Marketing - Customers

Question 1

What is market segmentation ?

Answer 1

Splitting customers into groups then marketing a product or service specifically to those groups

Question 2

Examples of market segments ?

Answer 2

Age
Gender
Location
Finance
Religion
Lifestyle

Question 3

What is the purpose of marketing ?

Answer 3

• raise awareness of products and services
• increase sale revenue
• Target new customers
• Finding an appropriate price for products

Question 4

What are some benefits of target marketing ?

Answer 4

• Tailoring of products to meet the needs of particular groups of consumers
• Sales of products in the most appropriate place to reach the chosen target audience
• Pricing will be set to reflect what a target market will be paying for a product or service
• tailoring of marketing and promotion techniques to enhance a company’s target market