Week Four

Question 1

Pure Monopoly

Answer 1

one seller, undifferentiated or differentiated product

Question 2

Pure oligopoly

Answer 2

few sellers, undifferentiated product

Question 3

Differentiated oligopoly

Answer 3

few sellers, differntiated product

Question 4

Pure competition

Answer 4

many sellers, undifferentiated product

Question 5

Monopolistic competition

Answer 5

many sellers, differentiated product

Question 6

Market Segmentation

Answer 6

Market Segmentation is dividing a market into smaller segments with distinct needs, characteristics, or behaviour that might require separate marketing strategies or mixes

Question 7

a Segment

Answer 7

is a group of customers who share one or mor similar characteristics and therefore have similar product/service needs.

Question 8

Target market

Answer 8

is the group of people for whom the firm’s products and marketing activities are designe

Question 9

Positioning

Answer 9

how the firm creates and maintains its image and product concepts in the customers minds

Question 10

Differentiation

Answer 10

is the process of making the firms product/offering distinct from competitors and making it special to its target customers

Question 11

Why segment markets?

Answer 11

It provides focus, increases profit, offence and defence

Question 12

Appraches to segmenting and targeting are

Answer 12

1) undifferentiated marketing (ignore segmental differences)
2) differentiated marketing (develop specialised marketing activites (pppp) for different segments)
3) concentrated marketing (develop one set of marketing plans for a few lucrative segments)
4) niche / custom market strategy

Question 13

can segment consumers by

Answer 13

Geographic, demographic, psychographic and behavioural

Question 14

To be successful, market segments must be

Answer 14

measurable, accessible, substantial, differentiable, actionable

Question 15

Segmenting Process?

Answer 15

Segmenting Process goes STP segmentation targeting positioning