Cours 5

Question 1

What is segmentation?

Answer 1

It is a marketing strategy that consists of dividing the market into submarkets, that is, homogeneous groups of consumers, users, or customers who have similar needs and behave in the same way; however, each group is different from the others.

Question 2

What are the 8 variables of the segmentation of the consumer market? What are their types?

Answer 2

• Sociodemographic variable (Descriptive)
• Geographic variable (Descriptive)
• Psychographic variable (Descriptive)
• Lifestyles variable (Descriptive)
• Behavioural variable (Benefits sought)
• Volume and profitability variable (Descriptive or benefits sought)
• Market variable (Descriptive or benefits sought)
• Combination of variables (Descriptive or benefits sought)

Question 3

Describe the sociodemographic variable.

Answer 3

It can be income, age, education, net worth, gender, ethnic origin, religion, language, occupation, marital status, and family structure.

Question 4

Describe the geographic variable for consumers.

Answer 4

It can be regions of the world, countries, neighborhoods, postal codes, climates, and types of physical environments.

Question 5

Describe the psychographic variable.

Answer 5

It can be consumer mindsets, values, opinions, interest in various activities, and attitudes toward life.

Question 6

Describe lifestyles variable.

Answer 6

They are a combination of the 3 preceding categories (sociodemographic, geographic, and psychographic).

Question 7

Describe the behavioral variable.

Answer 7

They are needs, expectations, situations, and usage.

Question 8

Describe the volume and profitability variable for consumers.

Answer 8

It is sales volume and profit amount.

Question 9

Describe the market variable for consumers.

Answer 9

It is consumers and variables specific to a market.

Question 10

Describe the combination of variables.

Answer 10

It is a combination of 2 or more of the preceding seven categories.

Question 11

In which way is business market segmentation different from that of the consumer?

Answer 11

They will take different variables into consideration.

Question 12

What are the 6 variables of the business market segmentation? What is the type of each variable?

Answer 12

• Economic (Descriptive)
• Geographic (Descriptive)
• Organizational culture, procurement policy (Descriptive)
• Behavioural (Benefits sought)
• Volume and profitability (descriptive or benefits sought)
• Market variable (descriptive or benefits sought)

Question 13

Describe the economic variable.

Answer 13

It is the company’s size, financial soundness, and growth.

Question 14

Describe the geographic variable for businesses.

Answer 14

It can be regions, countries, and types of physical environments.

Question 15

Describe the organizational culture and procurement policy.

Answer 15

It is the purchasing process, and types of relationships desired.

Question 16

Describe the volume and profitability variable for businesses.

Answer 16

It is the purchase volume.

Question 17

Describe the market variable for businesses.

Answer 17

They are the types of companies or industries.

Question 18

What is targeting?

Answer 18

It is a marketing strategy that selects segments, markets, or customers that a business wants to win over and retain.

Question 19

What are the targeting components to reach profitability in a market segment?

Answer 19

• Size
• Growth
• Accessibility
• Competitive situation
• Adaption cost

Question 20

What are the 4 types of targeting?

Answer 20

• Mass marketing
• Segment marketing
• Niche marketing
• Personalized marketing

Question 21

Describe mass marketing.

Answer 21

It is the same marketing mix for the entire target market.

Question 22

Describe the segment marketing.

Answer 22

It is a marketing mix adapted to each target segment which and apply to:
- one or two segments (concentrated segment marketing).
- all or almost all segments (comprehensive segment marketing).
- some of them (broad segment marketing).

Question 23

Describe the niche marketing.

Answer 23

It is a single marketing mix thoroughly adapted to a single small segment.

Question 24

Describe personalized marketing.

Answer 24

It is adapting the marketing mix to each customer.

Question 25

Describe in order the marketing planning process.

Answer 25

1) Situation analysis
2) Formulating business strategies
3) Resource allocation
4) Marketing strategy
5) Marketing mix

Question 26

What are the components of the situation analysis?

Answer 26

• The business plan
• The company’s market research

Question 27

What is the question to ask while doing the situation analysis?

Answer 27

“Where are we and where are we going?”

Question 28

Describe the business strategies and objectives.

Answer 28

The company sets goals that are quantifiable, measurable, and realistic for sales, market share, and contributing to profits.

Question 29

Describe the resource allocation.

Answer 29

It is to determine what effort the company wants to invest. Resources can be human resources, financial resources, informational resources, or purchasing resources.

Question 30

What are the components of the marketing strategy?

Answer 30

• Segmentation
• Targeting
• Positioning
• Differentiation

Question 31

What is the marketing mix? Give descriptions.

Answer 31

• Product (a tangible object, service, idea, or cause that consumers purchase).
• Price (It is the monetary value attributed to the product).
• Place (the physical distribution of the product, distribution networks, and where the product is sold).
• Promotion (the process of promoting the product, given its price and place).