Marketing Essentials Chapter 17

Front

What is the purpose of market segmentation?

Back

The purpose of market segmentation is to better target specific customer segments with tailored marketing strategies and offerings.

Front

Explain the concept of target market.

Back

Target market is a specific group of consumers that a company aims to reach with its products or services.

Front

What are the different types of market segmentation?

Back

Demographic, Geographic, Psychographic, Behavioral

Front

Discuss the importance of positioning in marketing.

Back

Positioning in marketing is important for differentiation, targeting the right audience, and creating a unique brand image.

Front

What is a unique selling proposition (USP) and why is it important?

Back

A unique selling proposition (USP) is a factor that differentiates a product or service from its competitors in the eyes of the target audience. It highlights what makes the product or service unique and why customers should choose it over others. USP is important because it helps businesses stand out in a crowded market, attract customers, and build brand loyalty.

Front

Describe the process of developing a marketing mix.

Back

Analyzing target market, determining product features, setting price, deciding on distribution channels, creating promotional strategies

Front

What is the significance of branding in marketing?

Back

Branding helps create a unique identity, build trust, differentiate from competitors, and influence purchasing decisions.

Front

Explain the difference between penetration pricing and skimming pricing strategies.

Back

The difference between penetration pricing and skimming pricing strategies is that penetration pricing involves setting a low price to enter a competitive market quickly, while skimming pricing involves setting a high price initially to target early adopters and recoup development costs.

Front

Discuss the role of promotion in the marketing mix.

Back

Promotion is essential in the marketing mix as it helps in communicating the value of the product or service to the customers and influencing their purchase decisions.

Front

How can companies use social media for marketing purposes?

Back

Create engaging content, interact with customers, run targeted ads, collaborate with influencers, analyze data