market to life.

Buyer Persona

True or false: A smaller market segment will always be more effective.

False

Which answer below is an example of psychographic segmentation?

Marketing to regular gym goers

How should you decide what to divide the market based on?

Meaningful characteristics

What items are generally listed for a buyer persona?

Pain points, general demographic information, goals

Market Segmentation

Segmenting the larger market into smaller segments based on meaningfully shared characteristics and shared needs.

Demographic Segmentation is defined as?

Segmenting the market according to statistics such as age, gender, income, ethnicity, and education

Usage Behavior Segmentation

Segmenting the population based on how consumers use (usage situation) or how much they use (usage rate) a product

Undifferentiated marketing strategy

The marketer uses only one strategy or marketing mix for the entire market; also known as mass marketing.