Marketing

What is market segmentation?

• Market segmentation is the division of a market into distinct groups of buyers with different needs, characteristics, or behaviors.

• Market segmentation refers to the total number of buyers in a market.

• Market segmentation is the process of increasing market prices.

• Market segmentation is the analysis of market trends over time.

Name the four main types of market segmentation.

• Economic, Cultural, Seasonal, Technological

• Qualitative, Quantitative, Spatial, Temporal

• Social, Political, Environmental, Temporal

• Demographic, Geographic, Psychographic, Behavioral

What are the components of the marketing mix?

• Product, Price, Place, Promotion

• Product, Price, Place, Friends

• Product, Price, Packaging, Positioning

• Product, Price, Promotion, Packaging

Define the term 'marketing environment'.

• The marketing environment refers to a company's internal policies and procedures.

• The marketing environment is solely about the company's product offerings.

• The marketing environment is the financial status of a company.

• The marketing environment is the internal, external factors and conditions that influence a company's marketing activities and strategies.

List the different types of markets.

• Consumer and Industrial Market

• Virtual Market

• Digital Market

• Black Market

What is the difference between a consumer market and a business market?

• The consumer market targets individuals for personal consumption, whereas the business market targets organizations for operational or resale purposes.

• The consumer market is only for online sales, whereas the business market is for physical stores.

• The consumer market focuses on bulk purchases, while the business market focuses on individual sales.

• The consumer market deals exclusively with luxury goods, while the business market deals with essential supplies.

What are the different types of products?

• Consumer goods and industrial goods

• office supplies

• seasonal products

• raw materials

Define durable goods and provide examples.

• Durable goods are items like cars, refrigerators, and furniture.

• Durable goods are items that break easily, like paper and plastic utensils.

• Durable goods include services such as haircuts and car repairs.

• Durable goods are items that are consumed immediately, like food and drinks.

What are non-durable goods?

• Items that are never used or consumed, such as collectibles.

• Products that are only available for a limited time, like seasonal decorations.

• Durable goods that last for years, like furniture and appliances.

• Non-durable goods are items that are consumed or used up quickly, such as food and toiletries.

What is the importance of understanding the marketing environment?

• It has no impact on customer satisfaction.

• It is crucial for adapting strategies and making informed decisions.

• It is only relevant for large corporations.

• It helps in increasing product prices.