Marketing - Using Data for Market Segmentation

The video tutorial explains how marketers use data for market segmentation. It covers three main methods: Customer Relationship Management (CRM), behavioral targeting, and advanced statistical techniques. CRM helps track and understand customer needs, while behavioral targeting analyzes online behavior to predict interests. Statistical methods like cluster analysis and regression are used to identify customer similarities and preferences. By integrating these approaches, marketers can segment markets more effectively.

What is the primary purpose of customer relationship management (CRM) in market segmentation?

• To reduce marketing costs

• To expand into new markets

• To track and understand customer needs

• To increase product prices

How does behavioral targeting assist marketers in segmenting their market?

• By analyzing competitors' strategies

• By increasing advertising budgets

• By tracking customer behavior online

• By focusing on offline customer interactions

Which of the following is NOT a method mentioned for market segmentation?

• Customer relationship management

• Direct mail marketing

• Behavioral targeting

• Advanced statistical techniques

What is one of the statistical techniques used for market segmentation?

• Social media advertising

• Email marketing

• Cluster analysis

• Focus groups

What is the benefit of using advanced statistical techniques in market segmentation?

• To increase the number of sales channels

• To simplify product development

• To reduce the need for customer feedback

• To predict customer preferences and similarities