KC: Overview of Target Market Definition Process

Why is consumer understanding important? Choose all that apply.

• The consumer is ultimately the source of a company’s business.

• Deep consumer understanding leads to consumer-centric business solutions.

• Consumer Understanding will help businesses sharpen their business strategies

• Consumer Understanding allows businesses to be in synch to the fast-changing world

True or False. The Target Market is just 1 consumer segment that your brand focuses on capturing value from, allocating all its commercial investment and resources to.

• TRUE

• FALSE

What are the 5 steps of the Target Market Definition Process? Click all that apply.

• Segment Prioritization

• Market Segmentation

• Target Market Definition

• Consumer Positioning

• Segment Valuation

Which amongst the following explains what Consumer Market Definition is?

• The space that a brand wants to own in the consumer’s mind.

• The declaration of the population of individuals or businesses who the business may potentially serve.

• The particular group/s of consumers that the brand will serve.

• All

• None

Which amongst the following explains what Segmentation is?

• Is a business practice that detects the innate subgroups within a business’s Consumer market and materializes their distinct behaviors, needs, and preferences.

• Is a business practice that evaluates the size of prize of a particular consumer group/s.

• Is a business practice that identifies the competitive space that a brand will play in.

• All

• None

Which amongst the following are benefits of segmentation, valuation and prioritization? Choose all that apply.

• Deepen a business’s understanding of their Consumers

• Uncover a business’s competitive edge in serving particular segments

• Guide the strategic allocation of a business’s resources among its Consumers

• Allows a business decide the best brand name for its products/ services.