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Question 1

This is the concept of _______________
It is important to begin by targeting only those segments that are most likely to pay for what
you’re offering, and that you feel confident you can satisfy, in order to maximize your potential
for success.

Answer 1

TARGET MARKET SELECTION

Question 2

____________ – This strategy refers to offering only
one service/product to the whole market in an attempt to reach the largest number of
people possible.

Answer 2

Mass marketing (or undifferentiated marketing)

Question 3

___________ – This type of marketing involves offering a more unique
product, or offering more than one product with different features to try to appeal to a
particular market segments.

Answer 3

Product differentiation

Question 4

_______________ – This type of marketing takes into consideration
the specific needs/wants of various market segments, selects only a few

Answer 4

Target/niche/concentrated marketing

Question 5

The Marketing Mix is also referred to as “ the 4P’s ”

Answer 5

1. Product/service/treatment specialty
2. Place/Location
3. Price/Fees
4. Promotion/marketing

Question 6

As a rule of thumb, plan for a __________ growth in your business in the first two years . If the
space would accommodate this level of growth, then you will likely have the peace of mind
to proceed because if the business grows beyond that level

Answer 6

20%