Chapter 6

Question 1

4 main strategies when approaching target segmentation

Answer 1

1. Mass Marketing
2. Segment Marketing
3. Niche Marketing
4. Individualized Marketing

Question 2

Mass marketing

Answer 2

When a product with broad appeal is widely marketed to the entire market.
No product or marketing differentiation at all

Question 3

Segment Marketing

Answer 3

Marketing of a wide range of different products to specifically meet the needs of an organizations’s varied target markets

Question 4

Niche Marketing

Answer 4

Whenever a company restricts its efforts to marketing a limited product line to a narrow but profitable single segment of the market that is of marginal interest to major competitors

Question 5

What is the most common form of marketing

Answer 5

Segment marketing

Question 6

Individualized marketing

Answer 6

AKA one-to-one marketing with segments of one. Involves customizing products to fit individual needs

Question 7

2 Ps of Scalability

Answer 7

Performance and process

Question 8

Target market profiles

Answer 8

Description of the target market that contains specific information about the target group in 4 areas: geographics, demographics, psychographics, and behaviouristic

Question 9

Positioning statement

Answer 9

Formalized statement that identifies the image a branded product represents in the market and what sets it apart from the competition