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    Cards (193)

    • Who is most likely to travel according to the target market definition?
      People over the age of 20
    • What is a target market?
      The customers' age, location, and gender
    • What is the purpose of having a target market?
      To reach people likely to buy your product
    • What is a benefit of knowing your target market?
      To know their location for effective advising
    • What is market segmentation?
      A group of customers with similar characteristics
    • Why is customer information important for businesses?
      It aids in planning and marketing strategies
    • What are the four types of market segmentation?
      • Demographic
      • Behavioral
      • Geographic
      • Psychographic
    • What does demographic segmentation include?
      Age, religion, gender, race, education
    • What does geographic segmentation consider?
      Urban or rural customers, climate, culture
    • What does psychographic segmentation focus on?
      Personality characteristics, social class, attitudes
    • What additional factors can define a target market?
      Income, religion, accessibility, attitudes
    • What are push selling tactics?
      Tactics that result in third parties stocking products
    • What are pull selling tactics?
      Tactics that create customer demand from retailers
    • How can knowing a target market help advertising?
      It helps determine where and when to advertise
    • What is the importance of satisfying customer needs?
      It leads to good reviews and repeat customers
    • How does segmenting by location increase sales revenue?
      It targets advertising in areas with potential customers
    • What is consumer behavior used for?
      To group customers based on spending patterns
    • How can deals affect customer spending?
      They may encourage multiple purchases of a product
    • What factors can affect spending habits?
      Economy, cost of living, inflation, interest rates
    • What are the advantages of market segmentation?
      • Improves marketing efficiency and reduces expenses
      • Simplifies choosing suitable marketing media
      • Allows for specific messages and offers
      • Provides competitive advantage over non-segmented enterprises
    • What are the two types of markets?
      B2B and B2C
    • What is an advantage of B2B selling?
      Can sell in bulk, increasing revenue
    • What is a disadvantage of B2B selling?
      Selling at a cheaper price
    • What is a disadvantage of B2C selling?
      High marketing costs to reach target market
    • What is an advantage of B2C selling?
      Access to more customers for brand awareness
    • Why might Simon prefer B2C over B2B?
      He can charge higher prices to maximize profit
    • What are the 4Ps of the marketing mix?
      • Product: What you are selling
      • Price: How much it costs
      • Place: Where you sell it
      • Promotion: How you inform customers
    • What can happen if a product does not meet customer needs?
      It can lead to bad reviews and lost profit
    • How can branding affect a product?
      It influences customer perception of quality
    • What are the five stages of the product life cycle?
      Development, Introduction, Growth, Maturity, Decline
    • What occurs during the introduction stage of the product life cycle?
      Sales and marketing campaigns begin after launch
    • What happens during the growth stage of the product life cycle?
      Sales rise rapidly as product popularity increases
    • What characterizes the maturity stage of the product life cycle?
      The product is at its most popular
    • What occurs during the decline stage of the product life cycle?
      Sales fall, leading to potential product withdrawal
    • What are tactics for extending a product's life cycle?
      New products, changes, colors, sizes
    • What is branding?
      A logo or design associated with a product
    • What is penetration pricing?
      Setting a low price and increasing it over time
    • What is a disadvantage of penetration pricing?
      Low initial price means low profit
    • What is price skimming?
      Setting a high price initially, then reducing it
    • What is competitive pricing?
      Charging a similar price to competitors
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