Market Segmentation
This type of segmentation is the differentiation of markets through the use of categories such as age, education, gender, income, and household size.
What is Demographic Segmentation?
This strategy involves setting a price based upon the demand for and cost of a good or service.
What is a Pricing Strategy?
This refers to the actions people take in buying and using goods and services.
What is Buyer Behavior?
This involves identifying consumer needs and then producing goods or services that will satisfy them while making a profit.
What is the Marketing Concept?
This s the strategy of setting a price at an odd number to connote a bargain and at an even number to suggest quality.
What is Price-Skimming?
This type of segmentation is when marketers differentiate markets based on region of the country, city or county size, market density, or climate.
What is Geographic Segmentation?
This is the process of separating, identifying, and evaluating the layers of a market to identify a target market.
What is Market Segmentation?
These are formal and informal groups the influence buyer behavior.
What are Reference Groups?
This is a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition.
What is Competitive Advantage?
This is the strategy of selling new products at low prices in the hope of achieving a large sales volume.
What is Penetration Pricing?
This type of segmentation is the differentiation of markets by personality or lifestyle.
What is Psychographic Segmentation?
This strategy involves creating the means by which products flow from the producer to the consumer.
What is a Distribution Strategy?
These are items that are bought after considerable planning, including brand-to-brand and store-to-store comparisons.
What are Shopping Products?
This strategy focuses on forging long-term partnerships with customers by offering value and providing customer satisfaction.
What is Relationship Marketing?
This is the strategy of setting a price at an odd number to connote a bargain and at an even number to suggest quality
What is Odd-Even Pricing?
This type of segmentation is when the market is differentiated based on what a product will do rather than on customer characteristics.
What is Benefit Segmentation?
This strategy involves selecting a brand name, packaging, colors, a warranty, accessories, and a service program for a good or service.
What is Product Strategy?
These are relatively inexpensive items that require little shopping effort and are purchased routinely without planning.
What are Convenience Products?
This involves computer algorithms that allow for prices to change based on demand.
What is Dynamic Pricing?
This is the strategy of increasing the price of a product to make consumers perceive it as being of higher quality, status, or value.
What is Prestige Pricing?
This type of segmentation is the differentiation of markets based on the amount of the product purchased.
What is Volume Segmentation?
This strategy is the unique combination of personal selling, traditional advertising, publicity, sales promotion, social media, and e-commerce to stimulate the target market to buy a product
What is a Promotional Strategy?
These are products that either are not planned as a purchase by a potential buyer or are known but not actively sought?
What are Unsought Products?
This involves creating a unique marketing mix for every customer.
What is One-to-One Marketing?
This is the strategy of grouping two or more related products together and pricing them as a single product.
What is Bundling Pricing?