Marketing Concepts and Segmentation

What is time utility?

• Enhancing a product's marketability by making it available when consumers need or want it.

• Increasing the price of a product to enhance its perceived value.

• Reducing the production time of a product to meet demand.

• Offering discounts during off-peak seasons to attract customers.

What are needs according to Maslow's Hierarchy of Needs?

• Basic requirements such as food, shelter, and clothing, essential for survival.

• Desires for luxury items and experiences.

• Social connections and relationships with others.

• Aspirations for personal growth and self-actualization.

What is a target market?

• The segment of the market most likely to buy the product.

• A group of consumers who are not interested in the product.

• The total market for all products available.

• A demographic that is too broad to be effective.

What is possession utility?

• Making it easy for consumers to take ownership of products through credit, leasing, etc.

• The ability to produce goods efficiently and effectively.

• The process of distributing products to various locations.

• The enhancement of a product's value through branding and marketing.

What does 'utility' mean in marketing?

• A measure of satisfaction or benefit derived from a product or service.

• A term used exclusively for services like electricity or gas.

• A concept that only applies to physical goods.

• A type of marketing strategy focused on pricing.

What are the two target markets a single product may have?

• Consumers and Customers

• Businesses and Retailers

• Wholesalers and Distributors

• Investors and Stakeholders

What is form utility?

• Transforming raw materials into finished products, adding value through production.

• The process of distributing products to consumers.

• The ability to produce goods at a lower cost than competitors.

• The method of marketing products to increase sales.

What is geographic segmentation?

• Dividing markets into different geographical units like regions, size of city, population density, and climate.

• Segmenting markets based on consumer behavior and preferences.

• Classifying products based on their geographical origin.

• Grouping customers by their income levels and spending habits.

What are wants in contrast to needs?

• Basic necessities for survival, such as food and shelter.

• Desires that go beyond basic needs, such as more expensive and fashionable clothing options.

• Essential items required for daily living, like water and air.

• Items that are not necessary but are desired for pleasure or comfort.

What are psychographic variables?

• Demographic factors such as age and gender

• Also known as IAO variables—Interests, Activities, and Opinions.

• Geographic factors such as location and climate

• Behavioral factors such as purchasing habits