Week 1-5

Question 1

4P’s

Answer 1

Product, Price, Place, Promotion

Question 2

Market segmentation:

Answer 2

Process of analysing and dividing a market into distinct groups of buyers who have different needs, characteristics, and behaviours

Question 3

Market targeting:

Answer 3

Process of evaluating each market segments attractiveness and selecting a segment to serve

Question 4

Positioning:

Answer 4

Arranging for a product to occupy a clear desirable place in the minds of target consumers

Question 5

Differentiation

Answer 5

Product standing out from competition

Question 6

Marketing mix:

Answer 6

The set of controllable, tactical marketing tools (4P’s) that the firm blends to produce the response it wants in the market