Market Segmentation

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Market segmentation:

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Divides customers into sub groups

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How is a market segmented by 'lifestyle' or behavioral?

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People have different hobbies and interests

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How is a market segmented by 'location' or geography?

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Consumers live in different parts of the country and will have different tastes and needs.

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An internet travel agent sells expensive round the world cruises. Which market segment is the travel agent most likely to target? Options: Families with children under 5, Local residents, People with high incomes, Young, single men

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People with high incomes

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The particular market segment at which a business aims its products is known as the:

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Target Market

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Which of the following is an advantage of using market segmentation? It allows a business to charge higher prices, It lets a business invest more in plant and machinery, It saves business money by avoiding the need for TV advertising, It allows a business to target its promotional strategy more effectively.

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It allows a business to target its promotional strategy more effectively.

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Which is NOT an example of Market Segmentation? Income, Gender, Age, Hair Color

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Hair Color

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Which of the following are methods used to segment a market? Age, religion, school you go to, eating habits and views on education, Age, gender, income, location and lifestyle.

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Age, gender, income, location and lifestyle.

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How is a market segmented by 'age'?

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Age groups can be split into categories e.g. 0-10, 11-16 or 18+. Or even by young and old.

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How is a market segmented by 'gender'?

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Products can be aimed specifically at males or females or both.