Business Term 2 Final Quizs

Geographic market segmentation bases

• climate, terrain, natural resources, population density

• age, gender, income, education

• brand loyalty, product usage, customer feedback

• social media presence, advertising spend, market share

Accessibility

• The ability for marketers to obtain digital information

• The ease of use of a website for all users

• The process of optimizing a website for search engines

• The ability to create engaging content for social media

Concentration approach

• Company develops one marketing strategy for a single market segment

• Company targets multiple market segments with different strategies

• Company focuses on product diversification across various markets

• Company uses a broad marketing strategy for all customer types

Control

• The customer’s ability to regulate the information they view as well as the rate and exposure to that information

• The process of managing customer feedback and complaints

• The technique of analyzing customer behavior through data

• The method of increasing customer engagement through social media

Connectivity

• The ability for consumers to be connected with marketers along with other consumers

• The process of consumers purchasing products online

• The method of advertising through social media platforms

• The technology used to enhance internet speed

Multisegment approach

• Marketing efforts are aimed at two or more segments with a marketing strategy for each

• A strategy that focuses on a single market segment

• A method of targeting all consumers with the same marketing strategy

• An approach that ignores market segmentation entirely

Psychological Variables of Buying Behavior

• Perception

• Motivation

• Learning

• Brand Loyalty

Niche marketing

• ◦ One small, well-defined market segment with unique needs

• ◦ A broad market targeting multiple segments

• ◦ A marketing strategy focused on mass appeal

• ◦ A temporary marketing campaign for seasonal products

Four Bases for Segmenting Markets

• Demographic

• Geographic

• Psychographic

• Economic

Addressability

• The ability of the marketer to identify customers before they make a purchase

• The process of creating targeted advertisements based on customer behavior

• The technique of measuring customer satisfaction after a purchase

• The strategy of increasing brand awareness through social media