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Cards (193)
Who is most likely to travel according to the target market definition?
People
over
the
age
of
20
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What is a target market?
The
customers' age
,
location
, and
gender
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What is the purpose of having a target market?
To reach people likely to buy your
product
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What is a benefit of knowing your target market?
To know their location for
effective advising
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What is market segmentation?
A group of
customers
with similar characteristics
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Why is customer information important for businesses?
It aids in
planning
and
marketing strategies
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What are the four types of market segmentation?
Demographic
Behavioral
Geographic
Psychographic
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What does demographic segmentation include?
Age
, religion, gender, race,
education
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What does geographic segmentation consider?
Urban or rural
customers
,
climate
, culture
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What does psychographic segmentation focus on?
Personality characteristics
,
social class
, attitudes
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What additional factors can define a target market?
Income
,
religion
, accessibility,
attitudes
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What are push selling tactics?
Tactics that result in
third parties
stocking products
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What are pull selling tactics?
Tactics that create
customer demand
from retailers
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How can knowing a target market help advertising?
It helps determine
where
and when to advertise
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What is the importance of satisfying customer needs?
It leads to
good reviews
and
repeat customers
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How does segmenting by location increase sales revenue?
It targets advertising in areas with
potential customers
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What is consumer behavior used for?
To group
customers
based on
spending patterns
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How can deals affect customer spending?
They may encourage multiple purchases of a
product
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What factors can affect spending habits?
Economy
, cost of living,
inflation
,
interest rates
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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
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What are the two types of markets?
B2B
and
B2C
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What is an advantage of B2B selling?
Can sell in
bulk
, increasing revenue
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What is a disadvantage of B2B selling?
Selling at a
cheaper
price
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What is a disadvantage of B2C selling?
High marketing costs to reach
target market
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What is an advantage of B2C selling?
Access to more customers for
brand awareness
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Why might Simon prefer B2C over B2B?
He can charge higher prices to maximize
profit
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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
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What can happen if a product does not meet customer needs?
It can lead to bad
reviews
and lost profit
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How can branding affect a product?
It influences
customer perception
of quality
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What are the five stages of the product life cycle?
Development
,
Introduction
,
Growth
,
Maturity
,
Decline
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What occurs during the introduction stage of the product life cycle?
Sales and marketing campaigns begin after
launch
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What happens during the growth stage of the product life cycle?
Sales rise
rapidly
as product popularity increases
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What characterizes the maturity stage of the product life cycle?
The product is at its most
popular
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What occurs during the decline stage of the product life cycle?
Sales fall, leading to potential product
withdrawal
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What are tactics for extending a product's life cycle?
New products
, changes, colors, sizes
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What is branding?
A
logo
or design associated with a product
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What is penetration pricing?
Setting a low price and
increasing
it over time
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What is a disadvantage of penetration pricing?
Low
initial price
means low
profit
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What is price skimming?
Setting a high price
initially
, then reducing it
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What is competitive pricing?
Charging a similar price to
competitors
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See all 193 cards
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