AOS2 target market attributes- market dimensions and segments

Question 1

market segmentation

Answer 1

• when the total market is divided into groups who share one or more common characteristic

Question 2

market dimensions

Answer 2

• those broad elements that allow a potential market segment to be identified

Question 3

demographic -dimensions explained

Answer 3

• refers to the age, gender, occupation, income, religion, family size

Question 4

geographic- dimensions explained

Answer 4

• urban, suburban, rural, regional, global, climate

Question 5

psychographic- dimensions explained

Answer 5

• psychological characteristics and traits of consumers such as lifestyle, values, motives, socioeconomic groups etc

Question 6

behavioural -dimensions explained

Answer 6

• grouping consumers according to their knowledge of the product. first time user, regular user and brand loyalty.

Question 7

target market

Answer 7

• group of customers with simliar characteristics who currently purchase the product or may do in the future.

Question 8

benefits of selecting a target market

Answer 8

1. better understanding of buyign behaviour
2. refine marketing strategies used to influence customer choice
3. collect data more effectivley and make comparisons over time

Question 9

primary target market

Answer 9

• the market segment at which most of the marketing resources are directed.
• a business’ primary market generates most of their revenue.
• these customers are loyal to a business

Question 10

secondary market

Answer 10

• usually a smaller less important market segment

Question 11

niche market

Answer 11

• a narrowly selected target market segment