Bus. Mktg

Question 1

Is a place where people can come together to exchange goods and services

Answer 1

MARKET

Question 2

 market is a term used by best people to describe the groups of people or organizations that make up the pool of actual and potential customers of their goods and services. These groups can be classified as geographical, demographic, or associated, psychographic, behavioral, or sectoral.

Answer 2

FROM A BUSINESS STANDPOINT

Question 3

is a marketing term that refers to grouping, prospective buyers into groups or segments with similar needs and responses to marketing actions.

Answer 3

MARKET SEGMENTATION

Question 4

Allows businesses to target, different types of consumers who perceive the full value of different products and services differently.

Answer 4

MARKET SEGMENTATION

Question 5

Enable you to target your content to the right people in the right way, rather than generic message to your entire audience.

Answer 5

MARKET SEGMENTATION

Question 6

One of the most common types is demographic segmentation. It refers to segmenting audiences based on observable, person-to-person differences. Age, gender, marital status, family size, occupation, education level, income, race, nationality, and religion are examples of these characteristics.

Answer 6

DEMOGRAPHIC SEGMENTATION

Question 7

You can also segment your market based on consumer behaviors, particularly those related to your product. By segmenting your audience based on the behaviors they exhibit, you can create messaging that caters to those behaviors. Many of the actions you may consider are related to how people interact with your product, website, app, or brand.

Answer 7

BEHAVIORAL SEGMENTATION

Question 8

Under behavioral segmentation,
Some types of behaviors to look at include: enumerate the 5

Answer 8

1.) Online shopping habits.
2.) actions taken on the website.
3.) benefits sought
4.) Usage rate
5.) Loyalty

Question 9

which divides your market based on their location, is a simple but effective segmentation strategy. The location of a customer can help you better understand their needs and send out location-specific ads.

Answer 9

GEOGRAPHIC SEGMENTATION

Question 10

is similar to demographic segmentation, but it focuses on mental and emotional characteristics. These characteristics may not be as obvious as demographics, but they can provide valuable insight into your audience’s motivations, preferences, and needs. Understanding these aspects of your audience can help you create more effective content for them. Personality traits, interests, beliefs, values, attitudes, and lifestyles are examples of psychographic characteristics

Answer 10

PSYCHOGRAPHIC SEGMENTATION

Question 11

is the process of selecting the target market from among those available

Answer 11

MARKET TARGETING

Question 12

is a group or groups of buyers to whom the company wishes to satisfy or for whom the product is manufactured, the price is set, promotion efforts are made, and a distribution network is planned.

Answer 12

TARGET MARKET

Question 13

Procedure of Market Targeting: Market targeting procedure consists of two steps:

Answer 13

1.) EVALUATING MARKET SEGMENTS
*Attractiveness of segment
*Objectives and Resources of Company
2.) SELECTING MATKET SEGMENTS

Question 14

is a strategic exercise that we use to create a mental image of a brand or product in the minds of consumers

Answer 14

MARKET POSITIONING

Question 15

7 approaches to positioning strategy of a product

Answer 15

1.) USING PRODUCT CHARACTERISTICS or CUSTOMER BENEFITS
2.) THE PRICE-QUALITY APPROACH
3.) THE USE or APPLICATIONS APPROACH
4.) THE PRODUCT-USER APPROACH
5.) THE PRODUCT- CLASS APPROACH
6.) THE CULTURAL SYMBOL APPROACH
7.) THE COMPETITOR APPROACH

Question 16

is one that is experiencing steady growth and is usually the economy of a developing country.

Answer 16

emerging market economy

Question 17

also known as an emerging economy, is one that is transitioning from a pre-industrial to a modern state.

Answer 17

emerging market

Question 18

provide a significant incentive to drive market progress in order to create more jobs, allowing consumers to spend more.

Answer 18

Low income

Question 19

The rate at which prices change is referred to as volatility. This phenomenon is frequently observed in the stock market and any potential returns. Natural disasters, price shocks, and domestic policy uncertainty can all contribute to high volatility.
This phenomenon affects currency and commodities as well. Emerging markets aren’t powerful enough to have a genuine impact on these events. This could result in a bear market or a drop in stock prices.

Answer 19

High volatility

Question 20

Capital is in short supply in emerging markets. For foreign investors, this could be a fantastic opportunity.

Answer 20

High potential returns

Question 21

High growth increases competition and can result in higher returns for those who engage in international investing, particularly if these parties invest in exports because goods produced at home are more valuable in emerging markets. To be appealing to investors, such an economy must have low debt, a growing labor force, and a stable government. Taking such a monetary risk could result in a larger loss in profits.

Answer 21

Rapid growth

Question 22

Recognizing the need for a service or product is the first step in the consumer decision-making process. Recognizing a need, whether prompted internally or externally, produces the same result: a desire. Once consumers identify a desire, they must gather information to determine how to fulfill that desire, which leads to step two.

Answer 22

Problem recognition

Question 23

When researching their options, consumers rely on internal and external factors, as well as previous positive and negative interactions with a product or brand. During the information stage, they may browse options in person or consult online resources such as Google or customer reviews.

Answer 23

Information search

Question 24

Lower prices, additional product benefits, product availability, or something as personal as color or style options are all examples of alternatives. Your marketing materials should be designed to persuade customers that your product is superior to competitors. Be prepared to overcome objections—for example, know your competitors so you can answer questions and compare benefits during sales calls.

Answer 24

Alternatives evaluation

Question 25

This is the moment the customer has been anticipating: the purchase. Consumers should reach a logical conclusion on the product or service to purchase after gathering all of the facts, including feedback from previous customers.

Answer 25

Purchase decision

Question 26

This is the most common method for measuring the subjective elements of service quality. Through a survey, you ask your customers to rate the delivered service compared to their expectations.

Answer 26

SERVQUAL

Question 27

Its questions cover what SERVQUAL claims are the five elements of service quality:

Answer 27

RATER

Question 28

The ability to deliver the promised service in a consistent and
accurate manner.

Answer 28

Reliability

Question 29

The knowledge level and politeness of the employees and to what extent they create trust and confidence

Answer 29

Assurance

Question 30

The appearance of e.g. the building, website, equipment and employees.

Answer 30

Tangibles

Question 31

To what extent the employees care and give individual attention.

Answer 31

Empathy

Question 32

How willing the employees are to offer a speedy service.

Answer 32

Responsiveness

Question 33

is the period of time between when a product is first introduced to consumers and when it is removed from the market.

Answer 33

Product life cycle