Market Segmentation
This term describes grouping people with similar characteristics for marketing purposes.
What is market segmentation?
Product, Price, Place, and Promotion are known as these.
What are the four Ps of the marketing mix?
A toaster oven is an example of this type of good.
What is a durable good?
The rivalry between companies selling similar products.
What is competition?
Coupons and discounts are examples of this.
What is sales promotion?
Segmenting customers by age and gender uses this type of segmentation.
What is demographic segmentation?
Advertising is an example of this “P.”
What is promotion?
Plumbers, Netflix, and Uber are examples of this.
What are services?
The price a customer pays for a product.
What is the selling price?
Email marketing is an example of this promotional method.
What is direct marketing?
A specific group of customers most likely to buy a product.
What is a target market?
Where and how a product is sold refers to this part of the marketing mix.
What is place?
Introduction, Growth, Maturity, Decline describe this concept.
What is the product life cycle?
Luxury brands avoid discount stores because of this factor.
What is target market and brand image?
Potential customers are also known as this.
What are prospects (or leads)?
Segmenting customers by lifestyles, interests, and values.
What is psychographic segmentation?
Lowering prices instead of advertising affects this element.
What is price?
A service sold with a tangible product is called this.
A service sold with a tangible product is called this.
When costs increase, companies usually do this to prices.
What is increase prices?
This sales pipeline stage focuses on maintaining customer relationships.
What is retention?
Targeting boys ages 13–18 through social media ads is target marketing using this type of segmentation.
What is demographic segmentation?
This P focuses on the design and features of a good or service.
What is product?
Adding related products to an existing product line is known as this.
What is a product line extension?
COGS, operating expenses, and profit all affect this.
What are selling prices?
Using a brand in a movie scene is known as this type of promotion.
What is product placement?