2.1
What is market segmentation?
A marketing strategy in which select groups of consumers are identified so that certain products or product lines can be presented to them in a way that appeals to their interests
What behaviors are analyzed in behavioral segmentation?
Analyzed behaviors include purchasing habits, brand loyalty, usage rates, and benefits sought.
What does SWOT stand for in SWOT analysis?
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats
What constitutes an opportunity in a SWOT analysis?
Opportunities are external conditions that can be leveraged for growth, such as emerging markets or new technologies.
Why is market segmentation important for businesses?
It helps businesses tailor their marketing strategies, improve customer satisfaction, enhance competitive advantage, and allocate resources efficiently.
What is a target market?
A target market is the specific group of consumers identified as the intended audience for a product or service.
What are internal factors in a SWOT analysis?
Internal factors are elements within the organization’s control, such as resources, processes, and performance.
What is an example of a threat in a SWOT analysis?
An example of a threat could be economic downturns or increased competition.
What factors are typically considered in demographic segmentation?
Your target market should be determined by considering factors like age, location, ethnicity, religion, and income.
Why is understanding customer motivations important?
It helps businesses understand what drives customers to make purchasing decisions, enabling more effective marketing.
What are external factors in a SWOT analysis?
External factors are conditions outside the organization that can impact its success, such as market trends and competition.
What is the primary purpose of strategic planning?
The primary purpose of strategic planning is to define an organization’s direction and allocate resources to pursue that direction.
What is psychographic segmentation based on?
It is based on psychological aspects such as lifestyle, values, interests, and personality traits.
What defines an effective marketing strategy?
An effective marketing strategy aligns marketing efforts with the identified target market, ensuring that messaging resonates and engages effectively.
What is an example of a strength in a SWOT analysis?
An example of a strength could be a skilled workforce or a strong brand reputation.
How does tactical planning differ from strategic planning?
Tactical planning focuses on short-term actions and specific objectives that support the overall strategic plan
How does geographic segmentation categorize consumers?
It categorizes consumers by location, such as state, region, or city
How can businesses use data to understand their customers?
Businesses can utilize data analytics and consumer insights to refine segmentation, understand behavior patterns, and enhance targeting strategies.
What is an example of a weakness in a SWOT analysis?
An example of a weakness could be limited resources or outdated technology.
What does operational planning involve?
Operational planning involves the day-to-day execution of tactics and strategies, detailing the processes and resources needed to run the organization effectively.