Marketing Strategy

Question 1

Define Market segmentation

Answer 1

Market segmentation divides the mass market into smaller sub-segments of similar customers who can be treated the same for marketing purposes. Segmenting the market allows companies to tailor their marketing to the needs of their customers.

Question 2

Define pricing

Answer 2

The price of a product includes the end price to the consumer, as well as any discounts for trade.

Question 3

Define promotion

Answer 3

Promotion consists of four main elements: Advertising, sales promotion, public relations and personal selling.