Market Segmentation and Market Mapping: Targeting the Right Customers for Business Success

The video tutorial explains market segmentation, a strategy where businesses divide the market into distinct segments to better target customers. It covers various segmentation methods, including location, lifestyle, age, income, and demographics, with examples from different industries. The tutorial also introduces market mapping, a tool for identifying market gaps and positioning products effectively. By understanding these concepts, businesses can enhance their marketing strategies and product offerings to meet specific customer needs.

What is the primary goal of market segmentation?

• To reduce production costs

• To improve customer targeting

• To increase product variety

• To expand market share

Which of the following is NOT a common criterion for market segmentation?

• Income

• Lifestyle

• Location

• Product color

How do clothing brands typically use location for market segmentation?

• By changing brand names in different areas

• By designing clothes suitable for local climates

• By varying product sizes

• By offering discounts in certain regions

What is a common strategy for car manufacturers to segment the market?

• Offering the same model worldwide

• Producing different models for different income groups

• Reducing the number of available models

• Focusing only on luxury cars

Which industry is mentioned as using lifestyle choices for market segmentation?

• Furniture

• Electronics

• Pizza

• Automobile

How do theme parks typically segment their market based on age?

• By providing age-specific food options

• By pricing tickets differently based on age

• By offering different rides for different ages

• By having separate parks for different age groups

What is the purpose of market mapping?

• To identify market gaps and opportunities

• To increase production efficiency

• To create new product designs

• To reduce advertising costs

In a market map, what do the axes typically represent?

• Price and quality

• Brand and color

• Speed and efficiency

• Size and weight

Why is it important for businesses to identify market gaps?

• To decrease production time

• To reduce competition

• To offer unique products

• To increase product prices

What is a potential risk of relying too much on one market segment?

• Loss of market traction

• Higher advertising expenses

• Reduced product quality

• Increased production costs