market segmentation Flashcards
(25 cards)
What is market segmentation?
Market segmentation is the process of dividing a broad target market into subsets of consumers who have common needs and priorities.
What are the main types of market segmentation?
The main types of market segmentation are demographic, geographic, psychographic, and behavioral segmentation.
True or False: Demographic segmentation focuses on characteristics such as age, gender, and income.
True
Fill in the blank: Geographic segmentation divides the market based on __________.
location
What is psychographic segmentation?
Psychographic segmentation categorizes consumers based on their lifestyles, values, interests, and personalities.
Which type of segmentation is most concerned with consumer behavior?
Behavioral segmentation
Multiple Choice: Which of the following is an example of demographic segmentation? A) Age B) Lifestyle C) Buying habits
A) Age
True or False: Behavioral segmentation can include factors like brand loyalty and usage rates.
True
What is the purpose of market segmentation?
The purpose of market segmentation is to identify and target specific groups of consumers to better meet their needs and increase marketing effectiveness.
Fill in the blank: A target market is a specific group of consumers that a business aims to __________.
sell to
What is a niche market?
A niche market is a specific, defined segment of the market that is addressed by a specific kind of product or service.
Multiple Choice: Which segmentation method would be best for a luxury brand? A) Psychographic B) Geographic C) Demographic
A) Psychographic
True or False: Market segmentation allows businesses to create more tailored marketing strategies.
True
What is an example of geographic segmentation?
An example of geographic segmentation is targeting consumers in urban areas versus rural areas.
Fill in the blank: __________ segmentation considers consumers’ attitudes and behaviors towards products.
Behavioral
What does the term ‘mass marketing’ refer to?
Mass marketing refers to a marketing strategy that aims to reach the largest number of consumers without segmentation.
Multiple Choice: Which of the following is NOT a benefit of market segmentation? A) Improved customer satisfaction B) Higher marketing costs C) Better targeting
B) Higher marketing costs
True or False: Market segmentation can help identify new market opportunities.
True
What is the role of consumer research in market segmentation?
Consumer research helps businesses understand the needs, preferences, and behaviors of different market segments.
Fill in the blank: __________ segmentation can be based on factors like age, gender, education level, and income.
Demographic
What is a benefit of behavioral segmentation?
A benefit of behavioral segmentation is that it allows companies to tailor their marketing strategies based on how consumers interact with their products.
Multiple Choice: Which segmentation method focuses on the values and lifestyle of consumers? A) Geographic B) Psychographic C) Demographic
B) Psychographic
True or False: All businesses need to use market segmentation to be successful.
False
What is the significance of identifying a target market?
Identifying a target market is significant because it allows businesses to focus their marketing efforts on the most promising customer segments.
