EXAM

It can be the key to attracting new business, increasing sales, and making your business a success.

Breaks a market into segments and then concentrates your marketing efforts on one or a few key segments consisting of the customers whose needs and desires most closely match your product or service offerings.

Involves dividing a market into a distinct group of buyers with different needs, characteristics, or behavior who might require separate products or marketing mixes.

process is imperative for marketers as it allows them to efficiently design and convey messages to target market.

Is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.

Involves arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers, which is accomplished through formulating competitive positioning for a product and a detailed marketing mix.

provides a basis for understanding customers’ needs by grouping customers with similar characteristics and selecting the target market.

It allows marketers to define customer needs and expectations more.

Improve their understanding of how, why, and what influences customer buying. Being in touch with customers increases their responsiveness to changing needs and allows better marketing programs.

This process allows marketers to understand customers’ requirements of a target market and design a ____________ that meets their needs.